What is the name of your state? NY
A few days ago, i started a thread on breaking my wife and her sister's joint tenancy deed.
Since you guys/gals were so helpful, while I'm waiting on a call from our lawyer, I'd like your opinion on the following text in a tenants in common deed drawn up by our lawyer in consultation with my sister-in-law's lawyer:
"The parties to this deed warrant and covenant that the parties are restricted from subdividing or selling all or a portion of their share or interest without express consent of the other tenant."
I am particularly concerned about the ....or interst since this seems to restrict quitclaim and/or transfer rights. Our lawyer has indicated that quitclaim is not an option in our case, but I think we may have confused him about our intent.
In the meantime I have a couple of questions:
1. Am I being overly concerned about the statement in the deed? If it only states the obvious, why have it? Apparently our lawyer wasn't concerned and added it just to get the deed done.
2. What does warrant and covenant mean in layman language?
Wayne
A few days ago, i started a thread on breaking my wife and her sister's joint tenancy deed.
Since you guys/gals were so helpful, while I'm waiting on a call from our lawyer, I'd like your opinion on the following text in a tenants in common deed drawn up by our lawyer in consultation with my sister-in-law's lawyer:
"The parties to this deed warrant and covenant that the parties are restricted from subdividing or selling all or a portion of their share or interest without express consent of the other tenant."
I am particularly concerned about the ....or interst since this seems to restrict quitclaim and/or transfer rights. Our lawyer has indicated that quitclaim is not an option in our case, but I think we may have confused him about our intent.
In the meantime I have a couple of questions:
1. Am I being overly concerned about the statement in the deed? If it only states the obvious, why have it? Apparently our lawyer wasn't concerned and added it just to get the deed done.
2. What does warrant and covenant mean in layman language?
Wayne