Legal Question in Real Estate Law in New York

Assest Liability for joint ownership

My parents transfered title to a home for us- 4 siblings so as of Jan 1, 2004 we will be property owners. Can a lien be put on the house for any of the joint owners personal debts? Is the rest of us liable for any of this debt if a lien is placed on that joint owners equity in the house?


Asked on 6/30/03, 1:49 am

2 Answers from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: Assest Liability for joint ownership

If a judgment is entered against one of the owners, a lien can be placed against the property, but it will only be satisfied when the property is sold. A sale can not be forced by the creditor.

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Answered on 7/03/03, 4:27 pm
Seth Kaufman Seth M. Kaufman

Re: Assest Liability for joint ownership

In NY, a lien can be created against real property if a judgment is docketed against a record owner in the county where the property is situated. The lienholder can ultimately foreclose the debtor's interest in the property to satisfy the debt. However, the lien only extends to the debtor's interest in the property. From a practical standpoint, though, it will be difficult, if not impossible, to sell or mortgage the property until all of the judgments against each of the owners are satisfied.

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Answered on 6/30/03, 10:17 am


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