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5 Cards in this Set
- Front
- Back
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Sole Ownership advantages and disadvantages
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advantages: total control and all profits
disadvantages: All of the liability; must have all the capital |
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Tenants (tenancy) in common: 2 or more persons or entities share ownership
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1.Each has an undivided interest (can be different %).
2. Each has a right of possession of the entire tract. 3. Each can sell his/her undivided interest 4. Tenants in common ownership is presumed by Texas courts if sales contract does not specify. 5. No right of Survivorship 6. Income produced by the property is divided in proportion of the % interests owned. |
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Advantages of 2 Tenants or more.
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Advantage: property can be bought easier with more people
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Disadvantages of 2 Tenants or more
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Disadvantage: disagreements among owners
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Joint tenancy: multiple ownership with same rights as tenancy in common except: (2)
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1.Each owner does have the right of Survivorship.
2.Common form of ownership among married couples in many states |
