What happens when one owner in joint tenancy dies?
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orv
Apprentice
Joined: 05 Feb 2008
Posts: 2
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 Posted: 09/03/08 - 05:59 Post subject: |
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| Hello there everyone. My name is Michael and I would like to ask you something about joint tenancy. I am not quite clear what joint tenancy is. Can any of you explain to me how it works? Now, I am curious to know about one detail; what happens when one owner in joint tenancy dies? |
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lin
Apprentice
Joined: 19 Aug 2005
Posts: 1
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| Posted: 09/18/08 - 04:32 Post subject: |
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| Hello there. Well, here’s the thing. Basically, joint tenancy is common ownership of a property. It is when two or more persons own together a house, for example. Joint tenants share the costs of property purchase and maintenance. If there is a profit arising, then they also share it. What will happen if one tenant dies depends on whether there is a right of survivorship or not. If there is not, then other tenant gets the whole tenancy. |
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dacey
Apprentice
Joined: 02 Dec 2005
Posts: 1
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| Posted: 10/03/08 - 03:05 Post subject: |
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| Hi there. When it happens that one owner in joint tenancy dies, what happens depends on one special clause called Right of Survivorship. If the Right of Survivorship is present, then the other tenant gets the whole tenancy. If that clause is absent from the contract, then beneficiaries of deceased tenant get the tenancy, according to his will. That would be all. Take care! |
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