The 4th day of my real estate class dealt mostly with types of ownerships (Tenants in common, Joint Tenants, tenancy in severalty, Tenants in Entirety) and encumbrances (liens, easements). I can see this information coming in handy when trying to work out proper ownership of a property and to understand what types of encumbrances can be on a property. Time for a little teaching for those that don’t know the above terms…
Tenancy in severalty: ownership of property by one person
Tenants in common: Ownership of property by two or more people. Each can own different percentage of the property and has the right to sell of their share. If one of the owners die, their percentage is passed on to an heir or willed to beneficiary.
Joint Tenancy: Ownership of property by two or more people. Each owner owns an equal percentage of the property and has the right to sell off their percentage. If one owner dies, their percentage is split between the other property owners. If the sell their part, then the new owner is a Tenant in Common with the previous two owners (the original two owners continue the Joint Tenancy with each other).
Tenancy in the Entirety: When a married couple buys a property together. Like a Joint Tenancy, if one of the two die the other automatically gains control. The difference is that neither can sell their percentage of the property. If a married couple gets divorced then ownership automatically reverts to a tenancy in common.
I’ll assume that everyone knows what a lien is so I won’t try to explain that, and if you want to know the types of encumbrances you can check that out here.
Shockingly I’m finding these classes some what interesting so hopefully I’ll be able to stay awake for the entire 10 weeks. It’s not easy working a full day and then listen to someone talk for 3+ hours two nights a week. It’s gonna go by quickly though. I just hope I can pass the final test, I do good on the end of the chapter quizzes (does quizzes really have 2 z’s? cause that is what spell checker said), but when it’s time to try and remember everything my mind may jumble it all together. I’ve never been a good test taker.
Offer House #3
I asked my agent if he could give me some information about houses around the one I’m looking at to make an offer on. The deal is I haven’t been able to get the exact address just yet, according to google it’s 290 Cedar Knolls Rd. When I got the MLS listings 290 had a crazy price and was an expired listing. I’m gonna go do some ground work this weekend and get better information.
hmmm…what else do i got for ya?
Oh I finished up all my articles for the local blog, but I’ll write more about that later today in order to have a separate post that can go in the Brain Dump.
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