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Housing Market Update
New Listings in the Twin Cities region increased 16.5 percent to 6,951
Pending Sales were up 10.9 percent to 5,244
Inventory levels shrank 9.9 percent to 15,773
Median Sales Price increased 16.9 percent to $208,000
Days on Market
*From the Minneapolis Area Association of Realtors
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Married and Tenants
Nary a week has passed since the first of August that we fail to see a wedding announcement posted on a social media site. Owning property together as a couple is a big factor in a marriage, but one tough question that newlyweds are often ill- prepared to answer is, "Will the property be held as Tenants in Common or as Joint Tenants?"
It's important for a newlywed couple to understand the difference between these two types of title assignment before the closing date, how it will affect their estate planning; and in the regrettable event of a divorce action.
Tenants in Common
Tenants in Common may hold unequal shares of the property; but Joint Tenants hold equal shares and those equal shares must be acquired at the same time and in the same document.
These are the most common title assignments, but there are others. Consult with your legal and financial representatives to find out which is best for your family and future.
Rose Hart is a licensed RealtorŪ and can help you with the many details of home buying and selling. Call her at 612-250-0119, or email her at firstname.lastname@example.org.