Key Takeaways
- New York recognizes tenancy in common, joint tenancy, and tenancy by the entirety
- Tenancy by the entirety is only available to married couples and provides creditor protection
- Joint tenancy requires four unities: time, title, interest, and possession (TTIP)
- New York is a separate property state, not a community property state
- Co-ops are common in NYC and involve ownership of shares in a corporation
Last updated: January 2026
Property Ownership in New York
Understanding property ownership forms is essential for the NY exam.
Important: This section covers New York-specific content only. For national property concepts, see our Real Estate Salesperson exam prep.
Co-Ownership Types
Tenancy in Common (TIC)
| Feature | Detail |
|---|---|
| Default form | If not specified |
| Unequal shares | Allowed |
| No survivorship | Interest passes by will |
| Freely transferable | Can sell share |
Joint Tenancy
| Feature | Detail |
|---|---|
| Equal shares | Required |
| Right of survivorship | Surviving owner inherits |
| Four unities | TTIP required |
| Can be severed | By sale or partition |
The Four Unities (TTIP)
| Unity | Meaning |
|---|---|
| Time | Acquired at same time |
| Title | Same deed/document |
| Interest | Equal shares |
| Possession | Equal right to possess |
Memory aid: TTIP = Time, Title, Interest, Possession
Tenancy by the Entirety
| Feature | Detail |
|---|---|
| Who | Married couples only |
| Survivorship | Automatic |
| Creditor protection | Individual debts can't attach |
| Cannot sever | Unilaterally |
Separate Property State
New York is NOT a community property state:
| Concept | NY Rule |
|---|---|
| Marital property | Equitable distribution |
| Separate property | Stays with owner |
| Division | Court decides "fair" |
| Not 50/50 | Unlike community property |
Co-ops (Cooperative Ownership)
Very common in NYC:
| Feature | Detail |
|---|---|
| Ownership | Shares in corporation |
| Not real property | Personal property (shares) |
| Proprietary lease | Right to occupy unit |
| Board approval | Required for sales |
| Financing | Share loans (not mortgages) |
Co-op vs. Condo
| Feature | Co-op | Condo |
|---|---|---|
| Own | Shares + lease | Real property (unit) |
| Financing | Share loan | Mortgage |
| Board approval | Extensive | Limited |
| Taxes | Through co-op | Individual |
| Transfer | More restricted | Less restricted |
Condominiums
| Feature | Detail |
|---|---|
| Ownership | Unit + common elements |
| Real property | Yes |
| Financing | Standard mortgage |
| HOA | Common charge fees |
| Transfer | Less restrictive |
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Test Your Knowledge
What are the four unities required for joint tenancy?
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Test Your Knowledge
In a New York co-op, what does the buyer actually purchase?
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B
C
D