Tenants in common (TIC) is a type of joint ownership which allows two or more individuals to own real estate together. Legislation in certain states declare that two unmarried people own property as tenants in common unless they have agreed to another kind of ownership in writing. Under TIC deeds, the tenants all alike retain…

The national government has four forces over real property: taxes, police power, eminent domain and the power of escheat. Escheat comes from the Anglo-French word that means to fall back. When someone dies without a will, and no names or heirs exist for whom to transfer possession of his property, it will become the property…

You do not need to buy a home alone. There are numerous legal agreements, such as tenants in common and joint tenancy, for purchasing real estate or other property in partnership with someone else, or giving someone else an ownership share in your house. From the absence of a written agreement saying otherwise, you and…

When the name of a real estate property gets drafted, the form of ownership designated will dictate that holds the rights and tax duties for that specific property. The ownership type decides who can sell the property later on and that must sign a deed to release a property into its new owner when transferred…

Adding someone to your home deed necessitates the filing of an authorized form. The quitclaim deed is a deed that overrides the deed now. You can add the name of your deed and a person, in effect transferring a share of ownership over the property with the individual. Obtain a quitclaim deed form. The types…

Various countries have different names for the official real estate sales agreement, but they mean the exact same thing: contract. In California, the contract between a house buyer and seller is referred to as a residential purchase agreement. This binding contract may have revisions during, but must be agreed upon by both parties. But even…

A hold or assert that one person has on the property of another to procure payment of a debt or other obligation is referred to as a lien. Common examples are property tax liens, mechanic's liens, judgment liens and mortgage liens. From the standpoint of the property owner, a lien is an encumbrance on a…

If a borrower is not able to make monthly payments on a mortgage, the lender or other lending institution has the choice to waive, meaning the mortgage is canceled and a requirement for full payment is made. Since the foreclosure usually means the loss of an asset for the owner (the house) and for the…