Question about JTWROS

[steffb503]

What is the name of your state (only U.S. law)? NY
In doing some research I have found that there are requirements for this. One of them is "Both parties must acquire property at the same time"
Does this mean if I own property in my name only, I can not simply add someone on the deed in JTWROS?
And if that is the case, and that is what happened does that mean the deed is void?

 

[FlyingRon]

What is the name of your state (only U.S. law)? NY
In doing some research I have found that there are requirements for this. One of them is "Both parties must acquire property at the same time"

The deed is the acquisition of the property. What they are saying is what you were told here earlier. All the owners can grant the ownership in joint tenancy to a new set (even if it includes some of the same people).

Does this mean if I own property in my name only, I can not simply add someone on the deed in JTWROS?

Technically, you can never "add someone" to a deed. A deed is the instrument that conveys ownership. Houses don't have titles like cars. The ownership is reflected by all deeds going back in history.

And if that is the case, and that is what happened does that mean the deed is void?

Not necessarily. The validity of the deed is determined if someone wants to contest it. Your best bet is to always get OWNERS TITLE INSURANCE which will verify what they think the ownerhip actually is and warranty their decision.

 

[steffb503]

So what would an example of "not acquiring at the same time " be?

 

[justalayman]

So what would an example of "not acquiring at the same time " be?

since you already own the property, you could not acquire title at the same time as any other. You owned it longer than the other party. The property would have to be transferred to another party and they would transfer it to you and the person you want to be in a jtwros relationship with. It's called a straw man transaction.


at least that is how it used to be. Many states have removed the requirement of the unity of time (one of the 4 unities required to create a joint tenancy), or actually, more accurately, accepted that the new deed with both parties listed as jt's as the time of concern. I have not checked your state to see how they deal with it though.