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Concurrent Ownership of Real Estate

Real estate may be owned by one or more people at the same time. This is called concurrent ownership. The three kinds of concurrent ownership are tenancy in common, joint tenancy, and tenancy by the entireties.

The Residential Real Estate Mortgage

Most purchases of residential property are financed through mortgages. A mortgage is a financial transaction by which a purchaser borrows money from a lender that is payable over time.

Intestate Succession

When a person dies with a will, the person is said to have died "testate." If a person dies without a will, the person is said to have died "intestate." In the case of an intestate person, the law of intestate succession governs the distribution of the person's property following the person's death.

Title Insurance

By the terms of a real estate contract, a seller agrees to convey clear title to a buyer. As a condition of being approved for a mortgage to buy the property, the buyer's lender usually requires the buyer to purchase a lender's insurance policy, which is paid for when the real estate transaction closes. Every closing is conditioned on proof of the seller's ability to convey clear title, the release of prior encumbrances, and the ability of the buyer's lender to have a superior interest in the property to be conveyed.

What If My Lawyer Gives Me Bad Advice on a Real Estate Transaction?

Hopefully, you will be completely satisfied with the services provided by your lawyer. If, however, you have a dispute with your lawyer, talk with your lawyer directly and try to work it out. Often misunderstandings or miscommunications can be resolved between you and your lawyer.