Common and Joint Tenancy
It is important to know the manner in which title to assets or property are held. Title can be in one person's name alone or the asset can be held in joint tenancy, tenancy by the entirety or as tenants in common.
Each type of ownership has different requirements and consequences. An advantage to joint tenancy may be easy access to the entire property by both parties along with quick and simple transfer upon the death of one joint owner. However, a joint tenant can be restricted from transferring or selling his or her interest without the consent of the other owner which may lead to disputes.
The proper and appropriate type of ownership and the consequences of such ownership should be reviewed and determined when the property is first acquired and when a transfer or sale is contemplated. Estate planning considerations are also affected by property ownership.
Tenancy in common joint tenancy issues are important to understand and resolve.
I have many years of experience working closely with my clients on property ownership issues.
Please contact my office for a free consultation to meet with me to discuss your options. My office is located in Manhattan. Please call (212) 355-2575.