Attorney Kelley Blatnik obtained her Nevada Real Estate Broker Salesperson license and is a licensed Realtor. By being both a Realtor and an Attorney, Attorney Blatnik has access to the MLS with its wealth of knowledge regarding real time real estate information.
Attorney Blatnik's extensive real estate law experience includes (but is not limited to) foreclosures, foreclosure litigation, NRS 116 litigation, drafting Purchase Sale Agreements, commercial transactions, and has argued before the Nevada Supreme Court real estate.
Did you know that interest in real property (land/house etc) needs to be (or should be) recorded? Yes it does! See NRS 111
What is a joint tenant? A Joint tenant is a person or entity that shares a legal interest in an estate with one or more other persons or entities .
Are there different kinds of joint tenancies? Yes there are! Tenants in common, joint tenants, and joint tenants with rights of survivorship are some (but not all) forms of joint tenancy.
Tenants in common are two or more tenants that own equal shares of the estate and may sell their portion of the estate to someone without the permission of the other tenant in common. Example: Annie and Alice own residential real estate as tenants in common. Annie and Alice each own 50% of the estate. Annie sells her 50% interest to Madison. After Annie sells her interest to Madison, then Madison and Alice a tenants in common each owning 50%. As you can imagine, tenants in common easily leads to tricky situations when one tenant sells his/er interest without informing the other tenant.
Joint tenants with right of survivorship means that the last living tenant receives title to the entirety of the estate. This does not mean that the two remaining tenants have some duel to the death for compete ownership of the estate as most states have Slayor Rules or Statutes that prevent a killer from benefiting financially from the killing of their victim. This tenancy is not as common now as it once was as this tenancy could be used for couples not legally allowed to marry to allow the surviving partner to inherit the estate fully without claims from other heirs or requiring probate proceedings.
Tenants by Entirety: This tenancy applies only to married couples. Both spouses own the whole property as a unit and not in sub-parts. Both spouses must consent to sell, transfer, or encumbrance of the property.
Are there other forms of tenancy? Yes, of course.... it's the law, lots and lots of kinds of everything... tenancy at sufferance (holdover tenancy), periodic tenancy (interest in an estate set for a duration of time that automatically renews), tenancy at will (no set term and either landlord or tenant may end the term), tenancy for a term (tenancy who duration is based upon a set amount of time determined at the commencement of the tenancy), and tenancy in gross (tenancy for a term that is outstanding , which means that it is unattached or disconnected from the estate or inheritance, such as one that is in the hands of a third party having no interest in the inheritance) to name a few.
Need to buy or sell real estate and want help with the contracts? Call our office to schedule an appointment! (702) 996-1123
Title issues, Quiet Title Actions, Purchase Sale Agreement issues, Foreclosure Actions, Eviction Actions, Partition Actions, and Other Real Estate legal disputes? Call (702) 996-1123 to schedule an appointment to discuss your legal needs.