Ownership Relationships For Maine Property Purchases

When multiple parties buy property together, they start an agreement known as a tenancy agreement. It determines what will occur when one individual passes away. There are three types of tenancy and they contain distinct rights and stipulations. Below are details on the different ownership relationships for Maine property purchases.

Ownership Relationships

Tenants in Common

Tenancy in common authorizes each owner to preserve their ownership rights. It ensures that when one party becomes deceased, their ownership portion will be bequeathed to their heirs. The heirs would take over the portion of the property, legally becoming a tenant in common with the remaining parties.

Joint Tenancy

In joint tenancy, when an co-owner passes away, their ownership in the property is passed on to the surviving parties. If there are multiple other owners, each inherits an equivalent portion. There is typically additional language in joint tenancies describing time, possession, title, and interest in the real estate. The parties receive ownership concurrently and by the same methods (such as will or deed). Each person additionally an interest in the property as a whole and not just individual pieces of it.

More About Ownership Relationships For Maine Property Purchases

It is important to discern the unique ownership relationships for Maine property purchases.Each provides for varying rights to co-owners and heirs. If you are not sure about which type of tenancy to choose for your real estate ownership, contact an experienced attorney for advice. For more on the ownership relationships for Maine property purchases, contact Mini Major at Bean Group at 617-877-4083 or mini.major@beangroup.com.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

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