what does jtrs mean in real estate

Best answer

As Attorney Lampert says,JTRS meansjoint tenants with the right of survivorship. If the deed was prepared properly (and there are frequently mistakes in preparing this type of co-ownership),it means that when one of the owners dies,the interest of that owner passes automatically to the remaining owner (s) without having to go through probate.

People also ask

  • What does JTRS stand for?

  • JTRS stands for Joint Tenancy with Right of Survivorship. Suggest new definition. This definition appears rarely and is found in the following Acronym Finder categories: Military and Government. Business, finance, etc. See other definitions of JTRS. Other Resources:

  • What does JTWROS mean in real estate?

  • Understanding JTWROS. Co-tenancy is a property law concept that describes the various ways that a piece of property can be owned by two or more people at the same time. A JTWROS is one version of co-tenancy that gives co-owners the right of survivorship.

  • What is a joint tenancy in real estate?

  • In real estate, a joint tenancy allows two or more people to own the same property. The co-owners of a home are also referred to as joint tenants. Owning a home with others as a joint tenant gives you a right of survivorship.

  • What is a joint tenant with right of survivorship (JTWROS)?

  • What Is a Joint Tenant With Right of Survivorship (JTWROS)? The term joint tenant with the right of survivorship (JTWROS) refers to a legal ownership structure involving two or more parties for any type of financial account or another asset.

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