how to convert to tenants-in-common?
i currently own a 2-unit brownstone. any advice on creating a tenancy-in-commom where i share ownership of the building with a friend? eventually, when he moves back the U.S. and actually lives in one unit, we’d like to then convert the building into a condo where he’d own his unit outright. we’re trying to get…
i currently own a 2-unit brownstone.
any advice on creating a tenancy-in-commom where i share ownership of the building with a friend?
eventually, when he moves back the U.S. and actually lives in one unit, we’d like to then convert the building into a condo where he’d own his unit outright.
we’re trying to get the NY State Attorney General’s office to approve our condo conversion now. however, because my friend will not occupy the unit immediately, the AG’s office has balked so far on approving our application. this is why we’re opting for the tenants-in-common now.
has anyone else created a tenants-in-common for a property they already own? i think i need a new real estate attorney as mine hasn’t been that helpful so far.
thanks!
tracy
New York Times had a good article on this process, the pros and cons, that someone posted the link for a short while back.
I am an attorney — estate attorney should be able to handle the transfer.creating the tenancy in common should not be an issue. However, it will involve a transfer of title and may trigger transfer tax considerations. Basically, what you need to worry about here is taxes (both income and transfer taxes), and any half-competant real