commit 90cfc089d01945bb331a31d4fa0708315436b646 Author: amparoutz95040 Date: Wed Sep 3 10:53:28 2025 +0000 Add 'Massachusetts Real Estate Ownership' diff --git a/Massachusetts-Real-Estate-Ownership.md b/Massachusetts-Real-Estate-Ownership.md new file mode 100644 index 0000000..7e4edee --- /dev/null +++ b/Massachusetts-Real-Estate-Ownership.md @@ -0,0 +1,4 @@ +
Fee Simple - Most property is owned "in fee basic" which is a really old term that [implies straight-out](https://www.safeproperties.com.tr) ownership of land (topic to any mortgages or liens). Someone who owns residential or commercial property in charge simple may sell it, give it away, or dispose of it on death by will or the laws of inheritance. Every deed develops a cost simple in the new owner unless a different intention is plainly mentioned. Fee simple is so typical, that the term rarely appears in legal documents.
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Mortgage - You continue to own your residential or commercial property even if there is a mortgage on it. Your lender has a security interest in the residential or commercial property but does not own it. Neither is your deed held as security till you pay off your mortgage.
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Life Estate - Another ancient ownership concept that remains in use today is the life estate which is ownership measured by someone's life. A life estate is often used in estate planning to make sure that a parcel of realty passes to another upon the death of the owner without the requirement for [probate](https://realhnt.com). The following language in a deed produces a life estate: "MOTHER grants the residential or commercial property to MOTHER for her life and then to SON." Mother owns the residential or commercial property for as long as she is alive but the instant she passes away, child immediately becomes the owner.
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Trusts - The essence of a trust is divided ownership. The trustee holds "legal title" while the beneficiary holds "helpful title." Simply put, the trustee owns the residential or commercial property for the benefit of the recipient. The function of the trust and the powers of the trustee are set out in a file called a Declaration of Trust which might be tape-recorded at the windows registry of deeds. People create trusts for many factors. Some are utilized to pass residential or commercial property from one generation to another without probate \ No newline at end of file