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Buying Property in NY with Two Names on the Deed and one on the Loan
Often times when a husband and wife, or any two people, buy a house together they take ownership together. In New York State, when a husband and wife buy a house together, and the Deed states that they are husband and wife, the law affords them certain protections. An example of how this reads is “John Doe and Jane Doe, as Husband and Wife”. This means that they take ownership as Joint Tenants with Rights of Survivorship, even without those magic words expressly written on the Deed. What this means is that when one spouse dies, the surviving spouse owns the entire house.
This arrangement can be shared by people who are not married as well, but the Deed must state the language expressly. For example, if two people buy a house together and want Joint Tenants with Rights of Survivorship, then the Deed must read “Person A and Person B, as Joint Tenants with Rights of Survivorship”. This means that like the married couple in the example above, when the first person, either Person A or Person B dies, the house belongs entirely to the surviving person.
When obtaining a loan to buy a house, the way that the purchasers take ownership has several implications. When a borrower or borrowers apply for a loan from a bank or lending institution, the bank examines many factors in determining whether they will lend the borrower money. If the loan is approved, the loan becomes secured by the property. In the event that the borrower cannot repay the loan, the bank will take legal actions to sell the house in order to get repaid.
Sometimes you see situations where two people want to own the house, but only one person wants to take out the loan in order to buy the house. This presents several issues for the bank or lending institution. The bank must be certain that their interest is protected, because they are lending a large sum of money. The bank’s ability to sell the property in the event of the default is critical to their model and they will not lend money unless they are protected.
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.
Some families use this for estate planning purposes, since the surviving owner will own the house. Some families end up in this situation if one person has low credit. Sometimes one spouse is unemployed, a student or retired, and their ability to get a loan poses a problem to the purchase.
What banks and lending institutions typically do in this situation, is permit one person to get the loan but with some restrictions. The transaction of getting a loan and buying a house is called a closing. At closing, the bank prepares a stack of documents for the buyers to sign. Among these documents are a Mortgage and a Note. The Mortgage secures the loan to the property, and the Note is the promise to pay. In a transaction where one spouse wants to take the loan out but both spouses want to take ownership, the bank will typically require both spouses on the Deed to sign the Mortgage. Then only the person taking the loan out will sign the Note, the promise to pay. The implication for the non borrowing spouse is that if the loan is not paid or goes into default, then the bank will still have recourse to sell the home to get repaid.
For most, real estate transactions are very personal because you are dealing with someone’s home where they live. First time buyers are especially nervous because this purchase is most likely where they will live and settle down.
Spodek Law Group P.C. will handle your real estate transaction with expertise while holding your hand through each step of the way. Our attorneys will guide you through this process and will do everything possible to make sure the transactions occurs smoothly.
Victoria Spodek is a real estate lawyer with Spodek Law Group P.C.
