Legal Question in Real Estate Law in New York

Re: adding spouse to deed

To include your spouse on the title, you would normally use a "quitclaim" deed to transfer from you to you and your spouse. You need to determine how you want to hold title--tenants in common, joint tenants, or tenancy by the entireties as they each have difference results in the event of death.

Typically, you will not be assessed any transfer taxes as a husband and wife are considered a "single entity" for tax purposes.

You do need to be careful about making the transfer as far as your mortgage company is concerned. If your mortgage has an alienation clause (anti-assignment), then a transfer without their permission may result in a default under the mortgage which can result in foreclosure.

You should have an attorney review the mortgage for you to determine what needs to be done to protect yourself.

Re: adding spouse to deed

The process is rather simple, assuming you have an experienced real estate attorney handling your file. An attorney should draft up a new deed reflecting the new changes and have the necessary paperwork recorded in the county clerk's office where the property is located. There is a fee to file a deed. The amount of the fee depends on the county. You will also need to file a TP584 form and an E&A form along with the deed. If the property is in NYC, you will have to prepare the form using an ACRIS account. The whole process, without an attorney, should cost less than $200.

By way of background, our office is a full-time Real Estate firm that has been around for over 70 years. We handle these matters day in and day out. Please contact my office for further information. We would love to handle this one for you.