When two or more people buy real estate together, they enter an agreement called a tenancy agreement. It dictates what will happen when one owner passes away. There are two kinds of tenancy and each comes with different rights and requirements. Below are definitions of the tenancy relationships for NH home purchases.
Tenancy in Common
Tenancy in common authorizes an owner to preserve their rights in a property. It specifies that when one owner passes away, their percentage of ownership will be passed on to their heirs. The heirs would take over the portion of the property, essentially becoming a tenant in common with the remaining co-owners.
In joint tenancy, when an owner passes away, their percent ownership in the property is acquired by the surviving co-owners. In cases with multiple other co-owners, each receives an equal portion. There is traditionally added language in joint tenancies outlining time, possession, title, and interest in the home. The parties begin ownership simultaneously and by the same means (such as will or deed). Each also receives an interest in the entire property and not just certain components of it.
More On Tenancy Relationships For NH Home Purchases
It is important to understand the different types of tenancy relationships for Southern NH home purchases. Each bestows different rights to co-owners and heirs. For guidance on selecting the appropriate tenancy for your property purchase, consult a local attorney. For additional information on the tenancy relationships for NH home purchases, contact Donna Dufour at Accurate Title via phone at 800-639-4405 or email firstname.lastname@example.org to be referred to a reputable local agent.