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When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title.
The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve.
It is important to get professional advice when you plan to buy and hold title to real estate with another person.
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| Q |
At the doors of what famous temple do you find yourself when you climb the 'Stairway to Heaven'?
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| A |
The Temple of Heaven in Beijing, China, attracts the local faithful and tourists. |
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Gayle, Jerry and Steve Smith
Keller Williams Realty
1401 Woodlands Parkway
The Woodlands, TX 77380
281-364-3753
Fax: 832-482-2089
Steve Smith: Steve@TheSmithTeamRealty.com
Gayle Smith: Gayle@TheSmithTeamRealty.com
Jerry Smith: Jerry@TheSmithTeamRealty.com
TheSmithTeam@TheSmithTeamRealty.com
Jerry has a Bachelors Degree in Business/Finance, Retired from Occidental Oil and Gas after 35 Years, and now a Broker Associate. After relocating 19 times with an oil company, we finally settled down in The Woodlands and it has been our home since 1998. With over 18 years of combined real estate experience, we are confident in our ability to make your move a positive experience as well as the sale of your home. We will represent your interests, negotiate on your behalf, and keep you informed of all aspects of the transaction. We will ALWAYS be available to address any of your questions or concerns.   
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