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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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What does the abbreviation PITI stand for?
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Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
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The Nettleton Group
William Raveis Real Estate
141 Main Street North
Southbury, CT. 06488
Cell: 203-217-4979
Fax: 203-264-6425
Email: nettletonr@raveisre.com
Ron Nettleton of William Raveis Real Estate is consistently one of the top real estate agents in the Southbury area receiving numerous awards. Ron has been satisfying clients and customers in sales for over 28 years, giving unparallel service and dedication. He strives for excellence by providing his clients with extensive knowledge and quality of service. Ron's negociation skills, sense of fairness and strong commitment to his clients needs have won him the respect he enjoys.    
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