Legal Question in Real Estate Law in New York
What form of ownership do we have?
My mother and I own a residential property in NYC. The deed states her name and my name as owners.(Jane Smith and John Jones). Is this form of ownership Joint Tenants WROS or Tenants in common? What would be the best way to title this property. Mother is elderly and has high uncollaterized unpaid debt. We both reside in the home. The mortgage is in my name and I make all payments. We were thinking of changing deed to indicate my name only.
Thank you
2 Answers from Attorneys
Re: What form of ownership do we have?
It will be presumed to be Tenants in Common. When one of you passes, your share goes according to your will, etc.
Be careful with any Transfers without consideration ($$). New Medicaid "look back" laws and laws that protect creditors from fraudulent transfers.
Consider changing Deed (new Deed) to JTWROS to protect the property from creditors should Mother pass first BUT You really MUST make an appointment with an Elder Law attorney before doing anything.
Re: What form of ownership do we have?
This is tenancy in common. It caneasily be changed for a relatively nominal fee that includes filing fees.
If you would like, you can call my office in Queens to make an appointment at 4971800.
Good Luck
RRG
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