Dual Ownership on a Property in NYC/NYS

[ada1978]

In New York State

Hello,

My mother and I jointly own a home in NYC. For the past 15 years, I have been paying all of the bills relating to the home with my own earnings. I've tried to buy her portion of the home but she's not willing to sell her half over.

Should she pass away and doesn't have a will/testament, what would happen to the property? She has no other assets such as bank accounts/pension/401(k) plans except for this property that has somewhat of value. There are 3 other siblings in the family and suspect they will want to claim what's there's. I'd like to mentally, emotional and overall financially prepare myself for what may happen. I'm trying to prevent a catastrophe to occur but already envision this to me a very ugly and sticky process should she pass.

Any assistance with answering my real estate law question in NYS would be greatly appreciated.

Thank you very much.

 

[LdiJ]

In New York State

Hello,

My mother and I jointly own a home in NYC. For the past 15 years, I have been paying all of the bills relating to the home with my own earnings. I've tried to buy her portion of the home but she's not willing to sell her half over.

Should she pass away and doesn't have a will/testament, what would happen to the property? She has no other assets such as bank accounts/pension/401(k) plans except for this property that has somewhat of value. There are 3 other siblings in the family and suspect they will want to claim what's there's. I'd like to mentally, emotional and overall financially prepare myself for what may happen. I'm trying to prevent a catastrophe to occur but already envision this to me a very ugly and sticky process should she pass.

Any assistance with answering my real estate law question in NYS would be greatly appreciated.

Thank you very much.

How is the house deeded? Is it your name/mom's name as joint tenants with rights of survivorship, or tenancy in the entirety? If so, the house would belong solely to you if mom passed away.

If its deeded as tenants in common, or another way, then your siblings and you would equally share mom's half.

 

[justalayman]

How is the house deeded? Is it your name/mom's name as joint tenants with rights of survivorship, or tenancy in the entirety? If so, the house would belong solely to you if mom passed away.

If its deeded as tenants in common, or another way, then your siblings and you would equally share mom's half.

Pssst. Tenants by the entirety is available to only married couples in New York (and any other state I am familiar with)


I'm going to go a bit deeper;

If title is held as tenants in common, do you hold equal shares or
Some other division of the whole?

As ldij stated, unless joint tenant or by chance there is some other form of deeded interest that allows you to take sole possession, your mothers share will be distributed per the laws of intestate succession. If this is the only asset, it will end up being shared by all siblings, presuming her share doesn't have to be sold to be able to pay estate debts.

Is it possible your siblings would be open to selling their shares to you?

 

[LdiJ]

Pssst. Tenants by the entirety is available to only married couples in New York (and any other state I am familiar with)


I'm going to go a bit deeper;

If title is held as tenants in common, do you hold equal shares or
Some other division of the whole?

As ldij stated, unless joint tenant or by chance there is some other form of deeded interest that allows you to take sole possession, your mothers share will be distributed per the laws of intestate succession. If this is the only asset, it will end up being shared by all siblings, presuming her share doesn't have to be sold to be able to pay estate debts.

Is it possible your siblings would be open to selling their shares to you?

Bottom line however, is that there is a chance, depending on how the property is deeded, that it will be entirely the OP's property once mom passes away, and there is a chance that it will not. The deed controls and unless/until the OP knows what the deed says, the OP cannot be given any truly viable advice.