Legal Question in Real Estate Law in New York

Re: Adding a name to a deed

Simple. Have them use a quitclaim deed form which can be purchased in any legal stationary store. They must sign as grantors . Grantees are all persons they are giving it to including themselves. File deed with county clerks office.

County clerk whill advise fee and any other document she needs.

Re: Adding a name to a deed

I do not agree with simply having your parents file a quit claim deed with their childerns' names on the deed as the new owners. First, there are transfer tax consequences for any transfer of title. The state and city taxing authorities both have forms that must be filed and the appropriate transfer taxes must be paid at the time any deed is recorded. There also is an issue whether or not a gift can be made in the first place where there is an oustanding mortgage and what transfer taxes should be paid. You should check with the state and city what the transfer tax will be prior to filing a deed to avoid liability or proceedings in that regard. Otherwise, the taxing authorities may seek transfer taxes from the new owners, which most likely wasn't expected.

Additionally, the fact that there is an outstanding mortgage complicates the situation even more. The lender can consider the transfer of ownership an actual sale causing the mortgage to become due. Again, I am sure this wasn't an intended consequence. Also check with the lender before doing anything.

I would consult with a lawyer experienced in real estate transactions, as well as estate issues, since this situation sounds like it probably should be handled in a will or trust to avoid the issues set forth above.

Re: Adding a name to a deed

I agree with attorney Eisenberg's reply. There are several consequences to the act of conveying title by deed. You should discuss those consequences with an attorney.