commit 394306782d5b8e995f174d1bcf6928c8d12fb5b6 Author: debbrapolanco Date: Fri Aug 29 13:52:46 2025 +0800 Add Who would be the Other Buyer? diff --git a/Who-would-be-the-Other-Buyer%3F.md b/Who-would-be-the-Other-Buyer%3F.md new file mode 100644 index 0000000..3321206 --- /dev/null +++ b/Who-would-be-the-Other-Buyer%3F.md @@ -0,0 +1,75 @@ +[caanet.org](https://caanet.org/)
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I want to find out more about joint tenancy and tenancy in common and if it's a choice for me. I have a great portion of
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A "Tenancy in Common" is where each owner of the residential or commercial property has an divided one [half ownership](https://www.u2apartment.com) interest in the residential or commercial property. That suggests the one of the owners can offer his/her half interest in the residential or [commercial property](https://trinidadrealestate.co.tt) with or without the other owner's consent. Should among the owners die, their half ownership would have to be probated, and their beneficiary would [inherit](https://staystaycations.com) that a person half of the residential or commercial property.
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" Joint Tenants with Rights of Survivorship" implies that you each own a concentrated one- half ownership interest. When or if one of the owners passes away, the remaining owner acquires the deceased's share or interest of the residential or commercial property.
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Jan
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Real Estate Lawyer: Jan
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Understanding Joint Tenancy vs Tenancy in Common for Residential Or Commercial Property Ownership
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My name is ***** ***** i am a Property attorney with Just Answer with over 30 years of experience. I more than happy to help you with your real estate concerns.
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What are your questions about joint occupancies.
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Who would be the other buyer?
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A " Tenancy in Common " is where each owner of the residential or commercial property has actually an divided one half ownership interest in the residential or [commercial property](https://libhomes.com). That indicates the one of the owners can offer his or her half interest in the residential or commercial property with or without the other owner's [permission](https://property.cbaservices.id). Should among the owners pass away, their half ownership would have to be probated, and their successor would [inherit](https://vgrouprealestate.com.au) that a person half of the residential or commercial property.
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" Joint Tenants with Rights of Survivorship " suggests that you each own an undivided one- half ownership interest. When or if among the owners dies, the remaining owner inherits the deceased's share or interest of the residential or commercial property.
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The bank or mortgage business would have to authorize both of you for a mortgage.
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You would have to ask the loan officer of the bank. However, the individual on the mortgage does not develop ownership. Only the names of the deed to your house develops legal ownership.
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Having more than two owners of a house is never a great idea. Even two owners can be an issue, in the occasion you wish to offer your home or refinance it. You would need to get all of the owner's consent to offer or refinance.
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There is no real title to a house. Cars have titles, homes have Deeds that are the legal ownership of any realty residential or [commercial](https://www.naree-siam.properties) property.
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Homeowners can not get half of a mortgage or half of the insurance coverage. The mortgage and insurance coverage is for the entire home.
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Tenants in typical still own your home along with the other owner. Houses can not be [divided](https://horizonstays.co.uk).
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Except when one occupant in typical wants to offer their share in the home. Then the other owner has no state in who is the new joint owner.
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This is generally a bad method to own a house.
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Did I answer your all of your questions?
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The very best ways to buy a house is either by yourself or with a partner.
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The more owners you have on the deed to the house, the most likely you are to be in conflict with them over maintenance, taxes, and upkeep and getting the other person to consent to offer your home.
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Plus moving in other individuals. You ought to probably try rather to develop a solid employment record and after that make an application for a mortgage loan.
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Do you have any follow up concerns?
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I am sorry, however I leave all of that to your banker. Attorneys are versed in the law and not the eligibility for a mortgage.
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Your credit report is essential too.
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Any other legal questions for me?
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You are most welcome! Thank you for calling Just Answer. Any future legal questions, please asl for " Jan just " or include me to your favorites at the bottom of the page. Good luck with whatever you choose to do.
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