Tulsa Real Estate Agents | Long Term Homes
Okay, today, we are going to be talking about different forms of ownership when it comes to real estate and a Tulsa Real Estate Agents really does need to know some of these terms and what they mean when it comes to ownership. Although title companies will mainly handle all of this, but it’s good to be able to educate your clients and a Tulsa Real Estate Agents wants to be knowledgeable about this kind of stuff so that they can educate their clients during the process. And the one have of ownership is just so ownership and it’s exactly what it is. You are one owner, and that is it. Nobody else owns rights to it than you, and you can also have co-ownership and thoughts would two or more people or take part ownership of a piece of property. But there’s different forms of ownership in this is where it can become a little confusing. So one form of ownership is a tenancy in common. So what that just means is that there are possibly three nurse and you can have two on earth, but I’m, just using 3 as a reference. Each person hold an undivided interest in that Property Tulsa Real Estate Agents i’m, so person ab&c, so she can sell their property to somebody else, and they can you know which would be convened the property-or it can be inherited this somebody else, and so, if it’s the cells are prop piece of ownership to d&d becomes a tenancy in common with a and b easy enough. Another type of ownership that also real estate agent needs to be aware of, is joint, tenancy and really the way to remember joint tenancy is right of survivorship. So let’s just say that me and my mother purchased a piece of property and we were joint tenants. Let’s say my mother passes away, her portion of ownership would not be inherited. Nobody could inherit that piece of property right of survivorship not just means that every single bit of it and then goes to me right of survivorship and there’s something that has to be in place, an order for joint tenancy to be created and there’s four things unity of possession. So that just means everyone has to hold and undivided right to possess the property. Then it has to be the interest to that means everyone and owns equal ownership, so we’re all equal in our ownership and then time that means everyone acquires their ownership at the same time, so you can’t feel like seeing me and my mom acquire the property together as joint tenants and five years later, we’re going to add somebody else to the ownership. They do not become joint tenants with us. Tulsa Real Estate Agents They become a tenancy in common with us. Also, the title:all joint tenants have to be on the same document so for things and possession interest time and title and I use it as an acronym to remember that, so all of those have to be in place in order to have joint tenancy, I guess you could also say that if you’re married, you are is kind of like, but there’s another term, it’s called tenancy by the entirety and when you’re married and let’s say your husband passes away, then you have to write a survivorship because you’re the wife, so the title or the deed to the house goes to the wife. It’s just a state law, so tennessee by the entirety is very similar to joint tenancy, so there’s also something that they call when you’re married is called community property rights, so community property-let’s say like me, and my husband have been married 5 years and we purchase a new car together. Well because we purchased it during our marriage, then it becomes community property we both own it there’s also separate property or personal property. That means, if I owned, my car before I met my husband and we got married at that property would be considered separate because I purchased it before the marriage. So it’s not necessarily real property. Grace community property community property can also be personal property. It could be real property at meeting. You know if we buy a house together after we’re married, that’s real property and we both own it and we both will have rider right of survivorship. So then we had tenancy in common. Tulsa Real Estate Agents We had joint tenancy tenants by the entirety and remember that’s the husband and wife and the last one that I tossed a real estate agent needs to know is community property. So there’s trust in their business organizations and trust deal with their fisheries and trustees living the testimonial trust and contrast there. So many different types of ownership out there and it it’s just really confusing. But it’s also real estate agent has to go through the educational process of understanding learning what all they mean in order to get their license. So there’s also partnerships. There’s corporations. There’s limited liability companies, llc condominium, ownerships, hoa ways, there’s a lot of things that we need to go and timeshares, so there’s also cooperative coops, cooperative ownership and that’s when someone a co-op, it’s interesting they’re, not very popular, not popular here in oklahoma, Tulsa Real Estate Agents ut they are popular app state like new york and new jersey pennsylvania, it’s kind of like living in a condo, but everybody will have a separate living space and bedroom stays, but they might share a kitchen or they might share a bathroom. It’s a very popular type of ownership up north. It’s not something that I see here in oklahoma, but it is there. So the timeshares I’m sure everybody knows where the time share. Those are kind of popular like in vacation areas. Like branson and then it just you know, it gives you the ability to have interest in a piece of property and they allow you to occupy that property during a specific amount of time.
It’s just a form of ownership. It’s like a resort. So if you think I like branson, there resort have a friend who owns a timeshare there and she gets discounted prices when she stays, but other people get to stay there as well. So if I wanted to stay on her timeshare, then I could she has to pay so much month. So much money in muncie even have a timeshare, and it’s really difficult to get out of a timeshare once you’re in it. If it’d be kind of costly inexpensive, not something that I would ever really recommend you do, but people do it and then they get stuck in it and they don’t know how to get out so I told her real estate agent needs to understand the difference between all of these and, let’s see if we go over condominiums condominiums there popular here, condominiums are fee, simple title, so remember the absolute. So the only thing that you wouldn’t own-a condo and i-just sold a condo last week possible estate agent needs to know that you actually on your condo, you don’t own the building and you don’t the common areas. The common areas are for everyone who lives there. So the only thing that you have interest in and hold interest in is your actual unit that you purchased yourself. Let’s see the trust, trust and a will are very similar, but the trust is just a legal arrangement in which property is transferred, so the trust or is the one who’s giving the property way to the trustee who’s receiving so trustworthy. Give war trustee is the receiving and it’s going to be held by the beneficiary, so a little confusing. But we don’t need to go too much into that, but it’s also real estate agent will need to understand. You know what a trust and a will is. They also need to understand the difference between the timeshares, the condominiums and the common elements. Add a limited partners which is just the llc general liabilities and the different types of ownership, or just really important. So, going back to the different types of ownership, again, you’ve got the tenancy in common you’ve got the joint tenancy number joint tenancy is the right of survivorship. Nobody can inherit that, so it’s also real estate agent needs to be aware. They don’t need to understand fully in detail what all of it means that be educated enough to have a discussion about it if their clients are asking so and also if you’re looking to buy or sell a home. You need to be aware of what kind of ownership you are getting into whenever you purchase a house, whether it’s so ownership, tenants-in-common and joint tenants or if you’re, married and very important for you to know Tulsa Real Estate Agents