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What else can I help you with?
When one spouse dies what happens to jointly owned property?
The surviving spouse becomes the sole owner.
Can condo owner's spouse who is not an owner serve on board?
Read your governing documents to determine the qualifications for board membership. Usually, this is condominium ownership. If your spouse is not 'on the title' for the unit as a legal owner, make this clear when nominating the spouse for board membership, which may disqualify him/her. Another option would be to add the owner's spouse to the title.
According to NY law if one spouse dies and the property was in both names who becomes sole owner of property?
That depends on how the title was described in the acquisition deed. If the couple acquired as joint tenants with the right of survivorship or as tenants by the entirety the surviving spouse will automatically become the sole owner of the property.
When a spouse who is a primary bank account holder dies would the other spouse who is the joint account owner have to closed the account?
When a spouse who is the primary bank account holder dies, the joint account typically remains accessible to the surviving spouse without needing to close it immediately. The surviving spouse can continue to use the account, but it's advisable to inform the bank of the primary account holder's death. Depending on the bank's policies and local laws, the account may eventually need to be updated to reflect the surviving spouse as the sole owner or closed if a new account is opened.
Does the Declaration of ownership extend beyond the sale of the Condominium units?
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
Do the heirs of a Tenancy in Common become TIC with the surviving spouse or are they remaindermen of a vested interest?
A person who inherits an interest in real estate would become a tenant in common with the surviving co-owner.
What is a resident owner of a condominium?
A resident owner owns the unit and lives there.
What do you call someone who owns an condominium unit?
Someone who owns a condominium unit is called an owner.
Can jointly owned property be willed to spouse with stipulations?
Property held in a joint tenancy automatically passes to the surviving owner. You cannot attach stipulations to it.
What credit score do condos want?
When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.
Our house is in joint names what do i need to do when my spouse dies?
You don't need to do anything. The deed on record shows that you are both owners as husband and wife, meaning most likely tenants by the entirety. This is like joint ownership with right of survivorship. When one spouse dies, the surviving owner automatically becomes the sole owner. No new deed is needed to confirm ownership in the surviving spouse. If you are selling that house, all you need to do to prove you are the sole owner is to produce a death certificate and sign what is called an affidavit of title, which among other things, confirms that you were married at the time of death of your spouse.
What is the legal difference between a hotel and a condominium resort?
Legally, a hotel is owned by a single owner and the property managed for the benefit of both the owner and guests. Each condominium unit is owned individually, and its association manages the business of the condominium.
