Legal Question in Real Estate Law in New York

Re: Intrafamily quitclaim deed

A simple answer to your question is no. The 5 siblings are partners under the deed. To amend the deed to add another partner you would need consent from all the partners.

Mike.

Re: Intrafamily quitclaim deed

I totally disagree with Michael! While you may be "partners" in theory, each owner is free to do what he/she wants, unless the original Deed contained some restriction requiring all owners to consent to adding new names, or unless there were some outside agreement prohibiting this without approval of all interested parties, any owner can add whemever they want to their share of the ownership and/or leave their share by Will to whomever they want. I sugest one of several options: (1) create a LLC and transfer the property (by new Deed) to it and have a LLC Agreement spelling out any limitations agreed upon by all owners, or (2) create an agreement to which all owners will be bound, spelling out any limitations. If you need assistance, contact me directly.

Re: Intrafamily quitclaim deed

I like Walter, read many of his decisions, and respect his advice. However, he is wrong.

This is not 1 property where the siblings live, it is 4 properties that probably generate income for the siblings. I bet that your accountant distributes a K-1 to each sibling for income generated from each property. Therefore, it seems to be partnership property.

Under section 51 of the NY Partnership Law,

"1. A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.

2. The incidents of this tenancy are such that:

(a) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.

(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of the rights of all the partners in the same property.

(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.

(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.

(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to surviving spouses, heirs, or next of kin."

Therefore, based on NY Partnership law, you would need the consent from the other partners to the property.

Mike.