There may be details like how much money each co-owner pays for a deposit, and what should happen to his money though: There are financial benefits to making a joint purchase with pooled resources, but there are also potential pitfalls. If you are buying a home with a co-buyer, you should consult a Boston real estate lawyer to help with the purchase of homes and the agreement with the co-buyer. Pulgini-Norton`s lawyers advise and represent clients in Braintree, Quincy, New Bedford and other Massachusetts cities. Call us at 781-843-2200 or contact us via our online form for a free consultation. In the situation where the two tenants die at the same time – for example in a car accident – the property is transferred to the relatives of the youngest person. Indeed, the law assumes that the eldest of the tenants will probably die first, the younger co-owner inheriting his share. If the youngest of the tenants also dies, this proportion is transferred to the youngest, either according to their will or, if not, according to the rules of survival. In this case, the presence of a will does not change the inheritance model. As a co-owner, everyone is the rightful owner of the property. Your rights as a co-owner mean that the nature of the title you take with a co-buyer affects the level of interest of each buyer and how the property is transferred in the event of death. If the co-buyers are not married, they can engage as common or shared tenants with the right to survive.
If the title is accepted as a co-tenant, each co-owner has the same share in the house and, when a co-owner dies, the other co-owners share these interests equally. The last survivor will own the whole house. If you take out a common mortgage, you will establish a financial link between them and your co-owners. If one of you finds yourself in financial trouble, it could affect the creditworthiness of everyone else, which could make it more difficult for you to borrow in the future. Both types of condominiums have pros and cons, depending on your personal circumstances and your relationship with the buyers. Note that this document does not describe how the owners will live together. It deals only with property issues. For housing, you should use a cohabitation agreement like this.
Common ownership agreements allow potential homeowners to articulate precisely how they wish to acquire and maintain their property in common. A well-executed common ownership agreement can be used to manage homeowners during their years of ownership or to make potential owners understand that they are not willing to own property with another person. Therefore, if you have friends or family members you trust enough to make a larger investment, buying community-owned real estate may be a good option. As a co-owner (or co-owner in Scotland), you each own a separate share of the property.