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Multiple options for joint ownership of real estate exist

On Behalf of | Oct 12, 2020 | Real Estate |

When buying a home with another person, whether a spouse, fiance, partner or even a friend, it is important that the ownership of the property is clear. If both parties want to have ownership, multiple options exist for entering into that type of arrangement. Of course, anytime real estate is involved, it is important to fully understand terms before coming to an agreement.

One type of ownership that may interest Ohio couples or other parties wanting to hold property together is joint tenancy. This allows both parties to have ownership of the property and use it as they like. This type of ownership usually also comes with right of survivorship, which means that if one owner dies, that person’s portion passes directly to the surviving owner. This arrangement can commonly prevent individuals from having to wait for the home to go through probate before taking full ownership.

In some cases, an issue may prevent a person from being able to take ownership at the time of purchase, such as having bad credit, so one individual may take sole ownership of the home. While this does not mean that only the sole owner can live in the house, it can present some issues later on. For example, if the owner of the home passes, the other person will need to take legal steps to become the owner of the property.

During any type of real estate transaction, understanding ownership options is wise. Fortunately, attorneys play an integral part in the homebuying process. Interested Ohio residents can gain reliable information on the different types of ownership, how it can affect a real estate deal and much more by discussing this process with legal professionals.

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