What,You,Have,Know,about,Real, business, insurance What You Have to Know about Real Estate Form Ownerships
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Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman";mso-ansi-language:#0400;mso-fareast-language:#0400;mso-bidi-language:#0400;}If you are planning to buy or sell real estate, then it isimportant that you should know that ownership of the property is transferredupon sale. There are a lot of forms ofreal estate property ownership, having its own defined rules and expectations.It is important to have a clear understanding of each real estate ownershiptype. This ensures that transactionsbetween buyers and sellers are made clear and are planned accordingly. SoleOwnershipThisis the most easily identified form of properly ownership. In this form, one individual is given thecomplete rights of a real estate property. This is usually termed when only one person owns a piece of property orreal estate. Tenancyby the EntiretyThisis a form of real estate ownership in which a married couple owns or purchasesa piece of property or real estate. Eachparty has the legal right to own a property undivided. This is intended so that in the event of oneparty, the remaining spouse is entitled to the others share. No separate party has the right to sell aproperty without the others consent and approval. This is done to prevent any forms of misusefrom one party of a piece of real estate property. Tenancyin commonIn this type of ownership, there are multiple individualswho own a piece of real estate property. Although the percentages of ownership may vary, all of them have a legalright to use the property equally. Even if you have a higher percent ofownership, you cant prevent someone from using that property. When one owner dies, the rights to theproperty go to their heir and not to the other owners. This type of ownershipcan last several lifetimes from generation to generationJointtenancyInthis type of real estate ownership, important conditions must be complied toand met. First, ownership of a propertymust be received by all tenants at the same time. Tenants will have equalinterests in the property. Furthermore,all tenants must be placed in the property title. And lastly, all tenants should have equalrights o f possession to the property. But in this case, tenants have a right to survivorship, meaning thatwhen a tenant dies, his/her part of the property will be divided equally to theremaining tenants. On the other hand, ifone tenant sells his/her part to another tenant, then the ownership will turninto a tenancy in common. And the right to survivorship becomes invalid. CommunitypropertyInthis set-up, ownership of a property is created through marriage. All properties owned by both parties beforemarriage will become a joint property. In this case, both have equal rights tothe property. In cases of divorce or separation,the properties will have to be divided equally to both parties. The right to survivorship may apply. In some cases, a property may be passed downto an heir during death.
What,You,Have,Know,about,Real,