COPYRIGHTED MATERIAL
Reflecting on… Share with Care!
LET’S PRACTICE
Name: _____________________________________________________________________________
Dude, I lost my job! I can't pay this month.
You need to pay your share of the mortgage!
Will and Fred’s Not So Excellent Co-Ownership Adventure
1. Will and Fred are a couple of bros who are tired of paying rent. They decide to pool their money and buy a house together. What are two ways Will and Fred can own something jointly ? _ ______________________________________________
2. What is a right of survivorship ? _ ______________________________________________________________________________ 3. What are two key differences between joint tenancy and a tenancy-in-common ? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW 4. Will quits his job and gets a new one in another town. He wants to sell his interest in the house. He is surprised to find that he can’t do that without Fred’s agreement. Why? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 5. Sure enough, Will looks at the Grant Deed and sees that the title company designated them as Joint Tenants . Is that normal? What should Will and Fred have done when they bought the house? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 6. Will’s new job falls through. He decides to stay in town and keep his interest in the house. Will and Fred are co-borrowers on the mortgage. Will decides he likes being unemployed because he can stay home all day in his robe and watch sports. Soon Will can’t make his share of the mortgage payment. Should Fred be concerned? Why? _ ______________________________________________________________________________ _ ______________________________________________________________________________
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 317
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