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A joint tenancy or joint tenancy with right of survivorship (JTWROS) is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the ...
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate ; that is, an estate with a condition or event triggering transfer of possessory ownership.
If, for example, X has a fee simple absolute and Y has a life estate, there is no unity of interest. Unity of possession Both tenants must have the right to possess the whole property. If any of the four unities is broken and it is not a joint tenancy, the ownership reverts to a tenancy in common. The unique aspect of a joint tenancy is that as ...
In real estate, to vest is to create an entitlement to a privilege or a right. For example, one may cross someone else's property regularly and unrestrictedly for several years, and one's right to an easement becomes vested. The original owner still retains the possession, but can no longer prevent the other party from crossing.
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
With the housing market in shift and some predicting that home prices will dip in the new year, those who have been looking to get their foot in the door of real estate may want to think about...
A quiet title action is a lawsuit to resolve with any cloud on title, such as competing claims or rights to real property, for example, missing heirs, tenants, reverters, remainders and lien holders all competing to get ownership to the house or land.
For example: A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.