Massachusetts is a title-theory state, which means that if a joint tenant unilaterally mortgages the joint tenancy property, the property becomes a tenancy in common
, because it destroys the unity of title.
Because the law of tenancy in common
de facto favors partition by sale over partition in kind, the exit of one co-tenant often means that any tenant who values the property because of its identity characteristics will be forced to sell.
If time allows, it is advisable to have the tenancy in common
own the property for a long enough period so that it can collect a rent check from a tenant at the property or conduct some business activities in its own name at the property in order to document the investment, trade or business requirement.
The second sentence abolishes the tenancy by the entirety doctrine and provides that the property should be treated as a tenancy in common
, but only for the purposes of a bankruptcy proceeding.
On the other hand, an interest in a joint tenancy is different from a property interest in a tenancy in common
or in community property.
The company's services are designed to take advantage of holding title as a Tenancy In Common
where people partner to buy property.
Brian Ezratty, vice chairman, along with Jeffrey Troy, senior director, and Louis Ricci, director represented the sellers, a group of private investors and members of the Lefkowitz Family, who owned a portion of the property in a tenancy in common
with the Troy family.
Joint tenancy (and tenancy by the entirety) typically involves rights of survivorship, while tenancy in common
One Liberty acquired a 50% tenancy in common
interest in the property along with a group of real estate investors who simultaneously acquired the remaining 50% interest.