Anytime real property is transferred from one party to another by way of sale or gift, the receiving party has a number of options regarding how the property is to be titled. When a voluntary conveyance of title occurs by a living seller or giver, it is referred to as voluntary alienation. If the seller or giver is not alive, the property is conveyed through a will.
The way in which you own property is referred to as the way you hold title to the property. The way in which you choose to hold title has certain consequences that effect legal ownership and how the property can be transferred in the event of your death.
Sole ownership is the simplest way to hold title to real property. Simply put, you hold all the rights to the property. This type of ownership is typically used by an un-married person. Although, a married person can claim sole ownership if the spouse will sign a quit claim deed that denies the spouse any rights to the property.
Joint Tenancy with Right of Survivorship
Under this method of ownership, each person owns an equal share and, if one party dies, their share is transferred entirely to the survivor regardless of a valid will. This form of ownership requires 4 distinct unities:
If one of the joint tenants either sells or conveys their interest, the joint tenancy is declared broken and a tenancy in common is created. One tenant cannot prevent another tenant from breaking the joint tenancy. This form of ownership is common for married couples.
States such as Arizona and Florida are among the most-popular locations in which to retire, according to research. As reported by TopRetirements.com, there are other less-known locations that are worthy of exploration. A few cities that are great locations for older Americans are: Greenville, North Carolina, Greenville is a growing city with mild weather and affordable living. Lincoln, Nebraska, Lincoln is a city full of activity with large walking, jogging, and cycling trails, a world-class performing arts center, low cost of living, and great access for Medicare. Huntsville, Alabama, Huntsville is a destination with exceptional heath care, great golfing courses and the median home price is under $140,000. Finally, Jackson, California, Jackson is a quaint town with pleasant weather all year and is located in wine country. The city offers great amenities for seniors, with charging stations for vehicles and lower utility costs. More here
There are excellent ways to keep your pool well maintained without using harsh chemicals that can be harmful to the earth and one's health. A few ways to go green with your home swimming pool are: Use salt- salt provides a natural alternative to chlorine and may be easier on your pocketbook, as well. Chlorine causes dry skin, itchy eyes, and even increases the risk of asthma in children. Consider purchasing an energy-efficient pump to help save electricity and money. Go solar- solar covers are a great way to warm your pool without using electricity, and can reduce the rate of evaporation by 95%. More here
According to Zillow's Mortgage Rate Ticker, the 30-Year fixed-rate mortgage increased five basis points from around this time last week, averaging 4.08% nationally. The vice president of mortgages at Zillow, Erin Lantz said,"Mortgage rates were subdued last week as ongoing geopolitical concerns and economic softness in Europe encouraged investors to buy U.S. mortgage-backed securities as a safe-haven. This week, we expect international headlines, rather than U.S. economic data, to drive any meaningful changes to mortgage rates." Additionally, the 15-year fixed-rate mortgage averaged 3.12% nationally, according to Zillow. More here