#Sample bill of particulars partition ny how to#

If one of the parties dies, however, their interest will automatically transfer to the other joint tenant.

Joint TenancyĪ Joint Tenancy may be somewhat like a Tenancy in Common, however, when an original party’s interest is sold, the ownership type becomes a Tenancy in Common. The court will divide up the interests and can ensure that each tenant in common will receive the value of their interest in the property. If the tenants in common agree, they may be able to divide up their interests in the property and exchange it for a monetary value through filing an action for a “partition”. An example can be when a deceased person passes on a piece of real property to more than one beneficiary in their will. In a Tenancy in Common, each owner has a right to sell, transfer, or borrow against their own interest in the whole property. In New York, there are multiple ways in which a property can be owned by multiple parties. It can also be held by a trust or a business. Types of Multiple Property Ownership in New YorkĪ property can be owned by one or multiple people. People who are not listed on the title deed may have a hard time proving ownership due to the fact that they are not listed on the title. If there is a dispute regarding the ownership of the property, the deed would be the first place to look for confirmation of who the true owner is. The change in ownership should also be filed with the county’s Register’s Office. When a house is purchased, the deed to the property should be transferred to the new owner through a deed conveyance to represent the change in ownership. The ownership of a piece of real estate is often represented by a deed.

The title of the property represents its actual ownership.

#Sample bill of particulars partition ny how to#

Knowing the difference between these two documents and what they represent can allow you to have better insight into how to protect your rights as well as to learn about the responsibilities and expectations required of you as a homeowner. While both are legal documents concerned with real estate and can often be used interchangeably, they perform very different purposes. To get a better understanding of how property ownership works in New York, it is important to first get a grasp of the differences between the mortgage and the deed. To schedule a consultation with one of our qualified attorneys, call Avenue Law Firm today at (212) 729-4090. Working with a skilled New York residential real estate attorney can also provide you with valuable insight on how to make sure your property documents are in accordance with the law and ensure that your rights are protected.

Understanding the significance of when and which documents you include your and your spouse’s names can give you a better understanding of how title deeds and mortgages work in New York. However, this is not a universal experience and there may be some instances where both you and your spouse would be better off only including one name on the official document instead of sharing. It is also common to have the same bank accounts and even the same debts. Having shared property with someone is common, especially between spouses.