Property Law Issues

Property Law Issues

Background to the Case

Looking in to the background of the case, the property that Barney had purchased around 31 years ago in joint tenants with a right of survivorship with his friends Floyd, Howard, and Andy, it was cleared from the study of the case that all of his friends are not alive. Moreover, his friend Andy had in fact specified that he was leaving his interest in that property, all this was indicated in his will to his son Opie, but Opie took out a loan utilizing his claimed interest in that property as guarantee. At what time Opie defaulted the loan, the lender started a lawful action in order to foreclose on that property.

It is cleared that according to definition of Joint Tenants in Common, property may be possessed in numerous ways: individually, by a corporation or a trust or by more than a few people. When two or more people have ownership in a property, the property of each person shall be defined in the title as Joint with Survivorship rights or joint tenants in common. Bookkeeping correct property ensures that set the appropriate property.

Joint Tenancy with Right of Survivorship

Joint with rights of Survivorship describes that tenants in common are different sets of properties titled as Joint with Survivorship Rights, which gives both individuals property rights, but if one should die, the other will take over all property of the estate. This type of titration is more common with married couples or long-term partners who want to make sure that the property moves to your spouse / partner after his death (Spitzer, 1985).

When a property or other asset is being purchased and people involved in the transaction are looking at the title it, they should consider that possession is for his life and property, which should be after they die. Often, when someone says they want a joint account, it is assumed that the account is with rights portal. This is not always the case, even with married couples. An example of a case where joint tenants in common would be called for is one in which two brothers or friends to buy an investment property share in the costs of owning it. With their deaths, they want their part to move into your property, not to the other owner, similar to our case (Savage, 2010). Understanding the differences between a joint with ...