Middlesex County Real Estate
For many people in Middlesex County, it makes sense to purchase residential real estate with another person. If you do buy a property with somebody else, you will have to make a decision about how to take title and whether your shares will be equal. For married people, it may be a straightforward decision to take title as tenants by the entirety. For others, however, you can choose between a tenancy in common and a joint tenancy. Each of these forms of tenancy has its own advantages and disadvantages. The legal consequences can be quite different. The experienced Middlesex County real estate lawyers at Pulgini & Norton can advise you on all aspects of the purchase or sale of a home.Arranging the Purchase or Sale of Real Estate
If you and your co-owner put different amounts of money into a home, and you are not married, it might make sense to agree to take the property as tenants in common. The only right that you both need to share in this arrangement is the right of possession. You can have different shares in the property. For example, you might be paying 25% of the purchase price and hold 25% of the building, while your co-owner pays 75% of the purchase price and holds 75% of the building. You can also acquire your shares at different times. Both you and a co-owner may sell your shares or acquire a greater share without affecting any other owner's rights. Your rights will pass to your heirs or whomever you specify in a trust or will.
A joint tenancy is created through a single instrument at the same time, and it creates equal ownership interests and rights to possession. Many unmarried couples prefer this. One of the advantages of this type of tenancy is a right of survivorship. If any joint tenant passes away, the interest automatically transfers to the other joint tenants, rather than going through probate. However, this can also frustrate the intent of one or both of the parties. For example, if you die, and your children have no interest in the property, and your spouse is a joint tenant who remarries, your spouse will take total control of the property and can create a joint tenancy with a new spouse. This can result in the involuntary disinheritance of your children.
A tenancy by the entirety is an arrangement only for married couples. Like a joint tenancy, there is a right of survivorship that allows an automatic transfer to the other owner when one owner dies. Of particular interest may be the fact that as long as you remain married and the home is your principal residence, a creditor of one spouse cannot execute or collect from the property's equity.Discuss a Real Estate Matter with a Middlesex County Lawyer
If you are considering buying or selling residential property, the Middlesex County real estate attorneys at Pulgini & Norton are available to assist you. Call us at 781-843-2200 or contact us via our online form for a free consultation with a property transaction attorney.