Joint Tenancy

how one party wont to sell own interes in joint tanancy

Hi Senado
Welcome to MortgageFit forum.

Under the Joint Tenancy form of ownership, a co-owner has the provision of right of survivorship. The right of survivorship allows one of the joint tenants to take hold of the interest of the other tenant in the property, on the death of the latter. But once a Joint Tenancy is created, no joint tenant can sell his interest in the property without ending the Joint Tenancy arrangement.

Under this form of ownership, any joint tenant can break the tenancy arrangement without the prior permission of the other tenants. By a simple deed, the joint tenancy form of ownership can be converted to tenants in common arrangement. Under the tenants in common form of ownership, you will be able to own a certain percentage of interest in the property and hence you can easily sell it off.

Hope we have been able to guide you.

Please feel free to post further queries. Also, sign up with us at http://www.mortgagefit.com/signup to get free advice on related issues.

Regards,
Caron.

hello,

my father and i were joint tenants on a mobile home. my father waws order to sign over his half to his ex-wife in a divorce. i later used a quit claim deed to tranfer my ownership to him. is this a legally binding agreement?

Hi Kanon,

That seems to be alright and legal.

Your father worked as per instruction court gave about transferring his interest to his ex-wife. After which you transferred your interest over to him using a quit claim deed. Now the mobile home is owned by your father and his ex-wife.

Based on the information you have provided it is legal. If there are other points about this agreement then please let us know so that we can tell if any legal clause has been violated.

Miller

We live with our son. He filed bankruptcy so we bought a manufactured home when we moved here.The morgage is in our name but is on his property. He makes the payments. At our death,can it be transferred to him or should we do something to make sure there is no problem?

Welcome Betty,

Whose name is on the title of the property deed? If you alone are on the deed of the property, then your son will have to file an affidavit of heirship in the county recorder's office and transfer the property in his name. If you have a will stating that your son will inherit the property, then you son will get the property but after probate.

Lot of people prefer joint tenancy with right to survivorship. In joint tenancy with right to survivorship, there will be no need of probate. With the death of a joint tenant, the other will automatically inherit the property.

Thanks,

Jerry

My grandma has joint tenancy with right to survivior with one other person. She wants to quitclaim her interest to me. can she do this in michigan and be legal. I am told she can the deed will become tenacy in common, because she is breaking the deed

Hi

I think she can transfer her share in the property to you. But as you've mentioned, the form of ownership will no longer be joint tenancy. It'll now become tenancy in common. It's best to consult a real estate attorney as he is the best person to guide you in matters like this.

my sister an I are on the title of my mother's mobile home as joint tennants with right of surviorship. She still has a mortgage, but is having financil difficulty and may go into foreclosure. We are not listed on her mortgage only the title. If she forecloses are we responsible for the mortgage too since we are listed on the title?

Hi lisaperry!

Welcome to forums!

If your property goes into foreclosure, you won't be liable for the mortgage payments as your names are not mentioned on the mortgage docs. However, you will lose the property.

Feel free to ask if you've further queries.

Sussane