If two couples buy property as joint tennants and one person dies what happens to the property?

Answer 1

It depends on how they own the property as joint tenants.

If they own as joint tenants with right of survivorship, then they own the property as a whole. The three remaining owners will share full ownership if the other dies. The survivors can have the property placed in their names just by taking a copy of the death certificate to the courthouse.

If they own as joint tenants in common, each of the 4 people own 1/4 of the property. The 1/4 owned by the person who died will be split among his heirs once he dies through the process of probate. The survivors will continue to own the other 3/4.

Answer 2

You question implies that there are 4 people who jointly buy property, and are listed on the title as joint tenants.

If they are listed as joint tenants, then when one of the joint tenants, the other joint tenants remain in possession and ownership of the property. Unlike a Tenancy in Common, in a joint tenancy, each tenant (owner) is held to have a complete, 100% ownership of the property, simultaneously with the others.

The only difference is that to make sure that the property is properly retitled, the death certificate for the deceased owner needs to be filed in the register of deed's office (or equivalent) in the county or parish where the property is located.

As far as how the property passes, the property can't properly pass under probate, because the property is outside of the will, and is not subject to any other type of passing without the consent of the other tenants.

Check with an attorney in your state for more specifics on your situation. If you don't know an attorney, consult your local or state bar association for a referral.

Answer 3

My mother taught me to never get involved in a real estate transaction that involved someone other than a spouse. And even there look at what happens with divorce.

If you have a will, contract, written agreement, etc, you can still get into messy situations with family members.

Answer 4

One could actually leave ones share to next of kin or other, or the living partner.

If it's left to another party, you have a new partner.

This is why partnerships need a buyout clause in business contracts.

Answer 5

only a million individual dies? or a million of the couples flow out? see you later as the different individual pays their share of the loan, it truly is fantastic. except a million of the couples flow out, then 50% of the sources nevertheless remains.

Answer 6

Nothing - that half of the property would belong to the widow or widower (if I understand your question correctly).

Answer 7

if both own it the one living will get it unless there is a will to say other wise.