Tenants in common is a type of ownership in which two or more parties have an undivided interest in the property. With tenants in common, the owners may or may not have equal shares of ownership, and there are no rights of survivorship. However, each owner retains the right to sell his or her share in the property as he or she sees fit with tenants in common ownership.
Selling your home after your spouse dies doesn't mean you have to change the title. What really matters is if you own it under joint tenancy or tenants in common. Many homeowners whose spouses have died think they need to change title into their own name as sole owner if they are going to sell, [...]
What happens to a quit claim deed when a spouse dies? It all depends on the type of deed transfer and their estate plans. Q: What happens if you and your wife own a home through a quit claim deed and the spouse dies? We live in the State of Maine. A: A quit claim [...]
The county assessor's office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
When you get divorced you may still own property with your ex-spouse, perhaps as tenants in common. If one of the partners sells the property without the permission of the other, that spouse is committing fraud. What are the options for the other spouse?
How the IRS treats inherited property depends on how the ownership of the home is outlined. In this case, one child is already on the title of a home with her mother, so it depends on if they own the home "jointly" or each own a specific share. What is outlined in the owner's will will also dictate what will happen to the property when the mother dies.
If you buy property with someone and he or she dies how can you ensure that you have clear title to the home? Generally, when someone dies his or her share of a property goes to his or her next of kin. You have to track down your real estate partner's relatives to get them to sign a quit claim deed or so you can buy them out of the property. A real estate attorney may also be able to help you in this situation.
Estate planning is crucial to ensuring your family's safety upon the death of a family member. When you live in a home but your name is not on the home's title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it's important to structure property ownership in a way that protects you in case they pass away.
Holding title in joint tenancy with rights of survivorship means that each owner of the home owns an equal undivided share of the home and in case one of the owners dies the remaining owners automatically own the property together. Changing the title to a tenants in common ownership would allow people to own a property in percentages.
Using a 1031 exchange on jointly-owned property depends on if the homeowners own the home as joint tenants or tenants in common. The cost of setting up a 1031 exchange trust isn't much but the benefits of deferring a significant amount of tax to the Federal government can be tremendous. The rules regulating 1031 exchanges are rather strict.