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Archive for October 5th, 2008
Real Estate Dictionary — “J” is for Jumbo Loan
Search for Homes in Colorado Springs
Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that Read the rest of this entry »
Hidden Gems in Colorado Springs Parks, #4 Palmer Park
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
One of the top reasons people want to relocate to Colorado Springs and love living in the Pikes Peak Region is because of the open spaces and mountains. It’s paradise for a nature lover!
Palmer Park is a heavily wooded park located in the Central and East side of Colorado Springs, only minutes from homes in Village Seven, Patty Jewett, Divine Redeemer, Old north End, Cragmoor, University Park
Facts about Palmer Park in Colorado Springs:
- It’s a large series of rocky bluffs conveniently located right in the middle of the city.
- It includes two baseball/softball fields, community playground, football/soccer field, horse stables, restrooms.
- It has over 25 miles of trails (hiking, jogging, equestrian) on 730.7 acres.
- It includes two dog parks, one Read the rest of this entry »
Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
How should title be issued when purchasing a Colorado Springs home?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
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I recently had a delightful couple that wanted to buy a home. We found the perfect one and when I asked them how they wanted to take title, they didn’t know. I explained that they could take title as joint tenants or tenants-in-common. They told me they didn’t care. I told them they should care as it could have long term consequences.
They had both recently retired and were married with children from previous relationships. I then asked them if they had separate or joint wills. They both said separate as they wanted their money to go to their own children. I asked them if they knew the difference between joint tenancy and tenancy-in-common. They did not.
Joint Tenancy means that the surviving spouse gains title to the entire house and that when the Read the rest of this entry »
