JEANNE REARDON - Attorney at Law
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What does the "on or about" closing date in my contract to purchase a home mean?
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Joint Ownership of Real Property in New York
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Real Estate Law Blog

May 2018

Joint Ownership of Real Property in New York

Joint property ownership can be a great solution for people who want to own a home, especially for first-time buyers. But joint ownership can limit your rights and options -- not only while you own the property, but also when you want to transfer ownership to an heir or another buyer. There are three major forms of joint property ownership (or "concurrent ownership") -- tenancy in common, joint tenancy, and tenancy by the entirety.


Tenancy in Common (TIC)

Tenancy in common (sometimes called a "TIC") is the most popular form of concurrent property ownership.