When there is more than one owner on a deed, the owners have co-ownership of the title. There are three categories of co-ownership.
The first category is joint tenants with the right of survivorship. If one owner dies, the survivor or survivors remain undivided right in the property without the need to do surrogate court procedure or subject to estate tax of the deceased owner. Usually close family members such as parents and children may want to select this category of co-ownership.
The second category is tenants by the entirety. It is a marital estate akin to a joint ownership between husband and wife and carries a right of survivorship, which operates in the same manner as the right of survivorship incident to a joint tenancy.
The third category is tenants in common. Each owner has a distinct, proportionate, undivided interest in the property but the owner does not have right of survivorship to each other.
In New York State, both the sellers and purchasers are required to attend the closing in person. In the event that the party is unable to attend the closing in person, he/she (the principal) can do a power of attorney to authorize an agent to sign the closing documents on behalf of the absent party.
The agent shall be a competent person who has appropriate age and competence to sign the legal documents. The principal shall have the power to conduct the legal act when the legal documents are signed by the agent.
The power of attorney shall be in strict compliance with the legal form by New York State. The principal shall sign the power of attorney in front of a notary public and have the signature notarized. In the event that the principal signs the power of attorney outside of the territory of the United States, the notary shall be taken at the overseas U. S. consulate by a notary public.
There are strict requirements of the form, execution, and notarization of a power of attorney. Please make sure to consult with a professional attorney for details in advance before the party decides to use power of attorney at the closing.
In the past decades, the value of real estate all over the United States has been increasing continuously. More and more people invest in the real estate market, either for a primary residence or for investment. Fengli Guo, Esq. has been practicing law with a focus on real estate and business transactions in New York in 2002 and won great trust and reputation from clients with an experience of over 5,000 closings. Real estate and business transactions involve very complicated details and procedures which need the professional service of the attorney and efficient communication among all related parties. Our philosophy is to guarantee service quality instead of quantity. Our profound experience in following up details, negotiation, and communication will protect our clients’ legal rights and interests. We take our greatest efforts to work on each case and make sure the transaction to be completed smoothly. We’ll share updated news and articles periodically on our website and our Youtube channel (Attorney Guo Real Estate Channel).
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