Purchasing a property can be an intimidating process, and there are many questions to consider, such as how to choose and finance the property, and the paperwork and regulations to consider. It's essential to have a legal team versed in local and state laws to ensure a successful purchase. Here, we'll cover how property ownership works, the different types of interest in a property, how to acquire that interest, and how a New York law firm can help.

What is Property Ownership?

Property ownership is a legal concept that grants title to a person or entity. A property owner typically has the right to use, possess, convey, or lease the title. Types of property ownership include sole proprietorship, tenant in common, joint tenancy, partnerships, and corporations. Property ownership involves many legalities, and it's crucial to understand these laws before making a purchase.

Types of Interest in Property

There are two types of interest in a property: legal title and equitable title. Legal title is the legal right to possess, use, or convey a property, and it is granted by the deed. Equitable title is a non-possessory interest in property and grants ownership rights to a third-party, such as a beneficiary.

How to Acquire Property Interest

The process of acquiring property interest depends on the type of interest desired. To acquire legal title, a buyer will need to acquire a deed from a seller. The deed is a legal document that transfers title from the seller to the buyer. The deed must be legally and properly recorded to be valid. Depending on state laws, the buyer may also have to pay taxes at the time of purchase.

To acquire equitable title, the buyer must enter into a contract with the seller. The contract must contain all of the necessary legal terms to ensure that the buyer is legally entitled to the equitable interest in the property. After the contract is completed and signed, the buyer must record the document.

How Can a New York Law Firm Help?

A New York law firm can help with the purchase of a property by providing legal counsel and advice. An experienced attorney will be able to guide you through the entire process, from reviewing documents to ensuring that proper paperwork is completed. A lawyer can also help you obtain a deed or negotiate with the seller. Navigating the legal system in New York is highly recommended, as a lawyer will be knowledgeable about local and state laws.

Finding the right team of professionals to assist with a property purchase can feel overwhelming. To ensure a successful purchase, it's invaluable to have a legal backing to ensure that all legal paperwork is completed properly. At UpCounsel, we partner with experienced attorneys that have extensive knowledge of legal regulation in New York. With UpCounsel, you are able to access legal counsel on demand, and you are not locked into any contracts.


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