Posted on: 03rd Apr, 2006 08:12 am
If there are three names on the morgtage deed and the primary and secondary owner are now deceased, does sole ownereship of the property automatically revert to the third owner?Does joint tenacy or tenants in common take precedence?
Please advise.
Thank you.
Please advise.
Thank you.
Hi, Rudy
Yeah, normally the ownership will be passing to the third owner.
Yeah, normally the ownership will be passing to the third owner.
Hi Rudy,
Welcome to MortgageFit Forums.
The answer to your query depends on the type of ownership that exists.
If the ownership is in the form of joint tenancy, then surviving co-owner automatically succeeds to the share of a joint tenant who dies.
But in case of tenancy-in-common, the tenant’s share will pass under a will or intestacy on that person's death.
It's always better to consult an attorney on the issue.
You may check this section for more details.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
The answer to your query depends on the type of ownership that exists.
If the ownership is in the form of joint tenancy, then surviving co-owner automatically succeeds to the share of a joint tenant who dies.
But in case of tenancy-in-common, the tenant’s share will pass under a will or intestacy on that person's death.
It's always better to consult an attorney on the issue.
You may check this section for more details.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
