Residential Real Estate | Taking Title
When buying a new home, one has to determine how to take title to the property. Many will hold title as individuals or as some form of joint tenancy, but it is also possible to place the property into a trust. How you take title can have important and significant repercussions on not only the use and disposition of the property, but also on a potential creditor’s ability to attach the property to secure a judgment. Contact our Cambridge real estate attorneys to learn more! Below are some common ways to take title:
Tenants in Common
“Tenants in common” describes a form of concurrent ownership of real property in which two or more persons simultaneously possess the property, without the right of survivorship. Each tenant has an interest in the property and has the right to possess the property, but cannot exclude other tenants from its use and enjoyment. Absent another agreement, a tenancy in common is divisible as any tenant can sell his/her share and bequeath it via his/her will.
Holding title as “joint tenants” is similar to having a tenancy in common, but with joint tenancy each owner has the right of survivorship: if one tenant dies, his or her share will automatically pass to the surviving tenants, thereby avoiding probate. Like a tenancy in common, a joint tenancy is divisible, with any tenant allowed to sell his/her share, but, with a joint tenancy, upon selling his/her share, the new owner becomes a tenant in common with the remaining owner(s). Our Cambridge estate lawyers are here for you!
Tenants by the Entirety
“Tenants by the entirety” is a way to take title reserved for married couples and provides for the right of survivorship. A tenancy by the entirety can only be severed by the consent of the couple; one tenant cannot sell his or her interest without the consent of the other tenant.
During the purchase process, Ionson Law will take the time to explain the various types of tenancies and outline each one’s impact on your particular situation.
If you are buying a home and have questions on how to take title, please contact our Cambridge real estate attorneys today at 781-674-2562 to speak with a real estate attorney.