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The Real Estate Law Department at Abrams Fensterman has extensive experience representing both individuals and corporate clients in a full range of residential and commercial real estate matters. Whether dealing with a first time homebuyer or a seasoned commercial landlord, our real estate team handles everything related to a residential or commercial real estate transaction.
1. How should I take title of real property in New York with a loved one?
If you are married, you will take title as tenants by the entirety, which gives the surviving partner on death, an undivided one-half interest in the real property by operation of law. If you are not married, the same result can occur if you take title as joint tenants with right of survivorship. This must be affirmatively stated in the deed (i.e., A & B as joint tenants with right of survivorship). If you are not married or do not affirmatively state the joint tenancy with right of survivorship, A & B would be purchasing the property as tenants in common. Each person will be taking title with an undivided one-half interest in the real property. If one of these people should die, his or her undivided half interest would be transferred to the survivor named in his or her will, or pursuant to the State's intestate statute for individuals who die without a will. The surviving owner would not take the undivided half interest by operation of law.
2. How big a structure can I build on the real property I purchased?
The bulk and height of a structure to be built on real property is governed by the zoning laws of the municipality where the real property is located. The zoning laws impose various restrictions on height and square footage of the structure. These restrictions should be reviewed before purchasing the property.
