This form is a Warranty Deed where the grantor is an individual or husband and wife and the grantees are three individuals holding title as tenants in common.
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Prepared by and please return to: Name Address Rec. $ Property Appraiser s Parcel Doc.St. $ ID No. WARRANTY DEED THIS INDENTURE, made this day of , 20 , between: , whose street address is Grantor:
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Pass your real-estate exam with Prevagen calm remember keep it concise and keep it simple we're talking about forms of ownership but before we do that let's start with a quick reminder title is ownership title can be held in severalty or a concurrent estate 70 is sole or independent ownership by a person or entity that means there's only one name on the deed but the current estate describes the various ways in which property can be owned by a more than one person at a given time three types of concurrent estates are joint tenancy tenancy in common and community property tenancy in common is the most common type of ownership ownership is assumed to be a tenancy common unless otherwise stated a tenancy in common is a foreign ownership of title to real estate by two or more persons but while they have human in possession they each have separate and distinct titles in the event that one of the tenants in common dies his or her title does not pass to the other tenant in common but rather to his or her heirs or their estate joint tenancy is a form ownership in which the tenants own property equally one dies the other automatically inherits the entire property this is known as the right of survivorship thus somebody cannot will a joint tenancy and probate is not necessary under a joint tenancy a person cannot take a property's a joint tenant with a corporation because a corporation cannot die in that situation it would be taken as a tenant in common if a joint tenant dies owing debts to survive in joint tenants are free of those unsecured debts joint tenants cannot be created by law there were the two parties who wish to be joined tenants must make it clear in the conveyance documents adjoint tenant has the right sell mortgage transfer the interest without the other joint tenants to create joint tenancy there has to be unity of time title interest and possession that is really the most important thing to remember for your exam you want to say it time and time again ready time title inches and possession time title interest and possession you can also remember the word it's not much of a word at all but it worked for me so hopefully will work for you too joint tenancy will be terminated if one of those unities is destroyed there or a person who buys interest as a joint tenant would be a tenant in common with the other joint owners if one of those essential elements are not there for example Stephen Juan and Carol purchase a home in the hills and they take title as joint tenants Stephen gets transferred to another state he says his property - and you Juan and Carol are still joint tenants and Angie is now a tenant in common when you think of community property don't think of the community itself rather think of husband and what community property property acquired by husband or wife during match committed property laws vary from state to state community property is owned by both the husband and wife regardless of whose name is on title more great...