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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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Judy Colvin, REALTOR®, real estate agents and broker for Abilene Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Judy Colvin and Team
RE/MAX of Abilene
2545 South Danville
Abilene, TX. 79605
Direct: 325-793-5077
Raquel Colvin: 325-793-5066
Toll Free: 1-800-234-8021
Fax: 325-695-5313
Real Estate license #: 0340369
Email: judycolvin@number1expert.com

Judy has been giving professional, experienced Real Estate service to families in the Abilene area for over 21 years. The goal of Judy and her team, is to meet and beat your service expectations. The Colvin Team has a result oriented system for a positive Real Estate experience. Please do not hesitate to call or email Judy today.

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