Legal Question in Wills and Trusts in New York

Re: Real Estate Ownership after Death

It sounds as though the brothers owned the buildings as tenants in common. As such, the dead brother's share of each building should pass to his estate. The new titleholders for the building will depend on how the estate of the dead brothe is settled. Lastly, costs may include attorneys fees to update and record new deed and banking expeneses to refinance.

Re: Real Estate Ownership after Death

If the Deeds say just John Doe and Jack Doe, you are considered a tenants in common, which is an undivided interest of 50% each. His share, by intestacy (no Will) gets divided between his widow and children. They are no considered as your partners and have a say in the operation of the buildings and what happens to them. Each side has the right of partition if some agreement cannot be worked out between you on what is to happen. Partition is the right to compel a sale. Maybe you want to negotiate some settlement to buy out your brother's share from his wife and children, if you do not want the buildings sold. This could be done by having them evaluated and then re-financing the mortgages to provide the purchase funds. Maybe they just want to stay on as co-owners. In that case, I suggest some written agreement on who will act as manager of the properties and how income will be split and paid out. If you buy them out, a new Deed making you sole owner will be required. Recording fees will be involved (several hundred dollars and transfer fee costs). If you need assistance, contact me.

Re: Real Estate Ownership after Death

In your example the buildings would have been owned one-half be each brother without right of survivorship.

After the death of one brother one-half of the buildings would then pass to his estate or heirs.

If there is any evidence of different intentions, such as an agreement or memorandum, then the intention of the brothers would prevail.

In sorting out the financing and the future operation of the building I reccomend professional guidance.