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- SALE OF PROPERTY. How ContractsCounsel Works. Hiring a lawyer on ContractsCounsel is easy, transparent and affordable. 1. Post a Free Project. Complete our 4-step process to provide info on what you need done.
- TITLE AND SURVEY. 2.1 Title and Survey. No later than three (3) Business Days after the Effective Date, Buyer shall, at Buyer’s cost and expense, obtain a preliminary title report or commitment (the “Preliminary Report”) from Lawyers Title Company (the “Title Company”), together with legible copies of all recorded encumbrances and exceptions to title; Seller shall provide to Buyer a copy of any existing survey or plat of the Property that is in the Seller’s possession or control.
- INSPECTION AND DUE DILIGENCE PERIOD. 3.1 Access. From and after the Effective Date through the Closing, Buyer, personally or through its authorized agent or representatives (including without limitation any prospective lender to Buyer, or such prospective lender’s agents or representatives), shall be entitled, upon no less than two (2) Business Days advance written notice to Seller, to enter upon the Property during normal business hours and shall have the right to make such non-invasive investigations, including appraisals, , engineering studies, soil tests, environmental studies and underwriting analyses, as Buyer deems necessary or advisable.
- REPRESENTATIONS, WARRANTIES AND COVENANTS. How ContractsCounsel Works. Hiring a lawyer on ContractsCounsel is easy, transparent and affordable. 1.
- The Difference Between A Title and A Deed
- What A Title’S Bundle of Rights Are in Real Estate Ownership
- Title vs. Ownership Types
- 5 Big Types of Real Estate Ownership You Need to Know
- Tenancy by The Entirety
- Community Property
- Tenants in Common
- Joint Tenancy
- Other Types of Home Ownership You May See
A title isn’t a document. It’s just an intangible collection of rights involving “real property”. So when you have title to a home, you can choose who can enter, what you want to do with it, and so on. It gives you both a claim to a property via the deed and ownership rights. A deed is the physical document that transfers legal ownership, and there...
Holding a title gives you a bundle of rights, depending on the stipulations outlined in the deed and the type of ownership. These aren’t absolute rights, but they are rights. Owners typically get: 1. Right of Possession, a.k.a. It’s yours! You own it. 2. Right of Control— it’s yours to use and make changes how you wish. 3. Right of Enjoyment— throw...
So if a deed gives title, and a title gives rights, where do things like “sole ownership”, “joint tenancy”, and all those other types of ownership we’re about to cover fit in? Ownership types shape the rights your title gives you. If your title is that intangible stack of rights, ownership types affect to what extent you can use those rights, who m...
Now that we have the basics settled, let’s go through the major types of real estate ownership. We’re going over: 1. Sole ownership 2. Tenancy by Entirety 3. Community Property 4. Tenants in Common 5. Joint Tenancy Not all of these are available in each state, but here are the definitions of major types of home ownership in the U.S., their pros and...
What Is Tenancy by Entirety
Tenancy by entirety is an ownership method that can only occur when two owners are legally married. In the eyes of the state, those two owners are viewed as one legal owner. Although there are technically two individuals in tenancy by entirety ownership, each individual owns the entire property (hence the term “entirety”). There is not a 50%-50% ownership split, as you might find in other forms of real estate ownership. The split is 100%-100%, with both individuals owning the full amount of p...
Who Uses Tenancy by Entirety
This ownership method can only legally be used by married couples. Why is tenancy by entirety restricted to just married couples? It all comes down to the legal union that is recognized by the courts when two people are married. Married couples are granted a handful of rights that unmarried individuals do not receive. For example, one spouse can use an unlimited marital deduction to leave assets to the surviving spouse without paying federal estate taxes. Those spouses can also use the deceas...
How Tenancy by Entirety is Created
Like most forms of ownership, there are a variety of ways that tenancy by entirety can be created. 1. If a couple is already married and purchases real estate, the property will be held as tenancy by entirety. 2. If a couple is unmarried and purchases real estate before becoming married, the ownership does not automatically change to tenancy by entirety. The couple must execute a new deed to themselves to create tenancy by entirety ownership. 3. If one individual possesses sole ownership prop...
What Is Community Property Ownership
Community property is a type of ownership that gives equal rights to any assets acquired by a couple during marriage. Regardless of how a spouse acquires property while married, the assets are deemed as marital property and are owned by both spouses. If one spouse has an income that is substantially larger than the other spouse and purchases property, the spouse that purchases the property is not the sole owner. The property is viewed by both spouses equally.
Who Uses Community Property Ownership
Married couples in 9 specific states are subject to community property. The states that recognize community property are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In the 41 other states, property that is purchased by one spouse is deemed to be owned by that spouse. If the spouses choose to title the property as tenants by entirety, of course, then both spouses will own the property equally. The default in a non-community property state, howeve...
How Community Property Is Created
Community property is created when the two following steps occur: 1. A married couple lives (or has lived) in one of the 9 community property states. 2. One or both of the spouses acquire property or assets while married. As simple as that sounds, that’s really all there is to community property.
Tenants in common—or tenancy in common—is a legal agreement in which two or more individuals come together to form a partnership to share ownership rights in property. The individuals who have tenancy in common ownership are deemed to own individual portions of the property that they manage separately. The property can be divided in any way—50%-50%...
Joint tenancy is similar to tenants in common except when someone passes away, the property is given to the other owner/individual on the deed instead of the deceased’s heirs or beneficiaries. This is known as the right of survivorship and must be stated on the deed. If the right of survivorship is not mentioned on the deed, the courts will classif...
Owning Corporation
A corporation is able to hold real estate in its own name, making corporations a great solution for reducing risk and minimizing personal financial liability. The corporation will hold the deed in its own name, so there won’t be one individual owner who owns the land. If an individual has an interest or ownership stake in the corporation, however, then that interest or ownership stake will be included in the individual’s taxable estate upon their death.
Owning Trust
Like corporations, trustscan hold ownership in real estate. Although trusts are a bit more nuanced than most forms of ownership, one of the benefits of trusts is that the assets held in trusts avoid probate. There are specific trusts—called “land trusts”—that are specifically dedicated to holding land. These trusts are often either used to maintain land during a grantor’s lifetime or to conserve land after a grantor’s death.
Partnerships
A partnership is created by two or more individuals who agree to form and own a business together. LLCs can be structured to operate as partnerships, but there are some standard differences between a partnership LLC and a general partnership. In a partnership, both partners are typically liable for the debts accumulated by the other partner. In an LLC, that’s not the case. If one owner of the LLC accrues debt, the other owner is not liable for that debt. For that reason alone, many owners cho...
Sep 4, 2024 · Property ownership and possession rights are separate rights that can sometimes overlap. Having an ownership interest in real property is an absolutely legal and legitimate claim to the real estate. The owner has the highest interest in the property and is able to afford the bundle of rights. Possession of real estate is the physical control ...
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Oct 25, 2024 · Sole ownership. Tenancy in common. Community property. Trust ownership. Condominium ownership. Cooperative ownership. Tenancy by the entirety. To better understand these types of ownership in real estate, let’s take a closer look at how they work, as well as their unique pros and cons. 1.
Definition of Owner. An owner is a legal titleholder to a piece of property. There are a variety of types of owners in real estate including sole owners, joint tenants, tenants in common and partnership agreements. There can be more than one legal titleholder—otherwise known as the owner—to a piece of property.
Oct 24, 2024 · Type of owner: married couples Only 10 U.S. states are community property states. This real estate ownership type classifies any property obtained by a spouse during marriage as “community property” — that is, owned by both spouses, even if the property is only listed in the name of one spouse.
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Sep 24, 2024 · A property lien is a legal claim on assets that allows the holder to access the property if debts are not paid. 1. Joint Tenancy. Joint tenancy occurs when two or more people hold title to real ...
