This form is a Joint Tenancy Deed where the grantor is an individual and the grantees are husband and wife.
In New York State, a Joint Tenants with Right of Survivorship (TWOS) deed is a legal arrangement that allows multiple individuals to own a property together. This type of deed carries specific rights and responsibilities for the parties involved. Under a TWOS deed, co-owners are considered equal owners of the property. If one owner passes away, their share automatically transfers to the surviving owners without going through the probate process. This feature makes TWOS a popular choice among married couples and family members looking for a seamless transfer of property upon death. In New York State, there are two main types of TWOS deeds: 1. Joint Tenants with Right of Survivorship (Regular): This is the standard form of TWOS deed commonly used in New York State. It establishes an equal and undivided interest in the property for all co-owners. If one co-owner passes away, their share automatically transfers to the remaining co-owners. 2. Joint Tenants by the Entirety: This type of TWOS deed is exclusive to married couples in New York State. It provides additional protection from creditors, as the property is considered a single entity owned by the married couple. If one spouse passes away, their share automatically transfers to the surviving spouse. When creating a TWOS deed in New York State, it is vital to consult with an attorney who specializes in real estate law. They can guide you through the process, ensure that the deed complies with all legal requirements, and properly record it with the appropriate county clerk's office. Keywords: Joint Tenants with Right of Survivorship, TWOS deed, New York State, property ownership, equal owners, probate process, seamless transfer, married couples, family members, undivided interest, deceased co-owner, Joint Tenants by the Entirety, married couples, additional protection, creditors, real estate law, attorney, legal requirements, county clerk's office.
