![]() ![]() This presents several issues for the bank or lending institution. Sometimes you see situations where two people want to own the house, but only one person wants to take out the loan in order to buy the house. In the event that the borrower cannot repay the loan, the bank will take legal actions to sell the house in order to get repaid. If the loan is approved, the loan becomes secured by the property. When a borrower or borrowers apply for a loan from a bank or lending institution, the bank examines many factors in determining whether they will lend the borrower money. When obtaining a loan to buy a house, the way that the purchasers take ownership has several implications. This means that like the married couple in the example above, when the first person, either Person A or Person B dies, the house belongs entirely to the surviving person. For example, if two people buy a house together and want Joint Tenants with Rights of Survivorship, then the Deed must read “Person A and Person B, as Joint Tenants with Rights of Survivorship”. This arrangement can be shared by people who are not married as well, but the Deed must state the language expressly. What this means is that when one spouse dies, the surviving spouse owns the entire house. This means that they take ownership as Joint Tenants with Rights of Survivorship, even without those magic words expressly written on the Deed. An example of how this reads is “John Doe and Jane Doe, as Husband and Wife”. In New York State, when a husband and wife buy a house together, and the Deed states that they are husband and wife, the law affords them certain protections. Often times when a husband and wife, or any two people, buy a house together they take ownership together. Simply click on the button titled ‘ DET‘ on the left side of the page and all information about the property will be made available to you so that you can copy the details of the real estate onto your deed.Spodek Law Group > Buying Property in NY with Two Names on the Deed and one on the Loan Step 5 – After conducting the query you will be brought to a list of all matching records. Step 4 – On the next page you will be able to select how you would like to search for the property by either the Owner’s (Grantor’s) Name, Parcel Identifier (Borough Block and Lot), Document Type, Document ID (City Register File Number), Transaction Number, Reel and Page, or the UCC/Federal Lien File Number. In order to perform our query we will have to click the Search Property Records link. Step 3 – You will be sent to This Webpage which is the main search page for all the five (5) boroughs of New York. You will want to click on the link for your County that shows the Recorder’s records. Step 2 – Select the County the property is located in and then you will be re-directed to a webpage like this (for our example, we will be using the County of New York). ![]() You can perform a search and obtain the information needed by following the instructions below: In order to fill-in a deed it will be required to pull the real estate records from the County the property is located. Special Warranty – Offers a conditional guarantee to the title of the property but it does not qualify as good as the General Warranty or is it as bad as the Quit Claim. This form does not guarantee that the previous owner owned the property, rather it transfers any interest he or she may have in the property. Quit Claim – The least guarantee to title of all the types in New York. Has the security of knowing that ownership to the property is secure to the new owner. General Warranty – Is the best type of deed to transfer property as a Grantee as it guarantees the title to the property from all previous owners of the property. Law § 306) – All deeds are required to be signed with the Grantor(s) and a Notary Public (Grantee(s) not required to sign). All Counties but NYC (RP-5217-PDF) OR Just NYC (RP-5217-NYC) – This version may also be Filed Online.Required Forms – For any deed following form (if applicable) are required to be attached to the deed: Law § 291) – All recordings must be completed with the County Court Clerk’s Office ( See List of County Websites) where the property is located. Laws – Real Property Law Chapter 50, Article 8 & 9 Under New York law, a deed must be signed with a notary public present and once filed at the County Clerk’s office the title to the property becomes officially in the new owner’s name. The deed, whichever selected, is usually written at the time of closing which is usually the same date when the money transfers from the Grantee to the Grantor. A New York deed is a form used to convey property ownership from a seller (grantor) to a buyer (grantee). ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |