It's also important to add in Tenancy in Common that when one owner dies, instead of their share going directly to other owners, it may be willed or pass down to heirs (Children). Awesome stuff!
This Breakdown was Incredible. I am aiming for my Real Estate License what a great way to explain Tenancy in Common VS Joint Tenancy. Thank You so much! You Earned a new Subscriber.
We don't know of any good pre-licensing schools in Texas that are similar to ours. But, if you're ever studying for the real estate exam, we have an exam prep package that comes with video explanations, practice exams, terminology flashcards, and an ebook study guide. Here's the link: www.restateexamprep.com/states/texas
Cornell Law School. "Joint tenancy is a type of joint ownership of property in the field of property law, where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship, which means that when one owner dies, the other owners absorb the deceased owner's interest." In UK and Singapore, Joint tenants jointly own 100 percent of the share. If it is divided, that is what is called tenancy in common. When I completed my property law module in LLB via UOL, this was expressly taught. Is it different for the US? Where Joint tenancy is said to be 50 50?
"Joint tenants jointly own 100 percent of the share." -this is called Tenants by the Entirety and is reserved solely for married people. It is legal in PA where I practice. Not in CA where the instructor in this video is from.
Robert, I love your videos. Can you do a video explaining in detail a purchaser buying a home but contingent on them selling their home. I’ve done numerous sells like this but still get brain farts in the process. I feel like you would explain it very well. Thank you!
In tenants in common, how does it work when one sells its share to a new owner who wants to remodel the whole house or refinance to remodel. Do they all have to agree or how does it work? How are the choices on what happens to the house handled? Let's say one wants to remodel the kitchen, do they all pitch in as well?
Hi, quick question.. does tenancy in common only apply to corporations/ partnerships? Since everyone owns a different percentage and can sell their part to a new member. Since it has no right of survivorship does the partnership never ends? If that makes sense ☺️
No. TIC does not apply only to corporations. Anyone can elect to hold title this way. The example I use is this: My boyfriend has 4 sons. I have 2 sons. My BF and I buy 2 properties together. One is an investment property. We hold that as TIC because when I die I want my kids to get my share and when he dies he wants his kids to get his share. But the other house is our love shack and we live there together. I want to hold that as JTRS so that if I die first, he gets the property and can mope around and smell my clothes and miss me. 😅 One thing to remember about corporations is that since they exist until they are formally dissolved, they may not hold title as JTRS, so the only way they can hold title is in Severalty or as TIC. I hope this helps.
I'm not teaching in class at the moment. But, I do have videos of my class lectures where I teach real estate practice, principles, and finance. You can watch a freebie lecture here: th-cam.com/video/9UgoTwEW8mA/w-d-xo.html If you like it, you can buy the whole thing here: carealtyschool.com/enrollnow/product/online-videos/3 Hope this helps.
It's also important to add in Tenancy in Common that when one owner dies, instead of their share going directly to other owners, it may be willed or pass down to heirs (Children). Awesome stuff!
Daaamn, I understood it. Reading the books is hella complicated.
Glad it clicked. Thanks for watching!
This was such a digestible presentation on this topic. Super super helpful. Thank you!
Anytime! Glad you enjoyed it.
You are a phenomenal professor of your craft! So simple!
Wow! Thank you for the compliment. And thank you for watching too, Sonya. It's much appreciated.
I'm studying for my FL State Exam & these videos are very helpful! I'm a visual learner so I comprehend this a lot better than reading. Thanks!
Happy to help! Thanks for watching.
Me too
This Breakdown was Incredible. I am aiming for my Real Estate License what a great way to explain Tenancy in Common VS Joint Tenancy. Thank You so much! You Earned a new Subscriber.
Thanks for the kind words and welcome to the channel. Glad you liked the video!
I’m taking my test soon and this probably has been the best I’ve understood this part of the lessons. 🙌
Glad it helped! Thanks for watching, Vincent. Best of luck on the test.
I love the way you break things down and make it so clear and easy to understand
Glad it was easy to get! Thanks for watching.
Thanks for the info very helpful and no run around.
Glad you enjoyed it. Thanks for watching!
Holy crap! This was by far the best explanation in all of TH-cam videos. Thank you.
Glad it was helpful! Thanks for watching!
Going for my NY Sales exam January 4th, I keep watching your videos. Let me know if you have any zoom classes/lectures!
I personally don't have anything coming up for New York, but I just wanted to wish you the best of luck on your exam. YOU GOT THIS, JAMES.
Wow that was really good. And Understandable. Give that guy a raise!
Ha! Thanks for the kind words and thanks for watching! Hope you subscribe for more content like this.
You are such a great mentor! I could only dream of working under you. Whoever has the chance, they’re very lucky!
Thanks for the kind words, CNDC. Also, thanks for watching!
Your content is the best!
Thanks for watching! Glad you liked it.
I love this man ! The way that teach is amazing ... I would like to see a new videos from you 🙏🙏🙏
Did you subscribe to the channel? We're releasing new videos every week! Thanks for watching and so glad you found this stuff helpful!
Super helpful for the bar exam, too. Thanks!
Hey, that's good to know! Best of luck on the bar, Luis!
5:03 "Joint tenancy, there's a lot of moving parts..." - Didn't you mean to say, "Tenancy in common" ? Great video!
Yes
Thank you for this comment! I was thinking the same thing.
I am in Texas how can I find someone like you with a very positive energy to learn more about real estate in Texas they law in Texas is very strict
We don't know of any good pre-licensing schools in Texas that are similar to ours. But, if you're ever studying for the real estate exam, we have an exam prep package that comes with video explanations, practice exams, terminology flashcards, and an ebook study guide. Here's the link: www.restateexamprep.com/states/texas
I recommend going to Champions School of Real Estate! They are located in Texas. Awesome instructors and awesome prep courses!
Awesome instruction
Thanks! Glad you enjoyed it.
Your content is awesome man, thank you!
Glad you enjoy it! Thanks for subscribing.
You are very good at explaining this
Cornell Law School. "Joint tenancy is a type of joint ownership of property in the field of property law, where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship, which means that when one owner dies, the other owners absorb the deceased owner's interest." In UK and Singapore, Joint tenants jointly own 100 percent of the share. If it is divided, that is what is called tenancy in common. When I completed my property law module in LLB via UOL, this was expressly taught. Is it different for the US? Where Joint tenancy is said to be 50 50?
"Joint tenants jointly own 100 percent of the share." -this is called Tenants by the Entirety and is reserved solely for married people. It is legal in PA where I practice. Not in CA where the instructor in this video is from.
Robert, I love your videos. Can you do a video explaining in detail a purchaser buying a home but contingent on them selling their home. I’ve done numerous sells like this but still get brain farts in the process. I feel like you would explain it very well. Thank you!
I'm glad you're liking the videos, Tony! The team is working on this idea as I type this. Expect to see it in a few weeks!
Great explanation!
Glad you liked the video. Thanks for watching!
He's so good
Glad you enjoyed the video!
Thanks 🙏
You're welcome!
In tenants in common, how does it work when one sells its share to a new owner who wants to remodel the whole house or refinance to remodel. Do they all have to agree or how does it work? How are the choices on what happens to the house handled? Let's say one wants to remodel the kitchen, do they all pitch in as well?
"When it comes to Tenancy in Common, the only thing we have in common, Ladies and Gentlemen, is that we all possess the property." 😄
This is a good one! Thanks.
Lmfao this was thee best explanation. Thank u so much
Sooo glad it was helpful. Thanks for watching!
Hi, quick question.. does tenancy in common only apply to corporations/ partnerships? Since everyone owns a different percentage and can sell their part to a new member.
Since it has no right of survivorship does the partnership never ends? If that makes sense ☺️
No. TIC does not apply only to corporations. Anyone can elect to hold title this way. The example I use is this: My boyfriend has 4 sons. I have 2 sons. My BF and I buy 2 properties together. One is an investment property. We hold that as TIC because when I die I want my kids to get my share and when he dies he wants his kids to get his share. But the other house is our love shack and we live there together. I want to hold that as JTRS so that if I die first, he gets the property and can mope around and smell my clothes and miss me. 😅 One thing to remember about corporations is that since they exist until they are formally dissolved, they may not hold title as JTRS, so the only way they can hold title is in Severalty or as TIC. I hope this helps.
Joint tenancy probably what started all the “accidents”
😨
🤓📝💯 Make studying for the real estate exam EASY: bit.ly/46L59T9
our deed for the three of us says tenants in common, can we sell our equal shares without consent of the others ?? can 2 force the 3rd to sell ???
With joint tendency can you and your partner sell the property at anytime and split the profits
does this guy teach classes ?
I'm not teaching in class at the moment. But, I do have videos of my class lectures where I teach real estate practice, principles, and finance.
You can watch a freebie lecture here: th-cam.com/video/9UgoTwEW8mA/w-d-xo.html
If you like it, you can buy the whole thing here: carealtyschool.com/enrollnow/product/online-videos/3
Hope this helps.
NOTE: At the end of the video TIC has a lot of moving parts not JT....
why talk first?
What happens in a joint tenancy when the remaining survivor dies?