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When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title.
The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve.
It is important to get professional advice when you plan to buy and hold title to real estate with another person.
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What was considered the world's tallest building one hundred years ago?
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The Eiffel Tower in Paris, France, completed in 1889 and standing 984 feet tall, is still considered one of the world's greatest structures. |
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Loann Barter Carol Jones Realtors P O Box 2061 Branson West MO 65737 Toll-free: 866-338-0099 Office: 417-338-2022 Cell: 417-294-1600 Fax: 417-338-9999 Loann@NUMBER1EXPERT.com Loann@LoannBarter.com
I consider myself “Your Realtor®”. You will receive expertise, professionalism, integrity, honesty, loyalty, service, and knowledge of the Tri-Lakes area and its real estate market in any transaction with me. Because I love selling real estate and I love the Tri-Lakes Area, I am committed to the highest standards in my profession. I will rest only when the job has been done to your total satisfaction. 
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