Property Ownership-3 Flashcards
1
Q
Responsibilities of life estate owner -
A
Paying taxes, entitled to all income/profits & responsibility for all repairs to property
2
Q
Tenants in Common
A
Have right to sell their interest in a property without consent of other co-owners
3
Q
Severance
A
Removal of a fence for example so the material becomes personal property
4
Q
Judgements are general liens including
A
Mortgage liens, real estate taxes, mechanics liens, & specific liens
