How to Read a Property Deed

Tenancy by the Entirety

In New York, tenancy by the entirety is a means of ownership that is only available to married couples. This allows the surviving spouse to inherit the entire property immediately at the first spouse’s death, without probate. Additionally, it protects the property from the creditors of the deceased spouse. It is important to note that if a couple purchases a house before marriage and then gets married, their ownership of the house will remain as it was before marriage – the way in which the couple originally owned the property will remain intact unless a new deed is signed and recorded.

Joint Tenants With Rights of Survivorship

For unmarried individuals that want to own a property together and for the survivor of them to own the property in full, they will be listed on the deed as joint tenants with rights of survivorship. This means that the individuals that own the property all have a stake in the entire property without limiting any owner’s access to any part of the property. Because of the right of survivorship, the property is distributed equally among the remaining owners when one owner dies.

Tenants in Common

If the deed to the property lists the names of multiple individuals without stating that they have rights of survivorship, they will own the property as tenants in common. Tenants in common may own equal or unequal percentages of the property as specified on the deed. For example, one owner may have a 75% share while the other has 25%. If silent on percentage, the ownership is deemed to be in equal shares. When one tenant in common dies, that person’s share passes to the named beneficiaries in a Will after probate is completed. If the deceased tenant did not have a will, the share of the property will pass to their legal next of kin through a court administration process.

Those who own their property in their sole name or as tenants in common may want to avoid a court process upon their death to pass along ownership. When a trust owns the real property, the trustee or successor trustee can sell the property or transfer it to the appropriate beneficiaries immediately after the death of the original owner without court intervention.

There are many ways to hold title to real property in New York. It is important to understand the type of ownership you hold, so you can determine what will happen to the property when you die. Knowledge is power, and you deserve to have the power to decide who inherits your property.

By Britt Burner, Esq. & Erin Cullen

Britt Burner, Esq. is a Partner at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Erin Cullen is a graduate of the Maurice A. Dean School of Law at Hofstra University. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan and East Hampton.