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Buyers Want Your Home for as Little as Possible.
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Real Estate Tips
Titles >Joint Tenancy

When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title.

The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve.

It is important to get professional advice when you plan to buy and hold title to real estate with another person.

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Real Estate Trivia
Q 
What famous American monument is also the world's heaviest statue?

A 
The Statue of Liberty, officially named "Liberty Lighting the World", weighs 54.31 million pounds.
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Lisa Goodfellow, REALTOR®, real estate agent and broker for Deep Creek Lake, Maryland home listings, property and land for sale - NUMBER1EXPERT(tm)

Lisa Goodfellow
Goodfellow Real Estate Services, LLC

19567 Garrett Highway
Deep Creek Lake
Oakland, MD 21550
Cell: 301-616-5472
Office: 301-387-5472
Fax: 301-387-3379
Lisa@GoodfellowDCL.com

Specializing in Deep Creek Lake, Maryland since 1986! The pursuit of the vacation home, future retirement or rental investment is a wonderful opportunity. Specializing in helping you find your Deep Creek Lake property with over 22 years of experience in the Second Home Market, I FOCUS on client and customer service.

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