What is Tenancy by Entirety?
Married couples have a plethora of important financial decisions to make, and one of the biggest comes when they purchase a home together.
Can a Joint Tenant Sell or Transfer Their Interest?
If you are buying real estate with one or more other people, you may structure the ownership as either Tenants-In-Common (TIC) or as a joint tenancy. Small groups purchasing real estate frequently employ these ownership structures, and the arrangements are often confused with each other due to the similarity in names. Therefore, let's quickly review the similarities and differences between these two ownership models.
Can a Joint Tenant Force the Sale of a Property?
One of the common ways for people to hold title to property as a group is to buy it as joint tenants. In many states, joint tenancy is frequently employed by married couples and by business partners investing together. Joint tenants have equal ownership rights and responsibilities. A critical provision of joint tenancy is the right of survivorship—when one owner dies, the others inherit the deceased partner’s share. If there is more than one survivor, all would equally share the portion owned by the deceased.
What is Joint Tenancy With Right of Survivorship?
Joint ownership of real property can be formed in a few different kinds of legal structures depending on the owners’ desires.
Can You Sell a House with Tenants-in-Common?
A Tenancy in Common (TIC) arrangement allows multiple individuals to share ownership rights to a property. While a TIC arrangement may allow you to own high-quality real estate for less start-up capital, complications can arise when you decide to sell the shared property.
How Does Property Management for Tenants in Common (TIC) Investment Properties Work?
Tenancy in Common (TIC) can be an attractive method for investors to collaborate on the ownership of real estate assets. The structure can accommodate groups ranging in size from two to 35. Each owner holds an undivided fractional share of the assets, but the percentages can be and often are unequal. For example, a TIC group could consist of two friends, each holding fifty percent of the property. On the other hand, if there are ten owners, one could have fifty percent while the remaining nine split the other half.
