What are some of the common forms of property ownership?
There are a variety of forms of ownership of property. The more common forms of ownership include:
(1) Joint Tenancy: property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as "John and Mary, as joint tenants with right of survivorship and not as tenants in common" establishes title in joint tenancy. Not all the states allow this form of property ownership.
(2) Tenancy in the Entirety: some states have a special form of joint tenancy when the joint tenants are husband and wife -- with each owning one-half. Neither spouse can sell the property without the consent of the other. Words in the deed such as "John and Mary, husband and wife as tenancy in the entirety" establishes title in tenancy by the entireties.
(3) Sole Ownership: owned entirely by one person. Words in the deed such as "John, a single man" establishes title as sole ownership.
(4) Tenants in Common: property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common. Words in the deed such as "Peter, Paul, John and Mary as tenants in common" establishes tenancy in common.
(5) Community Property: only in states that recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common. Words in the deed such as "John and Mary, husband and wife as community property" establishes community property ownership.
The above ways for owning real property are all present interests - that is, the owner has the rights now. There are also future interests - that is, interests in property that come into effect in the future. Typically future interests are based upon the occurrence of a contingency, such as someone dies and the decedent's interest in the property passes in accordance with his/her last will or trust.
I recommend that prospective home buyers get Preapproved as a way of establishing their good faith to home sellers and agents.
Home buyers sometimes get into trouble because they aren't clued into the sequence of steps involved in financing their purchase. These Steps are Qualification, Preapproval, Approval and Lock.
Qualification (or Pre-qualification, as it is often called) is an opinion that your income, assets and current debts qualify you for a loan of some specified amount. The opinion may come from a lender, but whatever the source, the opinion does not take your credit into account, and no one is committed by it.
It used to be that real estate agents did a lot of the qualifications, often back-of-the-envelope affairs, so that they would not waste time looking for houses in a price range the buyer could not afford. Increasingly, they asked borrowers to become preapproved by a lender because it is more reliable than a qualification, and lenders are willing to provide it free of charge as a way of bringing in business. Home sellers also have learned to ask potential buyers for a preapproval.
Preapproval is a conditional commitment by a lender to make a loan before the identification of a specific property. On a preapproval, unlike a qualification, the lender verifies the information you provide and checks your credit. A preapproval will stipulate a loan amount or monthly payment, but not necessarily the loan type or the price.
The lender's commitment under a preapproval is always conditional, but rarely are the conditions spelled out. Preapprovals don't have expiration dates, but some considerable time may elapse before the borrower receiving a preapproval comes back to convert it into an approval. During that period, things can happen that cause the lender to back out. For example, the borrower's credit deteriorates or she loses her job. No one can reasonably expect a lender to approve a loan in those circumstances. Less clear-cut are the effects of adverse market changes, such as the tightening of underwriting requirements, on outstanding preapprovals. If a lender has preapproved a loan and the market changes to where the same loan would not now be approvable, will the lender honor its obligation? In most, if not all, cases, the answer is no.
Approval is a commitment by a lender to make a loan. Unlike a preapproval, a specific property (along with its appraised value) is identified, and the loan details are spelled out. These include the type and purpose of the loan, the down payment and type of documentation. It will also include an interest rate, even though a rate is not firmly established until it is locked. The presumption underlying an approval is that the probability of closure is high -- much higher than with a preapproval. It is not 100%, however, because borrowers sometimes drop out, and sometimes one or more of the conditions that accompany the approval are not met. Approval letters contain checklists of nitty-gritty details that must be completed before the final documents are drawn, and before funds are disbursed. Sometimes, one of these details derails the train.
Lock is a commitment by the lender to a specified price -- rate and points. Ordinarily, lenders lock at the borrower's request, and view the borrower as being committed as well, though they don't always communicate this very well, or at all. Because locking imposes a cost on lenders, some charge a nonrefundable fee, which may be credited back to the borrower at closing.
We all spend a lot of time driving our automobiles and burning up fuel. With the prices of gasoline going up, up, and out of sight, where should we turn? Should we all go out a buy a new fuel efficient car? If you are like me, you probably don't know the differences in the new "Green Cars." I can't tell an EV from an FCV? I'm pretty sure I'm not the only one. I have been researching these new fuel efficent autos for a while now trying to decide which type and brand to buy. I am all for the Green Thing these days, and I want to do my part, plus save a ton of money and the world! What are these things? What happened to the cylinders, like 4,6 or 8? Do we still have those? Leather or cloth seats? Now I know what that means. Why make things so complicated?
Here are the definitions that I found:
Alternative Fuels: Generally nonpetroleum fuels, including ethanol, synthetic diesel, compressed natural gas, and hydrogen.
Clean Diesel: New Technolody-often using the additive urea-to sharply reduce emissions. New diesels also are smoother, faster, and quieter than previous generations.
Electric Vehicle: A car, truck, or crossover running, solely on electric power. EVs are the only true zero-emissions vehicles, but they suffer from limited range, long charging times, and high costs.
Flexible Fuel Vehicles: Vehicles designed to run on more than one type of fuel, most commonly gasoline, ethanol, or a blend of the two.
Fuel Cell: A device that combines hydrogen and oxygen to form water vapor and electric current. That energy can be used to run an electric vehicle's motore: hence fuel cells are sometimes called "refillable batteries."
Hybrids: Hybrid-electric vehicles, or HEVs, combine two forms of power to improve fuel economy and reduce emissions. The most common approach combines gasoline and electric motors. The batteries are charged when the vehicle brakes or coasts.
Plug-In Hybrid: Similar to a conventional hybrid, but uses advanced batteries that also can be charged from an electric outlet. The goal is to provide enough energy to handle daily commutes on batteries alone but still offer unlimited range on gasoline power.
PZEV: Partial-zero-emissions vehicles are some of the cleanest vehicles on the road. They produce less hydrocarbon emissions driving cross-country than a car of the 1970s would emit while parked.
Okay, so enough with the definitions, now what does all of this really mean? Would anyone care to comment? How are we suppose to make a decision when it's so complicated??
• 1,620 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$183,900
Cedar Hills, Clarksville
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This is a one of a kind home with 1.5 acres just waiting for a brand new owner. Home was built in 2006 and has never been occupied. Home features hardwood floors throughout, vinyl floor in the kitchen and bathrooms, and a wood burning firplace. Come See
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Gentleman's Ranch West of Nashville
• 3 bath, 3 bdrm single story
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MLS®
$575,000
- Negotiable
Rural, Clarksville
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Gentlemens or ladies ranch! This estate home situated on 10.4 acres where you will experience stately home living in one of Clarksville's sought after areas. Make this home your own with your colors, carpet, etc. Detached club house or ML Suite.
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Diamond in the Rough
• 1,398 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$110,000
- Reduced!
Bel-Air Estates, Clarksville
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Reduced for a quick sale. Seller works out of town. This home is immaculate! Fully updated kitchen, eat in area with custom built china cabinet. Living room and den offer a relaxing getaway. Great neighborhood and close to schools, shopping, and Ft. Campbell.
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• 1,700 sq. ft., 3 bath, 3 bdrm single story
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MLS®
$119,900
Rural, Clarksville
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Fantastic investment property! Each unit has a full basement garage and automatic garage door openers. Entrance to unit from basement. Call today for an appointment.
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11.5 Acres Beautiful Setting
• 3,628 sq. ft., 2 bath, 5 bdrm single story
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MLS®
$385,000
- PRICE JUST RIGHT!
Cedar Hills, Clarksville
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Southern Beauty describes this unique home tucked away amidst 11.5 acres of wooded land. Custom built home is great for entertaining with its oversized foyer, living room,kitchen, and den. Detached mother in law suite with all of the conveniences. Wow!
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