Legal Question in Real Estate Law in New York

Re: own a house with my fiance

"Tenant in common" means that when either owner dies, his or her share goes into his or her estate. Fiance[s] do not share in an estate unless the decedent made a will, and then they can share to the extent that the will directs. The survivor will be dealing at length with the out-laws. Other surprises can be lurking, such as if either partner is not legally single/divorced when the house was purchase.

What you do depends on your objectives. If your wish is that the entire property simply go automatically to the surviving fiance[e], then you want title as "joint tenants with right of survivorship." Which is also how you should have taken title when you bought the house. If you did not keep your wishes a secret, then somebody did not do his or her job. It will cost you a couple of hundred dollars, by the time you are all done, to get the title transferred into joint tenancy. If you were represented by counsel when you bought the house, I would have a pointed conversation with the attorney about how he's going to cover the cost of his mistake. If you were not represented by counsel, well, here you have another instance of why it is usually not a waste of money to hire an attorney when you buy a house.

Re: own a house with my fiance

SEVERAL MAJOR ISSUES TO BE RESOLVED AND SOME MISSING INFORMATION, PLUS SOME DECISIONS YOU HAVE TO MAKE WITH YOUR FIANCE. TENANTS IN COMMON IS ESSENTIALLY A SPLIT OWNERSHIP. EACH OF YOU IS CONSIDERED AS OWNING 1/2 OF THE HOUSE AND CAN PROVIDE WHAT HAPPENS TO YOUR SHARE IF ONE OF YOU DIES. SINCE YOU ARE NOT MARRIED, HIS FAMILY HAS THE RIGHT OF INHERITANCE UNLESS HE MAKES A WILL NAMING YOU TO RECEIVE HIS SHARE OF THE HOUSE. MORE IMPORTANT IS THE QUESTION OF WHO IS PAYING OFF THE MORTGAGE (YOU OR BOTH CONTRIBUTING?). ALSO, YOU PAID THE DOWN PAYMENT. WHOSE HOUSE WAS IT TO BE? YOURS OR BOTH? WAS HIS GOING ON THE MORTGAGE JUST TO ASSIST YOU, OR WAS HE ALSO BUYING INTO EQUITY? THIS RAISES CLAIMS FOR REIMBURSEMENT ON BOTH SIDES. ADDITIONALLY, WHAT HAPPENS IF THE RELATIONSHIP FAILS BEFORE ANYONE PASSES AWAY OR BECOMES INCOMPETENT? WHO IS ENTITLED TO THE HOUSE AND WHAT ARE THE RIGHTS AND DESIRES OF EACH PARTY? MAYBE YOU NEED A WRITTEN AGREEMENT SPELLING OUT WHAT EACH IS TO CONTRIBUTE TO DAILY COSTS, MORTGAGE, REPAIRS, MAINTENACE, TAXES AND INSURANCE. IT SHOULD ALSO SAY WHAT HAPPENS IF THE RELATIONSHIP TERMINATES. WHO IS ENTITLED TO STAY AND AT WHAT PRICE, IF ANY? IF BOTH OF YOU ARE CONTRIBUTING TO COSTS AND THE MORTGAGE, WHAT HAPPENS IF YOU SPLIT? DOES ONE BUY THE OTHER OUT? DOES ONE JUST GET THE HOUSE? SHOULD THE HOUSE BE SOLD AND HOW ARE THE SALE PROCEEDS ALLOCATED BETWEEN YOU? THIS DEPENDS UPON WHAT EACH HAS CONTRIBUTED AND CONTINUES TO CONTRIBUTE. WHAT IF YOU DIE FIRST OR BECOME INCAPACITATED? WHAT IF HE DIES FIRST? BEFORE I COULD RECOMMEND WHAT DOCUMENTS YOU EACH SHOULD HAVE, THESE QUESTIONS NEED TO BE ANSWERED.

Re: own a house with my fiance

A tenant in common means that you each own an undivided in the whole property. It does not automatically pass upon death. It can be sold, willed away, etc (but only that portion each owns). I know, it sounds odd, but true,

Why not just change the deed to reflect joint tenants, in which case it does pass on death...but be reminded, if you ever break up, you may be stuck with each other forever this way regardless of what you each think now.

Good Luck.

RRG