Name and describe different forms of concurrent ownership of real estate.
What will be an ideal response?
Joint tenancy and tenancy in common are the two most common forms of co-ownership. A deed conveying property to two or more people creates a tenancy in common. Upon the death of one co-tenant, the half interest of the decedent devises to those named in a will or descends to the next of kin. Joint tenancy carries with it a right of survivorship in the surviving co-owners (joint tenants). Tenancy by the entirety is a form of co-ownership between a husband and wife, which is recognized in some states, which has survivorship rights that are severed only by death or divorce. Some estates are created by marriage: community property, dower & curtesy, and spousal or statutory share.
You might also like to view...
The right of survivorship in a joint tenancy with right of survivorship provides that one owner’s interest in the joint property can be willed or passed to his or her heirs at death.
Answer the following statement true (T) or false (F)
Why is a "preliminary negotiations" not considered a valid offer?
A) There are insufficient terms to constitute a valid offer. B) It is not usually in writing, which is required for a valid offer. C) Preliminary negotiations are not intended to result in a binding contract. D) Parties who intend to contract will never negotiate over the terms.
Generally, it is not proper to cite to legal encyclopedias.
Answer the following statement true (T) or false (F)
A loan can always be prepaid before its maturity.
Answer the following statement true (T) or false (F)