Sentences with phrase «other joint tenant»

For example, if the other joint tenant dies before you do, then the property held in joint tenancy will be in your name alone and subject to your will.

If one joint tenant dies, his or her share generally passes automatically to the other joint tenant (s) by right of survivorship.

On the death of one joint tenant the property automatically passes to the other joint tenant (s), regardless of what may be set out in the deceased person's will.

The business, or some of the business, is now carried on by only one or some of the joint tenants, either alone or in partnership with others, and the other joint tenants do not occupy any part of the property for business purposes.

Form of joint ownership which provides that if one joint owner dies, his or her share becomes part of his or her estate rather than automatically becoming the property of the other joint tenants.

Not exact matches

After the first of the joint tenants dies, that owner's one - sixth portion will be redistributed evenly amongst the other survivors so after the death, each of the survivors will own one - fifth of the property, jointly with all the other remaining joint tenants.

If you own stock or other assets with a spouse as joint tenants or tenants by the entirety — forms of ownership often used by married couples that ensure that on the death of one co-owner the survivor becomes the sole owner — the basis is adjusted upward on the death of the co-owner.

As opposed to a joint tenant account, however, ownership is not passed over to the other tenant (s) at death, but is part of the deceased owner's disposable estate.

From a Joint Tenant Account to an Individual Account because of the death of an account owner, divorce or other situation

In a conveyance made on or after the 1st day of July, 1886, there shall, in the cases in this section mentioned, be deemed to be included, and there shall in those cases be implied, covenants to the effect in this section stated, by the person or by each person who conveys, as far as regards the subject - matter or share thereof expressed to be conveyed by him, with the person, if one, to whom the conveyance is made, or with the persons jointly, if more than one, to whom the conveyance is made as joint tenants, or with each of the persons, if more than one, to whom the conveyance is made as tenants in common: In a conveyance for valuable consideration, other than a mortgage, the following covenants by the person who conveys, and is expressed to convey as beneficial owner, namely, covenants for... ii.

For joint tenants if one of you dies your share automatically passes to the other person.

Take a secure tenancy with joint tenants: one is the alleged batterer and the other is the alleged victim.

If other children were also on title with the parent as joint tenants, on the death of the parent the asset would pass only to the surviving children, and the family of the deceased child would receive nothing.

After the confrontation, the appellants transferred their present and future real estate interests to themselves and to their two other children as joint tenants under a trust arrangement.

Tenants by the entire - ties is a special form of joint tenancy ownership that is only available to married persons, where ownership is guaranteed to one spouse in the event of the others death.

No, you need to use a Survivorship Deed to transfer rights of survivorship, where the parties will hold the property as joint tenants, with the survivor taking a fee simple interest (complete ownership) in the property upon the death of the other party.

When you purchase real estate with another or others, the real estate lawyer will ask you how you want to own it, whether as «joint tenants» or as «tenants in common».

Under their respective 1967 wills Mr and Mrs I both purported to leave shares in the property owned as beneficial joint tenants to each other for life thereafter to their daughter (D).

According to Investopedia, other items that are not covered by a will are retirement assets, assets owned as joint tenants with rights of survivorship, and investments accounts that are designed as «transfer on death».

The Finance Shared Services Center (FSSC) General Accounting Department (GA) Manager responsible for the supervision of a team of accountants and clerical staff to achieve the completion of assigned accounting processes which may include purchase and expense accounting, treasury / banking accounting, payroll accounting, fixed asset accounting, cost allocations accounting, miscellaneous revenue accounting, contractual arrangement accounting, partnership and joint venture accounting, lease and tenant accounting, business tax and license filing as well as other accounting functions.

Joint Tenants — A tenancy in which one tenant has a right of survivorship to the property upon the death of the other tenant.

The original tenants still preserve their joint tenancy interest between each other, while the new tenant is a tenant in common with the other two.

-- including a lien on the stock of a cooperative housing corporation (a «co-op»)-- no lender can enforce its due - on - sale clause due to any of the following prevalent circumstances: (1) The creation of a lien (or other encumbrance subordinate to the lender's security instrument) that does not relate to a transfer of rights of occupancy in the property; (2) The creation of a purchase money security interest for household appliances; (3) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; (4) The granting of a leasehold interest of three years or less * not containing an option to purchase (5) A transfer to a relative resulting from the death of a borrower; (6) A transfer where the spouse or children of the borrower would become owners of the property; (7) A transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property (8) A transfer of the borrower's property into an inter vivos trust in which the borrower is and remains a beneficiary and which [trust agreement] does not relate to a transfer of rights of occupancy in the property; or (9) Any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

One pitfall of particular concern to real estate practitioners that this site addresses is the common misconception that owning property as joint tenants automatically ensures inheritance by the other joint owner.