Joint Tenancy Agreement or Tenancy in Common Agreements Make a Lot of Sense

When you own a piece of property, with a brother, or a lover, or a mother, you need to have an agreement that spells out your rights and obligations concerning your ownership in place. I have been required to "unscramble" many joint ownership situations, and I can assure you, it is not an easy thing to do, when you are starting from scratch, and the parties are not on the same page. No one goes into this type of relationship thinking that the two (or more) of you will  not always be the best of friends.

In my law practice, I have been asked to "unscramble" many joint ownership situations. The person who leaves the relationship, but stays in the property thinks he or she should get "points" for continuing the maintenance of the property. The person who has left almost always disagrees.

One person comes upon hard times and needs to sell the property to put food on her table. The other has no such needs.

An investment property loses a tenant, and the owners now need to dip into their pockets to keep the mortgage, taxes and insurance current. Some can: some cannot!!!

A properly drafted joint tenancy agreement, or tenancy in common agreement, placed itno effect at the time of purchase, or shortly thereafter,and at least before there are "issues", can solve many post-purchase problems in advance. I visit all the possible scenarios with my clients, and we develop exit strategies that are fair to all concenred. Many people will thank you for having the foresight to plan not only for success, but for failure, as well.