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

There are many reasons you may want to add someone to the title of your home. Maybe you just got married and would like your new spouse listed as part owner of your home. Or you may want to add an adult child to your title for estate planning purposes.

Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying  your home  to yourself and the person you wish to add to your title. In addition to the deed, your attorney will also need to prepare transfer tax returns.

I am often asked by clients looking to transfer property whether I will be using a quitclaim deed to complete the transfer.  I tell my clients that in the New York Metropolitan area, the type of deed customarily used to convey real property, whether to a third party in an arm’s length transaction or to a family member, is a “Bargain and Sale Deed with Covenants Against Grantor’s Acts.”

A quitclaim deed must to used with caution and can be dangerous or beneficial depending upon whether you are the grantor or grantee.