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Titles >Joint Tenancy

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	How much does a celebrity's name boost the price of a property?
A	Typically no more than 5 percent, but there are exceptions--the greater the fame, the higher the price!
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Karen Adatto, REALTOR®, real estate agent and broker for Ringwood, Wanaque and West Milford New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Karen Adatto
Coldwell Banker Residential Brokerage
130 Skyline Drive
Ringwood, NJ 07456
Phone #: 973-962-5413
Fax #: 973-962-9697
E-mail: karenadatto@NUMBER1EXPERT.com
Karen Adatto has been a real estate professional since 1989 gathering years of expericence in both areas of home sellers and buyers. She consistently has been a top producer in the northern New Jersey area, and has helped hundreds of families reach their goals and realize their dreams of home ownership. A longtime resident of Ringwood, Karen specializes in assisting customers throughout the Ringwood, Wanaque and West Milford areas of Passaic County. Having lived in the area since 1979, coupled with her vast real estate expertise, Karen possesses a wealth of information that prospective buyers find extremely helpful. She is a member of the GSMLS CIRCLE OF EXCELLENCE since 1997.

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