Legal Question in Real Estate Law in New York

Re: deed

You have given them an actual ownership interest in the house, minimal as it may be. They have all the rights of an owner, albeit minimal, and could block your decisions, necessitating a partition suit if there is disagreement. Either get a quit-claim Deed for the interest, or something in writing and notarized that says they will allow you to make all decisions involving the property, including the right to sell. They would be entitled to 1% of the sale proceeds (your placing them on the Deed would be considered a gift of the 1% interest) unless they give you the Deed or agree to waive it in the written authorization. If you need help, contact me.

Re: deed

That person is now the owner of a 1% share in the house. That means they receive 1% of the proceeds of sale, and they might be on the hook for 1% of the real estate taxes; then again, they might not be obligated on taxes since they are not in possession. They cannot stop you from selling your 99% of the house, but that's not going to satisfy the title company or the new mortgage company when you sell. You need to have this nominee execute a quit claim deed back to you for their 1% interest in the house. If they refuse, then you're looking at a lawsuit.

Re: deed

you cannot transfer the entire property and the cosigner could claim 1% You can call me at 516 466 LAWS to discuss your options