Ownership_of_propert - During lifetime both must agree(i.e in order to transfer the real estate need signature of both parties(husband and wife

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Ownership of property (This is what you missed Thursday, it corresponds with that chart) Joint Tenancy includes right of survivorship (i.e. if person A or B dies, the individual who did not die, gets their money/property *This form is used least Tenants have full ownership/power over their half during lifetime Joint tenants do not need approval of one another to make a decision or transaction (must be practical however, (i.e. can not sell half of a house) If new tenants want joint tenancy, they need a NEW transfer agreement Tenancy by Entirety usually includes husband and wife *Divorce/this type of tenancy affects ownership With a divorce, husband and wife change from tenancy by entirety to tenancy in common
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Unformatted text preview: During lifetime, both must agree (i.e. in order to transfer the real estate, need signature of both parties (husband and wife) Creditor cannot attack property if only has husband’s signature; they need both signatures if they are seeking to take action It is possible to own property in different proportions/amounts Right of survivorship—survivor of deceased owns the whole property now (although they technically owned it before as well) Tenancy in Common Most common form of tenancy used if not marries No Survivorship; your portion goes by what you indicate in your will or by the law In lifetime, individual tenants have full power and control without consent of others...
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This note was uploaded on 03/31/2008 for the course B A 243 taught by Professor Vannatten,stephe during the Summer '08 term at Pennsylvania State University, University Park.

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