Most individuals believe that there is only one option for real estate purchases: either they own the property or don’t. That seems like a straightforward solution. However, estate planners in Queens state that there are other forms of real estate ownership, each with potential legal complications.
Unfortunately, many buyers make purchases without full knowledge, leading to conflicts with unexpected repercussions. It’s wise to familiarize yourself with the various forms of property ownership in Queens before diving headfirst into real estate transactions.
Read on as we examine the various types of real estate ownership through the expert opinion of property lawyers in Queens:
Sole Proprietorship
In this case, a single person holds complete ownership of the property. The main benefit of being the sole owner of a piece of property is having complete control over the property’s usage and sale without having to consult prospective tenants or anybody else.
The right of ownership, however, is for the courts to decide following the individual’s demise.
Shared Ownership
Two or more tenants can form a “joint tenancy” if they agree to share property ownership equally. The legal principle of “right of survivorship” states that if one of many joint tenants dies, the other tenants will automatically become sole proprietors of the property.
Tenants by the Entirety
Married couples can hold property as “tenants by the entirety,” which is a special form of joint tenancy. In a tenants-by-entirety arrangement, the two owners are considered the same in the eyes of the law. In the event of a partner’s death, the surviving partner automatically becomes the sole owner.
Tenancy in Common
The ownership of real estate by two or more people who do not have the same interests is called “tenancy in common,” and it is quite similar to joint tenancy. One individual can possess 30% while another owns 70%. Nonetheless, there is also the possibility of shared ownership.
According to a real property law firm in Queens, in the event of a divorce, ownership can be changed from tenants by entirety to tenancy in common, with each party retaining 50% ownership. If one owner dies, the property automatically passes to their heirs, unlike under a shared tenancy.
If you’re thinking of purchasing property and want to avoid getting scammed, you should reach out to us. At Ledwidge & Associates, P.C. Our Brooklyn Estate lawyer are well-versed in real estate and estate planning NYC.
Contact us to learn more about our services.
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