Joint Tenancy VS Tenancy in Common: What's the Difference?
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- Опубліковано 8 чер 2024
- Joint tenancy and tenancy in common are how people take title. Join tenancy is a more common way people take the title but that doesn't mean you won't see tenancy in common. So, what's the difference between these two terms?
🤓📝💯 Make studying for the real estate exam EASY: bit.ly/46L59T9
Joint tenancy is common because it's your standard 50/50 split of property ownership. This typically happens when a couple buys a home. But, it's not limited to just couples. Any amount of people can have a joint tenancy title.
So, what is joint tenancy with the right of survivorship? Joint tenancy with the right of survivorship is when the joint tenants will split the ownership of another person's shares when they die. For example, if there are three people who own equal shares of the property, but one of them dies, the remaining two people will absorb that person's ownership shares.
Tenancy in common is a bit different because it involves unequal shares of the property.
For example, in a tenancy in common title, you could have someone who owns 60% of the property, someone else who owns 30% of the property, and one more person who owns 10% of the property.
It's a property split between people who own unequal shares.
When it comes to the real estate exam, it's important to know the difference between joint tenancy with right of survivorship and tenancy in common. There's a quick and easy way to remember it, and all you have to do is watch this video to find out.
Chapters:
00:00 - Do this when you're asked questions about title
01:04 - These are the 2 ways people take title
01:28 - What is joint tenancy with right of survivorship?
02:52 - How does joint tenancy with right of survivorship work?
03:30 - Real estate exam question!
04:07 - What is tenancy in common?
#TenancyinCommon #JointTenancy #RealEstateTerminology
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It's also important to add in Tenancy in Common that when one owner dies, instead of their share going directly to other owners, it may be willed or pass down to heirs (Children). Awesome stuff!
Daaamn, I understood it. Reading the books is hella complicated.
Glad it clicked. Thanks for watching!
You are a phenomenal professor of your craft! So simple!
Wow! Thank you for the compliment. And thank you for watching too, Sonya. It's much appreciated.
I'm studying for my FL State Exam & these videos are very helpful! I'm a visual learner so I comprehend this a lot better than reading. Thanks!
Happy to help! Thanks for watching.
Me too
I love the way you break things down and make it so clear and easy to understand
Glad it was easy to get! Thanks for watching.
Holy crap! This was by far the best explanation in all of UA-cam videos. Thank you.
Glad it was helpful! Thanks for watching!
Your content is the best!
Thanks for watching! Glad you liked it.
I’m taking my test soon and this probably has been the best I’ve understood this part of the lessons. 🙌
Glad it helped! Thanks for watching, Vincent. Best of luck on the test.
Wow that was really good. And Understandable. Give that guy a raise!
Ha! Thanks for the kind words and thanks for watching! Hope you subscribe for more content like this.
Thanks for the info very helpful and no run around.
Glad you enjoyed it. Thanks for watching!
You are such a great mentor! I could only dream of working under you. Whoever has the chance, they’re very lucky!
Thanks for the kind words, CNDC. Also, thanks for watching!
Awesome instruction
Thanks! Glad you enjoyed it.
🤓📝💯 Make studying for the real estate exam EASY: bit.ly/46L59T9
I love this man ! The way that teach is amazing ... I would like to see a new videos from you 🙏🙏🙏
Did you subscribe to the channel? We're releasing new videos every week! Thanks for watching and so glad you found this stuff helpful!
5:03 "Joint tenancy, there's a lot of moving parts..." - Didn't you mean to say, "Tenancy in common" ? Great video!
Yes
Going for my NY Sales exam January 4th, I keep watching your videos. Let me know if you have any zoom classes/lectures!
I personally don't have anything coming up for New York, but I just wanted to wish you the best of luck on your exam. YOU GOT THIS, JAMES.
Super helpful for the bar exam, too. Thanks!
Hey, that's good to know! Best of luck on the bar, Luis!
Your content is awesome man, thank you!
Glad you enjoy it! Thanks for subscribing.
You are very good at explaining this
Hi, quick question.. does tenancy in common only apply to corporations/ partnerships? Since everyone owns a different percentage and can sell their part to a new member.
Since it has no right of survivorship does the partnership never ends? If that makes sense ☺️
Great explanation!
Glad you liked the video. Thanks for watching!
Robert, I love your videos. Can you do a video explaining in detail a purchaser buying a home but contingent on them selling their home. I’ve done numerous sells like this but still get brain farts in the process. I feel like you would explain it very well. Thank you!
I'm glad you're liking the videos, Tony! The team is working on this idea as I type this. Expect to see it in a few weeks!
He's so good
Glad you enjoyed the video!
I am in Texas how can I find someone like you with a very positive energy to learn more about real estate in Texas they law in Texas is very strict
We don't know of any good pre-licensing schools in Texas that are similar to ours. But, if you're ever studying for the real estate exam, we have an exam prep package that comes with video explanations, practice exams, terminology flashcards, and an ebook study guide. Here's the link: www.restateexamprep.com/states/texas
I recommend going to Champions School of Real Estate! They are located in Texas. Awesome instructors and awesome prep courses!
our deed for the three of us says tenants in common, can we sell our equal shares without consent of the others ?? can 2 force the 3rd to sell ???
NOTE: At the end of the video TIC has a lot of moving parts not JT....
In tenants in common, how does it work when one sells its share to a new owner who wants to remodel the whole house or refinance to remodel. Do they all have to agree or how does it work? How are the choices on what happens to the house handled? Let's say one wants to remodel the kitchen, do they all pitch in as well?
With joint tendency can you and your partner sell the property at anytime and split the profits
does this guy teach classes ?
I'm not teaching in class at the moment. But, I do have videos of my class lectures where I teach real estate practice, principles, and finance.
You can watch a freebie lecture here: ua-cam.com/video/9UgoTwEW8mA/v-deo.html
If you like it, you can buy the whole thing here: carealtyschool.com/enrollnow/product/online-videos/3
Hope this helps.
What happens in a joint tenancy when the remaining survivor dies?
why talk first?