What is the best way to protect myself if I'm buying property with another person?" Valarie Jacobs, MD DC VA Real Estate

"What is the best way to protect myself if I'm buying property with another person?"

There are a number of different options for taking title to a property. When one or more people purchase a home it is called "concurrent ownership interest" . Each person has interest in the "entire" property.

The three forms of concurrent ownership:

1. Joint Tenants
2. Tenants in Common
3. Tenants by the Entirety

JOINT TENANTS

Joint tenancy is when two or more people own an entire undivided piece of property. Joint Tenancy has a "Right of Survivorship". This means that if one on the owners dies the other owner continues to have an undivided ownership interest in the home. If there is more than one co-owner, then the remaining owners continue to have an undivided interest in the property until only one owner remains. The last remaining owner gains full ownership of the property.

TENANTS IN COMMON

Tenants in common is when two or more people own property and there is no Right of Survivorship. Each owner has a specific interest in the property. This interest in the property can be transferred by inheritance and this interest can also be sought after by creditors. Each owner has equal share of the entire property.

TENANTS BY THE ENTIRETY

Tenants by the entirety can only be held by husband and wife owners. It is very similar to Joint Tenancy with Right of Survivorship. Neither husband nor wife can sever ownership in the property without the others consent, so neither can sell any part of the property without the consent of the other. Creditors are also banded from coming after any interest in the property. Co-ownership in property can only be cancelled by death of either spouse, divorce or mutual agreement.

Knowing the different methods of taking title to property, can serve to be very valuable when purchasing real estate. This should help you make a wise decision when purchasing your property.

"Feel free to call if you have any questions or concerns regarding real estate. I love helping!"

Valarie Jacobs
"The Real Estate Physician"
Visit My Website
301-476-8005 offfice
202-528-4761 cell

"When its raining, Do you see clouds or light?"

"Even when there is rain outside there is still light? Which are you focusing on today?"

We all have rainy days in our lives, finances, family but even when it appears to be raining there is always light as well. You have to force yourself to find it. Focus on the good...the light. Whatever you focus on will expand.

Valarie Jacobs
"The Real Estate Physician"
My Wesite

"Do I Need a Real Estate Agent to Do a Shortsale on a Home?" MD DC VA Real Estate Buyers and Sellers Want to Know!

"Congrats on yet another short sale approval! Just wanted to know if you use an agent in your deals or whether you "represent an agent"? And if you don't use an agent, what do you provide the bank in place of the listing agreement. The last bank (suntrust) we dealt with was adament about having an agent involved, actually both a buyers and sellers agent."

Yes, you can complete a short sale without being a real estate agent; however, as you stated many banks highly prefer that a licensed agent is representing the client. Solving this problem is quite simple. Partner with a real estate agent who has knowledge and experience closing short sales and who has experience working with investors so that they understand your exit strategy. (I'm available of course :) This will satify the bank, you will have a valid listing agreement and you will have back up buyers should the first contract not work out.

Many investors don't want to work with realtors because they feel that the agent will kill their deal. The key is to find a knowledgable agent who knows real estate investing. (I'm avalable of course :) This partnership can turn out to be a win win for everyone involved.

If you truly prefer not to work with a licensed agent, you can have the client write a letter stating that the house is a "FSBO" Include how long the seller has been trying to sell the home themselves and if they have received any other offers. Most banks still want to see that the house has been listed by a licensed realtor (I'm avaliable of course :)

Since I am a licensed realtor, I always use an agent when I conduct a short sale.

A great place to meet and network with investor agents who are very investor savvy is at the upcoming DMV REIA meeting. We meet the first Saturday of each month. For more information go:
DMV REIA website

THE DOCTOR IS IN:
If you have a question about real estate or real estate investing, feel free to email me.

Good Luck....Go Make Some Money!

Valarie Jacobs
"The Real Estate Physician"
Valarie's Website
valarie@valariejacobs.com

301-476-8005 office
202-528-4761 cell
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