What does it mean if there are two owners on a house and one is an estate?

Question

can u tell more ? im a beginner

SURE Acer the man who "shares" the property lives in it and the other owner is an estate.

Answer 1

It's called a T.I.C. or Tenancy in Common (AKA: fractional or time shared) property, wich is very popular in "Vacation Homes."

"Fractional Ownership" is similar to any other real estate purchase, except that you are only purchasing a fraction of the property instead of the whole property.

Different developments and properties have a variety of options. The fractional shares can vary from a thirteenth (1/13th) to a half share (1/2). A thirteenth share, for example, provides one weeks use of the property each season for a total of four weeks per year.

More common are quarter shares, where you use the property one week out of every month, sharing the property with only three other purchasers.

Management of the property is most often taken care of by a third party or a Homeowner’s Association, reducing the demand on the owners (you) to maintain constant attention focused on the one property.

Usually, an annual budget is established and owners make monthly or quarterly payments to cover utilities, insurance, taxes and the like.

Basically, the main reasons people buy fractionals, even when they can afford the entire purchase, is that the expense and responsibility of ownership is reduced.

This makes the second home truly a "vacation," as you can simply go there, and know everything is in order.

At the same tiiiime, you have the deed to the property, and you can pass it down through generations in your family, or resell it through a broker.

Many of the fractional developments are in high-end resort locations, where condominium or property ownership is priced at the high end areas. So basically, the fractional owner has access to all the amenities in the resort area, while paying way less to get in.

Another perk is that some of the fractional developments also participate in global vacation exchange clubs. This offers the ability to travel elsewhere for vacations, while still maintaining the fractional ownership of your own property.

TIC properties have grew from $167 million in 2001 to $5 billion by 2005!




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Answer 2

It is very similar to two living people having shared or joint ownership of a property. The only difference is that, since one of them died, the estate of the deceased now owns what the person lived when they were still alive.

If you want to elaborate on the situation, perhaps more information can be provided.

Answer 3

Well it depends on what country the property is in. And it matters how the two individuals took title. If they took title. If they took title as "joint tenants" and one dies, the other would get title solely. If the took title as "Tenants in Common", then the portion of the one that dies, goes to his estate.