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?
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
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.
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