Taking Title to Real Property | Real Estate Exam Prep Videos
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- Опубліковано 18 тра 2020
- To pass the real estate licensing exam, student will need to know and understand how someone take title to real property. In this video I will explain several key real estate terms you will need to know and understand how to apply them. They are:
Joint Tenancy (With Rights of Survivorship) - Ownership in real property by 2 or more people with rights of survivorship
Tenants in Common - An interest in real property held by 2 or more persons, without rights of survivorship
Severalty - Sole ownership. Ownership of real property by one person
Community Property - Property aquired by either spouse during their marriage
Bequeath - To transfer property by will
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Paul Vojchehoske
Mr. Real Estate Seminars, Inc.
The Real Estate Classroom
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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Paul Vojchehoske
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Thank you for a no BS channel. Just a guy and a whiteboard. No dumb song, no animations, no spelling errors or irrelevant jokes. Thank you!
Hi Henry... thank you for the shout out! I appreciate it.... well, I have to confess... I have discovered a few wrongly spelled words.... 😁
Explained very thoroughly, professionally and with Simplicity in mind relative to the comprehension level of most subscribers.
Gracias...
I wish you were my teacher. Your ability to breakdown this ti just simple life situations is Gold!!!
Thank you, Keenan. I really do appreciate your comment
Honestly, one of the best teachers I've ever come across. Thank you.
The scenario you displayed at the end was very helpful. Thank you.
Glad it helped!
Thank you. Appreciate your help. I have looked at quite a few channels on this subject. Your the easiest to understand and listen to.
Thank you Sharon I appreciate you leaving a comment... Best of luck with your studying
thank you for these videos, they have helped me alot. I will come back once I pass my real estate early september.
Best of luck!
This is kind of a big deal in the real estate sales world for sure
You have the best videos!!!!
Thank you!😁
Hi Paul, You're videos have been SO helpful! Thank you!
Thank you... I really appreciate you leaving a comment! Keep studying :o)
@@TheRealEstateClassroom
My test is on Tuesday 🤞🏼.
@@stevelisabarnes8325 You will do AWESOME!!!!!! :o)
Excellent teaching
Thank you... and thank you for leaving a comment :o)
Great run down.
Thank you
I am glad I came across your channel. Your videos are very helpful. I am kind of confused about joint tenants concept. Somewhere I read that joint tenants can bequeath their interest and on some other website it says joint tenants can't bequeath their interest in the property. Are there two types of joint tenancy, one just joint tenancy and the other joint tenancy with survivorship? Please clarify this doubt.
Hi New Learner... thank you for the question. No, property titled in joint tenancy (a.k.a. joint tenancy with rights of survivorship) can't be willed to another since the deceased interests automatically revert to the surviving joint tenant. Remember if the test question refers to joint tenants or joint tenancy or joint tenancy with rights of survivorship... they all mean the same thing.
@@TheRealEstateClassroom Thanks for your response, appreciate it. I realized that people have to be very careful in deciding how to take the title. If two friends take joint title to the property and if one of them passes away, then the heirs of the one who passed away won't get anything.
@@newlearner3491 correct! Many people think you have to be married to use JTWROS. However, that's not the case. In fact, I see married couples use Tenants in Common instead of JTWROS.... most often in 2nd or 3rd marriages....
Question: When Tom sells his 1/3rd to Tim, the 3 tennants still remain joint tennants because Tom's portion was purchased at the same time as Sally & Sara's portion and he willed it to Tim even though Tim was not there at the TIME of purchase?
Paul, you are my number 1 teacher. Thank you so much. I have a question. What are the major differences between "tenancy by the entirety" and "community property"?
Hi Min, thank you for the question... Tenancy by the entirety is a form of property ownership that is reserved ONLY for married couples. This form of legal ownership creates a right of survivorship so if one spouse dies, the surviving spouse automatically receives the full title of the property
SO... what’s the difference between joint tenancy and tenancy by the entirety?
Property held in tenancy by the entirety, neither spouse can transfer their interest to another, either while alive or by will or trust. It MUST go to the surviving spouse. This is different from joint tenancy; a joint tenant is free to break the joint tenancy at any time.
Community property is everything that spouses or domestic partners own, they own together. It includes everything purchased or acquired during the marriage or domestic partnership. This also includes debts. Typically, gifts or inheritance can be exempted from community property.
Remeber, any income or assets and any real or personal property acquired by either spouse during a marriage or civil union are considered community property and therefore belong to both partners equally. Under community property, spouses own, and owe, everything equally, regardless of who earns or spends the income.
@@TheRealEstateClassroom THANK YOU SO SO SO SO SO MUCH FOR TAKING TIME FOR ME!!!! I would like to say thank you in person when I pass the exam 🙏🏽🙏🏽🙏🏽
@@shinoshine Can't wait :o)
I live in a community property state.
Hi! Thanks for such a good teaching. I have a question. What if, a married couple as joint tenants both die on the same day, what happens to their properties? Who keeps them?
If they can determine who died first then... say the husband died first.... his interest would have xferred to the wife... then as severaly owner, her interest would go to whomever she designated in her will. if no will, then by descent according to state statute. If they can't determine who died first, the it's 50/50 interest to the husband and wifes estate.
What would happen to a couple assets and down payment towards a house in a community property , if they get a divorce after a year they purchased a house?
Great video! Is it each owner of tendency in common can sell or transfer their interest？ What does mean “unity“ in element of join tendency? Thank you so much!
Unity simply means all the jont tenants own an equal portion of the whole... With tenancy in common each owner can sell or will their interest
Thank you 😊
Good afternoon Paul, sir. Thank you for this video. I do have a question though, in my CE Shop study, I noticed that Community Property and Tenancy by the Entirety are separate. Are they still one in the same? Unfortunately MN has a different law called Equitable Distribution but that's okay :) Thanks for your help!
For the national side of the test... they are different
In JT person A sells their share to someone and person B dies, does he take ownership?
In your example, once person A sells their interest, because there was only two owners in JT, the joint tenancy was broken and became tenancy in common... Thank you for the question, Megan!
Does community property have rights of survivorship or can you bequeath it?
Yes, holding title as community property with right of survivorship gives married couples the benefits of joint tenancy and community property. This allows the surviving spouse to avoid probate. Thanks for leaving a question!!! We appreciate it!
Sorry I am confused as I know tendency in common can will it but join tendency can not. But according your answer you said yes. Would you explain it? Thank you 😊
I thought " gifts, inheritance, and or proceeds of separate property, while married was considered Separate Property and not Community Property.
Thank u thank u
You're welcome
I have a question for all of you. Think of it as a quiz question. Not asking for legal advice just opinions or factual descriptions of Deed. in 2011 my Mom gave us four children equal shares of her property with Life Estate. It is a Warranty Deed. She died in 2014. I do not know if this Deed is a Tenants in Common or Joint Tenants. It reads something like this: Grantor (my Mom) to ( then says our names,) as our sole and separate property the Grantee (us) the following described (then show legal description) to have and to hold the said premises, with their appurtenances Unto the said Grantee (s), his heirs, and assigns forever. We have 4 equal shares. And for the life of me I can't tell which type this is, or what heirs mean? Is that talking about us as the Grantor's heirs or does it mean the Grantee's (my heirs? children?) I have spent two days searching and don't feel ready to get a free legal consultation yet. My family has bullied me away from the property since 2014. Accused me of stealing and locked me out of the house. I offered to sell my share but they don't do anything and won't give me documentation on anything. If I can figure out what the Deed mean that gives me a start on what to look for. One of my sisters died about 2 weeks after my Mom. Thanks.
It sounds like mom left you a mess. It's even more complicated with the passing of your sister. You will need an attorney to resolve this.... Sorry :o(
What happens if a woman owed a property (Family Home) prior to marriage and owed it in Severalty and the woman wants to give her property to her only son upon her death. Can she Will the property to the son while married?
title bb!
:o)
Severalty meaning single ownership makes no sense. lol
I know, right lol Doesn't make much sense. Thanks for the comment!
Thank You. You are great at clarifying these concepts.