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60305 : Real Estate Advice

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  • Home Buying3
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Wed Feb 5, 2014
Hi Kate

Please email or call me if you have a question or need help in your home buying process.We work with over 30 lenders to help you get the best possible financing. We have residential, construction and commercial financing. We specialize in FHA, VA, 203k renovation loans,Reverse Mortgages for refinance and purchase too! Were other banks require a 640 and above score to help with financing, our lenders will go as low as a 580 score on an FHA mortgage. SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years! I look forward to hearing from you! Best regards, Patty Harrison, Smart Mortgage 630478-2684 ... more
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Fri Aug 6, 2010
Maggie Hawk answered:
You really should talk to a real estate lawyer about this.

That being said, here's a scenario to consider. What if the parties have children from a previous marriage? By taking ownership originally as tenants in common, each has an ownership interest in the home that can descend, upon their death, to their legal heirs (in this case their children), and this may have been directed by a will.

When a married couple owns a property together in the state of Florida, the form of ownership is called tenants by the entireties It's a special form of joint tenancy between a husband and a wife, and like all forms of joint tenancy it involves the right of survorship. Survivorship means that when one party on the deed dies, that person's interest in the home automatically goes to the survivor.

However, what happens if the spouse who died had left his interest in the home to his children? And did the very fact of the couple getting married override the original deed, even though the couple never recorded a new deed as tenants in the entireties? As you can see, things are never as simple as they seem, Karen, so you're best bet is to seek advice from a real estate attorney. Good luck.

Warm regards,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
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Fri Jan 25, 2008
RCWessel & Associates, Ltd. answered:
An undivided interest is a fractional ownership without physical division. In other words, the common elements are those items outside the individual unit/s. Land, hallways, lobby, exterior walls, roof, and pipes in the walls are all examples of common elements. You cannot divide the hallway or lobby or land and say "This part is mine, keep off."
Your board needs to contact an attorney familiar with condominium issues. This owner may be violating your board's rules, regulations, and by-laws. It is possible he could be fined for his actions and if he fails to pay up a lien is placed on his unit and ultimately foreclosed. That's right, foreclose on him and force him out of the building.
Your board must take action, failing to do so could place the board in jeopardy for failing to fulfill its fiduciary responsibilities.
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