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Kimberly Jakubik

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I am a top real estate agent and look forward to working with you! Call me with any questions! 847-707-1744.

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Real Estate Tips
Titles >Joint Tenancy

When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title.

The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve.

It is important to get professional advice when you plan to buy and hold title to real estate with another person.

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Real Estate Trivia
Q 
In what U.S. home can you find the world's largest refrigerator magnet collection?

A 
Louise Greenfarb of Las Vegas, Nevada has 35,000 unique fridge magnets that she has been collecting since the 1970's.
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Kimberly Jakubik, REALTOR®, real estate agent and broker for Northwest Suburbs, Buffalo Grove and Libertyville, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Kimberly Jakubik
RE/MAX Experts

1125 Weiland Road
Buffalo Grove, IL. 60089
Phone: 847-707-1744
Fax: 847-634-4740
Email: kimberlyjakubik@NUMBER1EXPERT.com


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