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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33761
Experience:  15 years real estate, Realtor. Landlord 26 years
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I own commercial property with rights stated as joint

Customer Question

I own commercial property with rights stated as joint tenants in common with rights of survivorship. If one owner is diagnosed with paraniod schizophrenia does this mean incapacitation leaving me control of the commercial property
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I own commercial property with rights stated as joint tenants in common with rights of survivorship. If one owner is diagnosed with paraniod schizophrenia does this mean incapacitation leaving me control of the commercial property.

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No, a property owner's mental illness doesn't result in them giving up their legal rights to any property that they might own. A joint tenancy with rights of survivorship just means that the parties are equal owners of the property and if one of them dies, the survivor becomes the sole owner instantly. But it doesn't have anything to do with an owner's rights while they are still living.

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thanks

Barrister

Expert:  Barrister replied 5 months ago.

Now if the other owner gave you permission to manage the property before they became mentally ill and medically incompetent, then that permission would continue until they were determined to be mentally competent again.

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Barrister

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