Legal Question in Real Estate Law in New Hampshire
joint ownership
Seven siblings all own one family farm
with quitclaim deeds with right of
survivorship. How should we hold this
property together so that we can give it
to our heirs and have protection from
each of the individual's financial issues?
2 Answers from Attorneys
Re: joint ownership
The terms you use are contradictory. A quitclaim deed deals with the representations of a grantor relating to quality of title. Rights of survivorship deal with the ownership passing among those named in the deed.
To properly answer your question would require an examination of the current status of title and then preparation of appropriate deeds. What is likely to be needed are combinations of Tenancy in Common among those of equal rights, and joint tenancy among those who are married or wish to add children to the title.
It would be a good idea for you to meet with a New Hampshire attorney to review all the facts and circumstances so you avoid any unfavorable entanglements in the event of a death or disagreement among the owners.
Re: joint ownership
Joint ownership of a piece of property always poses the problem of what to do if one of the joint owners cannot cover the carrying costs of the real estate, or if they disagree with necessary investments or use of the property. In many cases, it might make more sense to have some owners buy out the others, on mutually satisfactory (or mutually unsatisfactory) terms.
Otherwise, there are a variety of different possibilities, each with their own advantages and disadvantages, and which depend, in part, on how the property is used.
Feel free to contact me if you need additional assistance.