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Types Of Ownership Relationships For MA & NH Home Purchases

When multiple individuals buy a home together, they enter an agreement known as a tenancy agreement. It details what will take place when one individual dies. There are three categories of tenancy and they contain separate rights and requirements. Below are important facts on the different types of ownership relationships for MA & NH home purchases.

Types Of Ownership Relationships

Tenants in Common

Tenancy in common allows an individual to protect their rights to real estate. It specifies that when one party dies, their percentage of ownership will be inherited by their estate. The beneficiaries would take over the portion of the real estate, lawfully becoming a tenant in common with the remaining parties.

Joint Tenancy

In joint tenancy, when an co-owner becomes deceased, their percent ownership in the real estate is passed on to the other co-owners. In cases with several other co-owners, each one inherits an equal portion. There is normally additional wording in joint tenancies specifying time, possession, title, and interest in the home. All parties take ownership at the same time and by the same methods (i.e. will or deed). Each person additionally an interest in the entire property and not just specific pieces of it.

Tenants by the Entirety

This tenancy applies specifically to married individuals. When one spouse passes away, ownership is inherited by the surviving spouse. This type of tenancy can only be ended by death, divorce or mutual agreement. One spouse cannot give his or her portion to another party, but can give it to the other spouse.

More About Types Of Ownership Relationships For MA Home Purchases

It is useful to discern the different types of ownership relationships for MA & NH home purchases.Each bestows different rights to survivors and heirs. For guidance on choosing the appropriate tenancy for your property purchase, speak with a real estate lawyer. For additional information on the types of ownership relationships for MA home purchases, contact Christopher Graves at Emery Federal Credit Union via phone at 978-376-5389 or email christopher.d.graves@gmail.com to be referred to a reputable local agent.

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About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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