Tenancy In Common?
I’m looking for tenancy in common agreements that other people have used in NYC. Anyone want to share? Nolo Press has California covered but I can’t find anything comparable for New York.
I’m looking for tenancy in common agreements that other people have used in NYC. Anyone want to share?
Nolo Press has California covered but I can’t find anything comparable for New York.
My wife and I were advised by our Trusts and Estates lawyer (when drawing our wills) to move our house (no tenants) from joint ownership to Tenants In Common for tax purposes. We hired a Real Estate Attorney to do it. I can’t find the specific bill – but it certainly didn’t cost a thousand dollars.
OP here, to my mind at least some of this is about also being able to read a few and understand what kinds of considerations we need to address so that we can talk about this stuff before we sit down with a lawyer.
Our lawyer will review it, but the better we understand it on our own, the less we’re paying him.
TIC is pretty common here as well, you can get your lawyer to draw up the contract. the one i have lays out what happens if a tenant wants out of the property or dies or some such thing.
some friends of mine did TIC as well and have no complaints. if you’re not insane and anti-social it’s not hard to pull off (yes i know those stipulations rule out nearly half of the NYC population 😀 )
Contra 9:24, I don’t think it is the idea of trusting someone else that is the issue, but rather an aversion to dealing with the hassle that goes into creating “the proper legal safeguards” as you describe them. For whatever reason, New Yorkers tend not to rely on NoLo forms for non-commercial transactions (unlike the Bloomberg form used for most LL/Tenant agreements).
OTOH, I agree that a competent attorney can draw up a decent agreement, and if the proprety in question is worth over $500K, I don’t think the various co-tenants should consider cheaping out by not spending 3K or 4K to retain an attorney to draw one up.
As an ex-Californian who had one, and knew of several others, you might find the concept gets little traction and a lot of abuse on this site. Apparently the concept of trusting another person (albeit with the proper legal safeguards) does not sit well.
That said, I’d say that any competent re lawyer should be able to draw up a satisfactory agreement. The one we used in California was all of 2 pages long.