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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	Where are the highest median price homes in the United States currently located?
A	According to the NAR, the highest median price in the second quarter of 2005 was $726,900 for homes in California's San Francisco Bay area.
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*Billy Burk and GiGi Gaubert Burk Burk Brokerage, LLC Licensed in Louisiana 6260 Vicksburg, Suite A New Orleans, LA 70124 504-488-8600 : office 504-488-8424 : fax Licensed in Louisiana *Billy and GiGi Burk are two of America's NUMBER1EXPERTS™ in the Greater New Orleans area. They have a proven track record that few agents can match! With over 20 years combined experience, these two professionals offer the highest level of service and dedication, adding value far beyond the commissions earned. Burk Brokerage is continually "Redefining Real Estate" by offering expert service on an unparalleled level, making you their Number 1 Client. With a team of professionals providing a wide range of services from landscaping and decorating advice to tax and financial assistance, and backed by over ten years of top producing Real Estate experience, Burk Brokerage is sure to redefine your real estate experience. Selling Lakeview, Lakefront, Uptown, Old Metairie, Metairie, Mandeville and Covington. * Billy Burk is co-owner and manager of Burk Brokerage and is not a licensed Realtor in the state of Louisiana.

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