Tenancy Relationships in Buying Property
Types Of Ownership Relationships For MA Home Purchases
When two or more people purchase real estate together, they enter an agreement called a tenancy agreement. It specifies what will occur when one individual becomes deceased. There are three categories of tenancy and they come with distinct rights and requirements. Below are definitions of the different types of ownership relationships for MA home purchases.
Types Of Ownership Relationships
Tenants in Common
Tenancy in common enables an owner to maintain their rights to real estate. It ensures that when one person passes away, their interests will be left to their estate. The beneficiaries thus take over the ownership in the real estate, essentially becoming a tenant in common with the remaining parties.
For joint tenancy, when an person dies, their percent ownership in the property is shared among the other parties. If there are several other co-owners, each one acquires an equal portion. There is normally additional wording for joint tenants describing time, possession, title, and interest in the real estate. All parties begin ownership simultaneously and by the same methods (such as will or deed). Each party additionally an equal interest in the entire property and not just specific components of it.
More On Types Of Ownership Relationships For MA Home Purchases
It is important to understand the different types of types of ownership relationships for MA home purchases.Each provides for varying rights to survivors and heirs. If you are not sure about which type of tenancy to choose for your property ownership, speak with a local attorney for advice. For more on the types of ownership relationships for MA home purchases, contact Bradford Pratt at REMAX on the Charles at 781-316-5760 or email@example.com.