Legal Question in Real Estate Law in New York

Title and Ownership NYC

I live in NYC and I currently own an apartment (unit 1) in a Coop building in my name. The apartment next door (unit 2) has become available and I am considering buying the unit with my partner. We will then combine the two units. The Coop board will require me to put the title of my original apartment (Unit 1) in both our names as well as the new apartment (Unit 2). Is there any way I can give my partner title to my old apartment (Unit 1) while still maintaining all the ownership rights if we ever decide to part ways? I am fine with (Unit 2) being in both our names because we will share in the costs 50% each.

Many Thanks


Asked on 4/24/09, 11:46 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Title and Ownership NYC

Q. Is there any way I can give my partner title to my old apartment (Unit 1) while still maintaining all the ownership rights if we ever decide to part ways?

A. No, since title gives ownership rights.

HOWEVER, you and your partner may execute a partnership agreement acknowledging how each partner is to exercise ownership rights to each apartment and what happens upon dissolution of the partnership.

If you need help drafting the agreement feel free to telephone my office.

Mike.

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Answered on 4/24/09, 12:02 pm


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