Legal Question in Real Estate Law in New York

Re: Add my name to my fathers deed

A Quit Claim Deed with Reservation of a

Life Estate is the most common means.

Depending upon the valuation of the property

and other lifetime gifts, there probably

will be no gift tax currently payable.

Currently the amount in question is

$ 675,000.00

The Basis in the Property remains the same.

Due to the nature of the transfer, there

will be no step up in basis for the new

owner and the potential for capital gains

does arise. This will probably be eliminated

in a two year period, but this again

should be confirmed at the time of the transfer

An attorney should be retained to arrange

the transfer to answer all the above and

ensure that the transfer is done properly.

Re: Add my name to my fathers deed

There should be no problem changing the ownership of the property from your father to you and your father. You will have to pay a nominal fee to have the new fee recorded. Recording fees depend on the number of pages in a deed. Also, you should have the deed prepared by an attorney who regularly handles real estate matters. I would set up the ownership as "joint tenants with right of survivorship." This way the house will pass to you when your father passes on. I would suggest you do this as soon as possible, because of your father's advanced age.