Legal Question in Real Estate Law in New York

tenants in common

I purchased a house 4 years ago,after my divorce,So i can get a lower interest rate,(i never had credit under my own name)My boyfriend co signed for me.I have paid all the bills.Now to find out,that he is considered ''Tenant in common.'' Its on my deed,So i called my attorney,and he said thats the way he put it down the day of buying the house.Now my question is,If we shoud break up,Is there a way he can take his name off this house? or is my only choice to sell the house? we had a 15 year mortgage,and have 11 years left.


Asked on 12/08/04, 9:04 pm

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

Re: tenants in common

You could ask your boyfriend to deed his interest in the house to you, but it would probably require the approval of the bank holding the mortgage. Most mortgages have a clause that declares the principal balance remaining due immediately upon transfer. You would probably incur substantial refinancing costs as well.

I suggest you see an attorney in order to protect your rights because, as a Tenant in Common, your boyfriend could bring a partition action which would force a sale of the house.

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Answered on 12/09/04, 9:11 am
Walter LeVine Walter D. LeVine, Esq.

Re: tenants in common

You could have your boyfriend give you a Quit-Claim Deed, to be held in escrow and not recorded until his exposure to liaiblity for repayment is ended.

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Answered on 12/09/04, 1:03 pm


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