Structure Co-ownership FAQs

Do we need to hire an attorney?

No. You don't need an attorney to decide how you will structure co-ownership. Many co-buyers choose how they will hold Title without engaging an attorney.

If you split ownership unequally, remember you can't outsource this decision to any paid professional as it is subjective.

If you have questions, ask to speak to an attorney at the Title firm handling your purchase. Your RE agent should be able to coordinate an introduction.

We recommend consulting a licensed attorney or tax professional for more complex questions and needs or if you feel it's necessary. Know that not all real estate attorneys specialize in residential co-ownership. As with other professional services, there is a broad spectrum of talent.

Can we change how we hold Title after closing?

Yes, but there could be work and costs involved. We recommend you select the most appropriate option for your circumstances upfront.

Changing the form of property ownership from Tenants in Common to Joint Tenants With Right of Survivorship, or vice versa, may have legal and financial implications. If you want to make a change after closing, consult your lender, a licensed attorney, and a licensed tax professional.

💡 Pro Tip

Any time you add or remove a co-owner to Title, you can trigger a mortgage's due on sale clause and accelerate loan repayment in full. Review your mortgage documents and speak to your lender first.

Can we modify individual ownership interests after closing?

Yes. If you hold Title as Tenants in Common, the standard procedure in most states is to update your Co-ownership Agreement to reflect the change.

What if one of us dies?

If a co-owner dies, what happens next depends on how you hold Title to the property.

In a Joint Tenancy with Right of Survivorship, the deceased co-owner's share automatically passes to the surviving co-owners.

In a Tenants in Common arrangement, the deceased's share goes to their estate or a designated beneficiary, not automatically to the surviving co-owners. If no named beneficiary exists, the issue may pass to Probate.

Can a co-owner be on Title but not on the mortgage?

Yes. Sometimes, a co-owner (someone on Title) does not participate as a co-borrower on the mortgage for credit reasons. That said, if you take out a mortgage to finance your purchase, all co-owners listed on Title must sign documents that give the mortgage lender full recourse to the asset. If you don't fulfill your obligations to repay the loan, the lender has the right to repossess your home.