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How does undivided interest apply to joint ownership of real estate?
Wiki User
∙ 10y ago
Undivided interest means that each owner has the right to the use and possession of the entire property and one owner cannot divide the property so as to own their half, for example, as a separate portion.
Wiki User
∙ 10y ago
Wiki User
∙ 9y agoAn undivided interest in real property means that you have the right to the use and possession of the whole property even though you own only a proportionate interest. In practical terms your proportionate interest would come into play under certain circumstances.
If the property generates income you would be entitled to receive half of the net proceeds. If you are a half owner and the property is sold, you would receive 50% of the net proceeds. If there was a disagreement and the property was partitioned by a court order you would receive half of the net proceeds of a sale after legal expenses.
If you owned the property as a tenant in common and you died during your period of ownership your heirs or devisees would inherit a 50% undivided interest in the property. If you owned the property with another person as joint tenants the other person would automatically own the property if you died.
The 50/50 split is an example only. When property is conveyed to two people and the deed is silent as to percentage owned by each then they each own one-half. However, a deed may grant unequal shares and the parties will hold as tenants in common. For example, in a 20/80 split, both grantees would have the right to use and possession of the whole and the proceeds would be split as in the examples above by using a 20/80 formula.
Wiki User
∙ 7y ago6 owners on undivided interest we sell , is that divided between 6
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I own the real property I have an undivided half interest but my mother has a life estate do we both have to agree on what is done to the property?
Yes. Your mother would need to sign any mortgage or deed of sale for the property and any other instrument that would encumber the property. That would also apply to the owner of the other undivided one-half interest.
When a person dies in VA who starts probate proceedings?
Anyone with an interest in the estate, heirs and those that are debtors of the estate can apply to open an estate.
What is the difference between a duplex and a condo?
A duplex -- by definition -- is two. A condominium is a form of real estate ownership that may apply to residences, commercial spaces, marina boat moorings and so forth.
Is it legal to change a home from a condominium to a townhome after you have already closed on it?
A condominium is a form of real estate ownership that includes ownership of a unit, plus communal ownership of other real estate assets.A townhome can be a style of home.If you purchased a townhome-style home in a condominium community, you are permanently attached to the condominium community.It's association and governing documents apply to your townhome.
How does one transfer joint ownership to single for a home where one owner has guardianship over the other owner?
The Guardian would need to apply to the court for a license to sell real estate. The court would appoint a Guardian Ad Litem to make certain the transfer would be in the best interest of the ward. The application for license to sell the real estate would be made at the same court that appointed the Guardian.
How does real estate apply in real estate?
If you want to apply for real estate in Juhu, 4 bhk flat for sale in juhu
What does not apply to the medieval manor?
serf ownership of property
Does due process of law apply to private ownership of property?
If you are speaking about disputes over ownership or inheritance of it, yes, it does.
What are the interest rates for FHA loans?
The interest rates for FHA loans, are just under 4%. They are very low these days, making it wise for someone who can apply for a loan, to get one. This is a good time to buy real estate, if you have the money to pay a mortgage.
Show you a picture of a condo?
There is no standard for a condominium: condominium is a form of real estate ownership. It can apply to mooring slips in a marina, warehouse complexes, suburban developments that include free-standing homes, high-rise residences and so forth.
Is there a statute of limitations on settling an estate in ct?
Statute of limitations apply to bringing law suits for civil or criminal charges. Probating an estate is not one of the things they apply to.
Trusts and Estates: Estates and Executory Interests?
Becoming knowledgeable about estate planning can help anyone. Whether one is a client or attorney, estate planning is a complex field and getting one term wrong can be a mistake worth millions of dollars. It is incredibly important to learn all one can about the business of estate planning and apply that knowledge to one’s own situation. It is important to thoroughly understand executory interests within the field of estate planning. An executory interest is a future interest that follows a determinable estate. An executory interest is a future interest in a grantee, not the grantor. When a future interest follows a determinable estate and is in the grantor, then that is called a possibility of reverter. When estate planning, clients often want to add more than one future interest to an estate. This is not a difficult task to do, even though it may seem like it could become a complex ordeal. One usually treats this sort of situation with the same analysis that goes into creating ordinary estates. It is very beneficial to understand the difference between shifting executory interests and springing executory interests. To start with definitions, shifting executory interests are defined as interests that follow an estate in a grantee. Springing executory interests divest an estate in the grantor. An example of a shifting executory interest can be found in the following language: A to B, provided that if B ever allows (xyz to occur), then to C. In this example, we can see many things going on. First, B has a possessory estate in fee simple. Recall that a fee simple is a type of possessory estate that has no inherent ending and is the largest type of possessory estate. Next, it can be seen that B’s fee simple is subject to an executory limitation. Because B’s fee simple is subject to an executory limitation, C’s future interest is an executory interest. Since the interest would divest B as a grantee, then it is a shifting executory interest. Now it is important to consider a springing executory interest. A springing executory interest always divests the grantor, not the grantee. An example of a springing executory interest can be found in the following language: A to B when he turns 21. In this case, A has a possessory estate in fee simple. The executory interest can be found in B. Overall, these concepts are important to know for creating precise estate plans with executory interests.
