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Affordable Attorney Now
Disclaimer...Legal
information is not legal advice. This site provides
general legal information, not the application of law to a
particular individual or situation. This site is is
not responsible for any errors or omissions. All
information in this site is provided "as is,"
with no guarantee of accuracy, timeliness, completeness or
of the results obtained from the use of this information.
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Joint Tenancy
Joint tenancy means that two or more
people hold title to a piece of property. Each
person, whether it is two or six, owns an equal share of
the property and can only dispose of (sell) his
share. The main thing to keep in mind about
joint tenancy is that it comes with a right of
survivorship which means that if one tenant dies, the
other tenant(s) automatically receive the deceased
person's share. If there are several tenants, the
share is divided evenly between them.
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Also keep in mind that even if a will exists that
designates someone as a beneficiary of one of the tenants
and that tenant dies, the will will be ignored by the
courts. So if you have a joint tenancy with someone,
make sure you want him or them to inherit your share of
the property when you die.
To have a joint tenancy contract drawn up, you will
need to contact a lawyer.
Home |
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Disclaimer...Legal
information is not legal advice. This site
provides
general legal information, not the application of law to a
particular individual or situation. This site is is
not responsible for any errors or omissions. All
information in this site is provided "as is,"
with no guarantee of accuracy, timeliness, completeness or
of the results obtained from the use of this information.
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