What % do I own? - Posted by Johnny Taylor

Posted by Rick, the Probate Guy on April 26, 2007 at 10:08:31:

In CA, he should have broken the joint tenancy ownership by creating and recording a deed from himself as a joint tenant with the others TO himself as a Tenant in Common owner. Then, create another deed as that Tenant in Common owner and transfer that ownership (to you).

The most ownership interest that your Dad would have owned would have been 1/3, absent the original deed (from Fed) stating otherwise, i.e., Henry and Mary, JT, as to a 1/2 interest, and Jim as to a one half interest. Had Henry and Mary taken their ownership interests as joint tenants only, and your Dad had taken his interest either with or without noting Tenants in Common, the CA rule presumes T.I.C. Since the deed states “all as Joint Tenants” that outcome is not possible.

Was this last deed recorded PRIOR to Dad passing away? Title insurance company might have a problem with this if it was not recorded prior.

By the way, how do you stand to benefit from owning 1/3 third of a tri-plex? It’s pretty hard to sell or borrow on a one-third.

What % do I own? - Posted by Johnny Taylor

Posted by Johnny Taylor on April 25, 2007 at 15:02:11:

I recently was given property in Los Angeles. My dad owned a tri-plex with my uncle and aunt. H equick deeded hthe property to me before he pasted. This property was bought in 1979.
The deed reads as follows: The federal housing commission grants Henry Smith Mary Smith, husband and wife and Jim Smith an unmarried man all as joint tenants.

Henry Smith and Mary Smith hereby accept the interest herein conveyed to them as joint tenants with Jim Smith.

My dad is Jim Smith, What % would he had owned 1/3 or 1/2.