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612-250-0119
Coldwell Banker Burnet Edina Regional Office
7550 France Ave. S.
Edina, MN

CBBurnet is operated by a subsidiary of NRT LLC.
Rose Hart is licensed in MN


Housing Market Update
The Latest Data*:

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 
decreased to 70 days

*From the Minneapolis Area Association of Realtors


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Rose Hart'sOUTSIDE

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.

 

Joint Tenants
At the death of a spouse the property is owned by the surviving spouse automatically.

Tenants in Common
Commonly understood to mean that both parties own the property equally, and that each party has the right to transfer their portion of ownership interest by a will or deed. At the death of a spouse, the surviving spouse does not automatically inherit the home. Unless the deceased has stated it otherwise in their will specifically, their property interest will be assigned to their heirs.


    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.


FEDERAL SHUTDOWN:
Conventional mortgages should not be affected by the shutdown. New FHA mortgage applicants may experience some processing delay due to smaller FHA staffing levels. FHA closings that were already scheduled before the shutdown will go ahead as planned. During the shutdown lenders will be unable to get tax records from the IRS. Although the short term effect of this is expected to be negligible, a long shutdown will impact loan approval.


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 rhart@cbburnet.com.

Resources:
http://legal-dictionary.thefreedictionary.com/Tenancy+in+Common
http://www.usatoday.com/story/money/business/2013/10/01/shutdown-mortgage-loans-housing/2903313/