Legal Question in Real Estate Law in New York

I want advice and help with a sales aagreement. I am selling my NY property to my daughter with a gift of equity to cover all loan costs and downpayment ( and sales transfer tax). the price would be 70% of market value with no out of pocket. The title is held by myself and wife and the 1st mortgage is in my son's name. Will there be tax problems ahead nd how can i get help preparing the agreement?


Asked on 8/23/11, 9:46 pm

2 Answers from Attorneys

I can't think of a clearer example of when a person absolutely needs to hire a New York Real Estate Lawyer. There are a number of tax issues involved with this transfer. You should definitely run this transaction past an experienced real estate and tax lawyer to vet out all of the issues and map out the best way to approach it.

I usually give advice in Lawguru but in this case, the best advice I can offer is to hire 2 attorneys - one for the tax issues and one for the real estate issues.

Hope that helps.

Best,

Christopher

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Answered on 8/23/11, 11:40 pm
Steven Czik CZIK LAW PLLC

We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

CZIK LAW PLLC

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New York, New York 10013

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The information provided by Czik Law PLLC (CLP) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. CLP is not taking and will not take any action on your behalf and will not be considered your attorney until both you and CLP have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain CLP on terms acceptable to CLP, you are advised to immediately seek the services of another attorney.

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Answered on 8/25/11, 9:37 am


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