Real estate is a unique subject, and because it is unique, real estate has spawned complex legal theories and very unusual fact situations. With knowledge about the Real Estate business, Jack and Jill approached me to get some important information. I will provide them with the information that they need and hopefully help them with buying a new house. I will give them advice about the real estate market and how to apply certain rules to their housing requirements. Jack and Jill requirements should be; can they afford mortgage payments, is their credit score satisfactory, do they have enough cash in reserve, are they prepared for any unexpected maintenance, and finally do they plan on living in the area for at least five years. Jack and Jill indicate that they want to co-own a property but don’t know how they should approach it. Jack and Jill should understand that co-owning real estate comes with benefits and some downfalls. The right form for them would be joint tenancy. The reason for joint tenancy is because they would get the right of survivorship. The right of survivorship allows the death of a joint tenant, his/her interest doesn’t descend to his/her spouse or pass by his/her will. The entire ownership remains in the surviving joint tenant. There is just one less owner.
The downfall for co-owner is that each co-owner is responsible for paying his proportionate share of property taxes, repairs, and upkeep, plus interest and debt repayments. If the co-owner fails to contribute his/her proportionate share, the other co-owner can pay on his/her behalf and then sue the other co-owner for that amount. If co-owners find that they cannot agree as to how the property is to be run and cannot agree on a plan for dividing or selling it, it’s possible to request a court-ordered partition. A partition divides the property into distinct portions so that each person