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Joint tenants in common, 1/2 share each

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Tim Schneider

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Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I am working on a report where 2 parties (each a married couple) has 1/2 share joint tenancy in common, per the recorded deed. The report is for a refi on the new 1004. Borrower/loan applicant is one of the parties. Do I need to be concerned here, or just report the facts and let the lender sort it out? Thanks.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am working on a report where 2 parties (each a married couple) has 1/2 share joint tenancy in common, per the recorded deed. The report is for a refi on the new 1004. Borrower/loan applicant is one of the parties. Do I need to be concerned here, or just report the facts and let the lender sort it out? Thanks.

The latter.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I am working on a report where 2 parties (each a married couple) has 1/2 share joint tenancy in common, per the recorded deed. The report is for a refi on the new 1004. Borrower/loan applicant is one of the parties. Do I need to be concerned here, or just report the facts and let the lender sort it out? Thanks.
Which is it? Joint Tenants or Tenants in Common? Are you sure they each own half, or do they each own 100%?
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am working on a report where 2 parties (each a married couple) has 1/2 share joint tenancy in common, per the recorded deed. The report is for a refi on the new 1004. Borrower/loan applicant is one of the parties. Do I need to be concerned here, or just report the facts and let the lender sort it out? Thanks.

The latter.

And...what do you mean by "report the facts"? You're not intending to "report" the pending divorce...are you?
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I am working on a report where 2 parties (each a married couple) has 1/2 share joint tenancy in common, per the recorded deed. The report is for a refi on the new 1004. Borrower/loan applicant is one of the parties. Do I need to be concerned here, or just report the facts and let the lender sort it out? Thanks.


In Wisconsin you will find that most property that is held by Husband and Wife shared tenancy.

Now if one party is applying for the loan and the other party is not on the loan application, engagement letter and sow. In the little square in the form that asks for owner you put both names in it. Then let the lender work it out. That is why it important to check the recorded deeds at the court house. You never really know what you will find.


You might also want to take a real state sales or broker course. It will help you over some of these points. I re took both of mine about five years ago, keep up to date with CE and may go back for a refresher since I have time now.
 

Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Which is it? Joint Tenants or Tenants in Common? Are you sure they each own half, or do they each own 100%?

The deed says "Joint tenants in common". It is four people, 2 married couples.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Just the facts, let the lawyers sort it out.
 

Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I think I'll include a copy of the deed, that should make it very clear.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'm not sure why you are asking us what the assignment is.

We could impress you (and ourselves) by pontificating about joint tenancy, tenant's in common, tenant's by the entities, along with the pros and cons of such varied forms of ownership. But to what avail?

What does the client say they want/need for this assignment?

Pick up the phone, call the client and get it clarified. You will not find the answer in a law book, in the county records or here on the Forum.

You will find the answer by communicating directly with the client.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Which is it? Joint Tenants or Tenants in Common? Are you sure they each own half, or do they each own 100%?

Mary and Bob, HW as joint tenants and Sally and Tom, HW as joint tenants, own the property in its entirety as tenants in common.

If Mary dies, Bob owns a half interest in the entirety. If Sally and Tom decide they do not want to own a half interest in the property, they can sell said half interest.

I have seen other properties with this type of ownership. However, I have not known of any lenders willing to make a loan on a half interest.
 
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