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Must the estate pay off the mortgage debt of someone who dies with a Joint Tenant Right of Survivorship on a property?
Generally, the surviving joint owner, who is now the sole owner of the property, must pay the mortgage if they want to keep the property. In some cases the decedent has made provisions in their will that the debt is to be paid. However, in that case, the mortgage debt must be specifically mentioned by the testator and would not fall under the general category of the debts of the decedent.
You may want to consult with an attorney since case law and statutory law varies from state to state.
What else can I help you with?
Is Joint Tenant the same as right of survivorship?
Generally a joint tenant has a right of survivorship in the property. That means if the other joint tenant dies their interest in the real estate passes automatically to the surviving joint tenant with no need of probate.Generally a joint tenant has a right of survivorship in the property. That means if the other joint tenant dies their interest in the real estate passes automatically to the surviving joint tenant with no need of probate.Generally a joint tenant has a right of survivorship in the property. That means if the other joint tenant dies their interest in the real estate passes automatically to the surviving joint tenant with no need of probate.Generally a joint tenant has a right of survivorship in the property. That means if the other joint tenant dies their interest in the real estate passes automatically to the surviving joint tenant with no need of probate.
Can you specify in a will that property held as joint tenant with right of survivorship is bequeathed to a beneficiary in Vermont?
The answer is no. Property owned with another person as joint tenants with the right of survivorship passes automatically to the co-owner when you die. You cannot bequeath your interest in that property in your will. It does not become part of your estate.
Does widowed spouse inherit as right of survivorship or joint tenant in VA?
If she and her husband were both on the deed, it will be survivorship. If not, she will have a claim on the property.
Can tenancy in common pass property through survivorship?
No. The tenant must make a will.
Can a trust own an interest in Florida real property as a joint tenant with a right of survivorship?
No.
Can one joint tenant with right of survivorship get a mortgage on the property?
Yes. If the lender agrees. Only a half interest could be included in the mortgage.However, an experienced lender would want all the owners to sign the mortgage in case there is a default. If only one owner signed the mortgage, the lender could only foreclose on that person's half interest. It would become a tenant in common with the co-owner. That half interest would be difficult to sell. In some states, if the mortgagor died their interest in the property would disappear and the surviving joint tenant would own the property free of the bank's mortgage.
A couple who owned property as joint tenants got married and then divorced. Can one convey their share of the property to anyone else?
Yes. A joint tenant can convey their interest in real property and thus break the survivorship rights of the co-tenant. A tenant-by-the-entirety cannot defeat the survivorship rights of the co-tenant. In most jurisdictions, a divorce would automatically convert a T by E to a tenancy in common.
Do tenants in common have the right of survivorship?
No, tenants in common do not have the right of survivorship. Each tenant in common can pass on their share of the property to their heirs or beneficiaries upon their death.
Can you bequeath property you own in a joint tenancy to your heir in a will?
If you own property as a joint tenant with the right of survivorship, you cannot leave your share of that property to your heirs. It will pass automatically to the surviving joint tenant by operation of law.
Can you specify in a will that property held as joint tenant with right of survivorship is bequeathed to a beneficiary in the Commonwealth of Virginia?
Absolutely not. Property held as joint tenants passes automatically to the surviving joint tenant. The decedent's interest in the property disappears at the moment of death so there is nothing that can pass to their estate. That is the purpose of "survivorship" in a joint tenancy.
Can someone other then the life estate holder take a mortgage out on the property without the life estate holders permission?
No. Only the fee owners can mortgage the property and they can only do so with the written consent of the life tenant.
Does tenancy in common include the right of survivorship?
No, tenancy in common does not include the right of survivorship. Each tenant in common has a separate and distinct share of the property that can be passed on to their heirs.
