Tenancy is defined as an ownership arrangement among two or more parties who purchase real estate together. It determines what will occur when one owner becomes deceased. There are several types of tenancy and each contains separate rights and requirements. Below are details on the different tenancy relationships for MA property purchases.
Tenancy in Common
Tenancy in common authorizes an owner to maintain their rights in real estate. It ensures that when one owner dies, their ownership portion will be passed on to their heirs. The inheritors would take over the ownership in the real estate, legally becoming a tenant in common with the remaining co-owners.
For joint tenancy, when an owner dies, their portion of ownership in the property is transferred to the remaining co-owners. If there are multiple other co-owners, each acquires an equivalent share. There is usually added language in joint tenancies detailing time, possession, title, and interest in the real estate. All parties receive ownership at the same time and by the same means (such as will or deed). Each also receives an interest in the entire property and not just individual components of it.
Tenants by the Entirety
This tenancy applies specifically to married individuals. In the event of the passing of a spouse, ownership is acquired by the surviving spouse. This type of tenancy can only be ended by death, divorce or mutual agreement. One spouse cannot grant his or her portion to a third party, but can give it to the other spouse.
More On Tenancy Relationships For MA Property Purchases
It is important to understand the unique tenancy relationships for MA property purchases.Each provides for different rights to co-owners and heirs. If you are unsure of which type of tenancy to select for your property purchase, consult with a local attorney for advice and guidance. For more on the tenancy relationships for MA property purchases, contact Jonathan de Araujo at William Raveis Real Estate at 339-200-9444 or firstname.lastname@example.org.