What is a Joint Tenancy? A joint tenancy can be created between two or more co-tenants. What makes a joint tenancy unique is the right of survivorship. This simply means that the moment one joint tenant dies, all of the property immediately goes to the other joint tenant. Example: A friend and I acquire a …
A buyer who purchases a piece of property secured by a mortgage either takes the property “subject to the mortgage,” or he “assumes the mortgage.” Subject to the Mortgage A buyer who takes the property subject to the mortgage is not liable for the mortgage debt. The seller agrees to continue paying the mortgage. Example: …