New York Real Estate Closing Attorneys

At the Law Offices of Lubov Stark & Associates, we help clients throughout the process of buying, selling, and closing on commercial and residential real estate. Our staff is considered experienced and reliable New York real estate closing attorneys.

How to Hold Title to Your Home

How title is held has important tax, estate, and other implications. Therefore, it is vital to seek professional help from a real estate closing attorney when deciding how to hold title to property you own.

In an active real estate market, many people change homes or buy a home for the first time. Many buyers give little thought to how to take title to the home. However, this decision is vital, as it affects who can sign documents regarding the property and how the property can be transferred in case of death or divorce. Here are some common ways to hold title to a home.

Sole ownership: This is how an individual holds title to property. This ownership form does not apply to property bought by married couples. However, if a married couple wants to put title in the name of one spouse, the deed could declare that spouse "sole owner."

Community property: For husbands and wives in "community property" states, this is one of the primary ways the couple can hold property. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In these states, if a married couple acquires property and the deed says they are husband and wife, or is unclear about how they intend to hold title, the law presumes it is held as community property. Each spouse owns an equal interest in community property and each may manage it. Both spouses need to sign an agreement for a transfer created by an experienced real estate closing attorney to be recognized.

Joint tenancy: This ownership form is available when two or more co-owners each have an equal share of property. The deed must say title is taken as "joint tenants." Each joint tenant is an equal co-owner of an interest in the entire property. The key characteristic of joint tenancy is that when a co-owner dies, his or her ownership interest goes to the other co-owners. Ownership passes by law, not by a will. Because of this feature, eventually the last surviving joint tenant will own the entire property. If two people want the other person to receive their interest in case of death, joint tenancy would be an ownership form to consider. In contrast, if a co-owner wants to be able to give away his or her interest in a will, joint tenancy would not be a good way to hold title.

Tenants in common: If property held by two people is not community property or joint tenancy, it is a tenancy in common. Tenants in common are also co-owners of property. Unlike joint tenancy, though, interests of tenants in common need not be equal. In addition, each tenant in common can pass his or her interest by a will. As a result, the remaining tenants in common could find themselves owning property with somebody else. If two or more people own property and each wants to be able to give away his or her interest by will, they should consider holding title as tenants in common.

Buying a Home: How to Protect Yourself

Buying a home is likely the largest and most complex transaction you will ever make. Though many home sales work out well, some do not and result in costly disputes. That is why you should get in touch with an experienced real estate closing attorney at the Law Offices of Lubov Stark & Associates. There are several ways to reduce the chance of problems. Here are a few tips.

The contract: When you find the home you want, you will submit a written offer. If accepted, it becomes the contract. Although the offer will likely be on a preprinted form with much small type, it is vital for you to read and understand it before signing, as it covers all aspects of the purchase, including the sale price, deposit amount, inspection and repair requirements, and dispute resolution methods.

Even though the offer is on a preprinted form, remember that all terms are still negotiable. Thus, it is a good idea to have your lawyer review the document before you sign it. Your lawyer can make sure there are provisions to protect you, including:

A mortgage contingency clause: This gives you the right to cancel the deal if you are unable to get a loan.

A home inspection clause: This lets you cancel the deal if an inspection shows serious defects. If there are minor problems, make sure the contract states if the seller will fix them or you are to get a credit and do the work yourself.

A "sale of other home" clause: This lets you cancel the deal if you cannot sell your own home.

Our offices are conveniently located in Brooklyn, and we handle real estate closing matters throughout all five boroughs of New York City. Our dedicated real estate closing attorneys and multi-lingual support staff can schedule a confidential consultation for you.

For more information, or to schedule an appointment, please contact us.

Stark & Associates

807 Kings Highway
Second Floor
Brooklyn, NY 11223
718-998-3600 (phone)
718-998-0622 (fax)