Types Of Home Ownership
Our Massachusetts Real Estate Lawyer Describes the Types of Home Ownership
When purchasing a home, one of the first things that a Massachusetts real estate lawyer will ask clients about is the legal type of ownership that they desire. Knowing this will help inform the lawyer as he or she analyzes the potential deed that is being considered.
A Massachusetts real estate lawyer can explain that the most common type of home ownership is fee simple absolute. This type of ownership means that the homeowner will have full possessory rights in the property, and that these rights will continue indefinitely. The homeowner is not restricted on how the house can be disposed of or inherited. He or she can freely sell the entire property or a portion of it. Likewise, he or she can dispose of the property at death if he or she so chooses. For condo properties, a fee simple absolute usually means that the homeowner purchases the actual unit and then obtains the privilege of using the common areas. Each unit is associated with a separate deed, mortgage, tax bill, and ownership rights. However, the residents share in maintaining common areas.
Many individuals decide to purchase real estate together. A Massachusetts real estate lawyer can explain the different types of joint tenancy.
Joint Tenants with Right of Survivorship
This legal form of home ownership provides each owner with an undivided share of the estate. When one of the owners die, his or her share is absorbed by the remainder of the estate. The decedent’s former share is not inherited by his or her heirs.
Tenancy in Common
A real estate lawyer can explain that this form of ownership provides each owner with an undivided interest in the entire property, similar to joint tenants with right of survivorship. However, there is no such right of survivorship. Each owner can freely dispose of his or her share of the estate.
Tenancy in the Entirety
This type of home ownership is only available for spouses. The right of survivorship is not able to be destroyed. However, this type of ownership is not available in all areas.
Legal Assistance from a Massachusetts Real Estate Lawyer
If you would like to learn more about the differences in types of home ownership, contact the Law Office of Alan H. Segal at (339) 499-9099.