GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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13:33 Jun 6, 2007 |
Serbo-Croat to English translations [PRO] Real Estate / ownership | |||||||
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| Selected response from: Miomira Brankovic Serbia Local time: 16:47 | ||||||
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Summary of answers provided | ||||
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4 | undivided interest in the tenancy in common |
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Discussion entries: 3 | |
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undivided interest in the tenancy in common Explanation: tenancy in common n. title to property (usually real property, but it can apply to personal property) held by two or more persons, in which each has an "undivided interest" in the property and all have an equal right to use the property, even if the percentage of interests are not equal or the living spaces are different sizes. Unlike "joint tenancy," there is no "right of survivorship" if one of the tenants in common dies, and each interest may be separately sold, mortgaged or willed to another. Thus, unlike a joint tenancy interest, which passes automatically to the survivor, upon the death of a tenant in common there must be a probate (court supervised administration) of the estate of the deceased to transfer the interest (ownership) in the tenancy in common. http://dictionary.law.com/default2.Asp?selected=2103&bold=|||| Tenancy in common is a form of joint ownership in which two or more people share in the ownership of a piece of property, but not necessarily equally and without right of survivorship. In other words, one partner could own 55% of the property and the other partner 45%. When one partner dies, the property doesn't automatically revert to the other partner. Rather, the decedent's share can be willed to anyone he chooses. This form of joint ownership is often used by business partners as well as spouses who wish to leave their valuables to someone else. http://bwnt.businessweek.com/glossary/definition.asp?DEFCode... Tenants in Common is a way to hold title, to own property, by two or more individuals. Sometimes it is referred to as Tenancy in Common. There is no limit to the number of individuals who can hold title to one piece of real estate. A property held by tenants in common can be owned by two owners or 100+ owners. Tenants in common can be between two or more persons who are related or who are unrelated. Ownership can be held in equal shares or unequal shares http://homebuying.about.com/od/marketfactstrends/qt/0207TinC... Co-ownership means that two or more people, corporations, or societies own property together. Each has the right to the whole property — that is, there is not a dividing line down the middle of the property where one co-owner's share starts and the other one's ends. Suppose two people own equal shares in a piece of property. In law, co-ownership between them is called an undivided one half interest — because each of the two is entitled to the use of the whole piece of property, but each of them has only a one half share. Each of the co-owners has an undivided interest, which means each has all of the rights of ownership that an owner in fee simple would have, except for the right of exclusive possession — because the co-owner has the right of possession as well. Each of the tenants in common can sell, give away, or bequeath his or her interest in the property to someone else, without the consent of the other co-owner. The purchaser or beneficiary would get the same undivided interest that the original tenant in common had. The co-owners do not have to have the same share. ***One may have an undivided one tenth interest, the other may have an undivided ninety percent interest. Or three people could have, for example, undivided interests of fifteen, thirty and 55 percent.*** http://www.wcel.org/wcelpub/5110/5110c11.html An undivided interest may be of only a fractional share, e.g., "an undivided one-quarter interest," in which case the holder is entitled to one-quarter of all profits and sale proceeds but has a right to possession of the whole. http://www.answers.com/topic/undivided-interest-right |
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