Legal Question in Real Estate Law in Massachusetts
co-ownership of home
I own a home in Massachusetts but am moving to another state. I would like to sell a half-share in the house to a friend. We are not married and will not be living together. What form of co-ownership should we look for? Is there a special mortgage? Would a trust be better? We would each want a separate mortgage.
1 Answer from Attorneys
Re: co-ownership of home
Getting the separate Mortgage is the hard thing to do. Most lenders would not want to do that as they would want in the event of default to be able to foreclose on the entire home. As to the form of ownership, you can own it either as Tenants by the entireties or in a trust, if the lender will allow it.
You should have an agreement which indicates each of your obligations for the maintenance and care of the home as well as the payment of Mortgage, taxes and insurance.
If this is a duplex the separate mortgages might be easier, but if it is a single family home,then it will be very difficult. You might find a local lender willing to give you each seperate notes with a single mortgage.