There are a variety of situations in which a person might consider co-owning a piece of real estate with someone else. Joint ownership of a property can raise all sorts of unique issues down the line, including issues regarding: how disputes between co-owners will be dealt with, what is required for the property to be transferred, what happens if one of the property’s co-owners passes away and how to terminate the arrangement.
When considering entering into a joint ownership agreement for a property, it is important for a person to be aware of the unique issues these arrangements raise. It is also critical to carefully think about whether jointly owning a property makes sense given one’s goals. Experienced real estate law attorneys can give individuals guidance on how well-aligned a joint ownership arrangement would be with their real-estate-related goals.
Another thing it can be important for a person looking into entering into a joint ownership arrangement to give careful thought to is what type of joint ownership to go with.
There are two main ways for multiple individuals to jointly own a piece of real estate: through a joint tenancy or through a tenancy in common. Which of these types of joint ownership is decided on in a joint ownership agreement can have significant impacts on the future rights of the property co-owners. Real estate lawyers can answer questions individuals have about the different effects these two types of joint ownership arrangements can have and what kinds of things influence which of these two arrangements might be the best one for a given set of parties.
For further information on joint real estate ownership issues, see our page on joint ownership agreements.