The credit is available to first-time District homebuyers. When single people acquire property with another person, either for pure economic reasons or as a couple whose relationship is not recognized by law, the choice of how to take title can become complicated. In that way, each party owns a portion of the property, which can be conveyed to any outside party. There is a presumption in the District of Columbia and Maryland that the parties take title as tenants in common unless otherwise stated.
Joint tenancy is a form of ownership where all parties hold title together, undivided.
In the case of death by one or more of the parties, their interest automatically passes to the surviving parties. For the average consumer, the home buying process has become overwhelming. Keeping up with this is a full-time job that only a qualified Realtor can be expected to do. The smartest thing a consumer can do it to be represented by a buyer broker. Let him or her do the legwork for you.