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Listing Agent and Office: Linda A. Moran, Prudential PenFed Realty
UNBELIEVABLE PRICE REDUCTION--EXTREMELY MOTIVATED SELLER. WILL ACCEPT OFFERS UNTIL 1/19/12 AT WHICH TIME SELLER WILL CHOSE THE BEST AND FINAL! Was $825,000, NOW $597,100
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.
Linda A. Moran Prudential PenFed Realty 12308 Ocean Gateway, Suite 1 Ocean City, MD 21842 1-800-367-7350X128 Direct: 410-520-2628 Fax: 410-213-7088 email: Linda@LindaMoran.com
Linda Moran has been providing real estate services to buyers and sellers for over 30 years. She knows the real estate market and can provide you with up to date information regarding the area and surroundings. Call Linda at any of her numbers to chat or email her. She stays on-line and has advanced communications to assist you quickly.
www.realestateoceancity.net
is brought to you by Linda A. Moran, real estate for
Ocean City, Ocean Pines and Berlin, Maryland
