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As tenants in common can one party rent out their interest to the other?
Wiki User
∙ 11y ago
1. No because they have unity of possession of unpartitioned property
2. For partitioned property, the other party can rent his part to the other
3. A single residence cannot be partitioned and if any disagreement the parties must apply for a partition and court will order a sell and divide the money less cost of the listing and escrow expenses, if the parties cannot come to an agreement
Wiki User
∙ 11y ago
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Is it legal to carry property insurance on someone else's property?
Insurance for someone else's propertyYes, You can legally Insure the property of another person. So Long as you have authorization to do so and the owner is benefited, or an other insurable interest in that property exists. There are many situations where a third party may need to obtain property insurance such as, Estate Executors, Court Appointed Trustees, Dependents, Bailees, Tenants, Persons holding POA, or living wills, etc..You can not insure the property of another when no insurable interest exists. It would be unlawful to insure the property or life of another where the intent is to gain unduly from another persons loss.
How does cross liability work?
Cross liability works as a severability of interest. These are clauses in commercial insurance contracts which means the policy applies separately to each insured party.
Is a real estate agent a party to the transaction?
Usually a real estate agent is not a party to the transaction, unless that agent is either the seller or buyer or has an interest in either side. The fact that he may be representing either the buyer or seller or even both does not make him or her an interested party in the agreement. Most states real estate laws clearly state that should an agent have an interest in either side of the tranaction then both parties must be notified for that interest. Thats why you often see and agent sellling his own home, even as a for sale by owner, the advertising and signs should mention that the home is agent owned. Its all about ethics more than the law. From www.zerotorealestatehero,com
What is a third-party purchase?
In layman's terms, a purchase that is made by a "third party" or "third person" is when the buyer is someone other than the one it is intended for. In other words, Jack wants to buy a pail of water from Jill, but he has no money. So Jacks' mother buys the pail of water for Jack. Jack's mother is the "third party" or "third person" who is making the purchase.
What is a organizational party?
an organizational party refers to one of the three parts of a political party. there is the governmental party, the party in the electorate, and the organizational party. the organizational party organizes campaigns, conducts polls and surveys of public opinion, basically they are the "worker bees" of the political party.
How do you title property if not married?
If you want the property to pass to the co-owner automatically if one owner dies then you should take title as joint tenants with the right of survivorship.a) Joint Tenants, with rights of survivorship (the title automatically passes to the survivor if one dies per above). Joint tenants do have a right of survivorship, but a joint tenant may sell or give away her interest in the property. If a joint tenant sells her interest in a joint tenancy, the tenancy becomes a tenancy in common, and no tenant has a right of survivorshipb) Tenants in Common: All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, his/her ownership interest. Tenants in common do not have a right of survivorship. In a tenancy in common, persons may sell or give away their ownership interest.
Can one party in an undivided interest gift their share of the interest to another party outside the undivided interest owners?
Yes. You are free to sell you interest to any willing buyer.
Mother and son own property as joint tenants. Mother conveys to daughter by quit claim deed. Are sister and brother now joint tenants?
No. They are now tenants in common. If one joint tenant conveys their interest to a third party the joint tenancy is severed. If brother and sister wish to own as joint tenants they should convey to a straw and then have the straw convey back to them as joint tenants. They should consult with an attorney who can draft a proper deed for their jurisdiction.
3 people have right of survivorship and one quitclaimed their interest to a new party Is this new co-owner responsible for that persons part of the mortgage?
If the joint owner who conveyed her interest was paying a third of the mortgage then her grantee would also be responsible for paying that share. The grantee in the quitclaim deed is a tenant in common with the other two joint tenants.
What is meant by third party joint tenants?
Your phrase is not a legal term. However, you may be referring to a situation where a property owner desires to transfer her property to herself and another as joint tenants. In Massachusetts the owner now has a statutory right to execute a deed granting the property to herself and another as joint tenants. In many other states a straw must be used. By that method title to the property is conveyed to a third party thereby severing the interest of the owner. Title to the property is immediately conveyed by that third party back to the two who desire to own the property as joint tenants.
What if a tenant starts a problem with a other tenant can the landlord kick 1outyou and not the other?
It depends. The most common arrangement for tenants is for them to be "tenants in common," that is, equal parties to the lease. At common law, tenants in common have a duty not to infringe on the rights of the other tenants to access to the property. If one tenant kicked the other out in this arrangement, that would certainly be impermissible and the removed tenant could sue. On the other hand, if one tenant has some superior right to the property, for instance if one is the party to the lease with the landlord and the other tenant is a sublessee, then the party to the lease may have the right to kick out the sublessee. Keep in mind, this is at common law. Many states modify the common law by statute. You should consult a lawyer in your state to determine the correct answer for your state.
A group of individuals with broad common interest who organize to nominate?
political party
Can my partner in the deed add another person on or leave it to a new wife?
Since you refer to the other person as your partner on the deed I will assume you don't hold the property as tenants by the entirety. You each own a one-half interest in the property. Your partner on the deed can convey their half to a third party or convey it to themself and another person. However, their conveyance of their one-half interest will not affect your one-half interest. If you and your partner own the property as joint tenants with the right of survivorship they cannot leave their interest to another person by a will. If they die while you own it together their interest will automatically pass to you. A person can transfer an interest in joint property by deed but not by will.
When a home is owned by two people through a deed of trust and one party dies who owns the contents of the home?
Typically, the contents of the home would be considered part of the deceased person's estate and would be distributed according to their will or state laws if there is no will. The ownership of the home itself might depend on how ownership is structured in the deed of trust, and the surviving owner may need to work with legal counsel to clarify ownership rights.
Does Va law allow only one party of a deed of tenants in common with right of survivor to delete the survivorship?
There is no survivorship in a tenancy in common. Survivorship rights accrue to a joint tenancy with the right of survivorship. A joint tenancy can be broken and converted to a tenancy in common by either joint tenant conveying their interest by deed to another grantee (that would be called a straw deed) and then that person immediately conveys it back to the original owner. The co-owners would become tenants in common. There would be no right of survivorship.Deeds should always be drafted by an attorney so that transaction should should be done through an attorney. If that co-owner wants to keep their interest in the property
Mortgage in your name deed in both your names - not married - you wish to sell - Do you need the other deedholder to agree?
State laws govern the way real property is titled. When it concerns unmarried persons the propety is titled either Joint Tenancy or Tenants In Common. Joint Tenancy means the parties own equal and undivided interest and both have to agree on any sale or title transfer. Tenancy In Common generally will allow one party to sell their interest w/o the consent of the other owner(s). Concerning private residences, this is rather pointless. It is unlikely that anyone would care to buy half of a house. Usually one of the involved person's buys out the other person's interest.
Does divorce decree take precedence over original recorded property deed?
Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.Yes. If the couple acquired the property as tenants by the entirety, a survivorship tenancy reserved for married couples, their tenancy would change to a tenancy in common after a divorce.Also, a divorce decree can order one party to transfer property to the other. If they refuse to execute a deed, the divorce decree can serve as the legal transfer in Massachusetts and other states.
