Legal Question in Real Estate Law in New York
Hello. Back in the 80s, my dad and my uncle bought a house together. My uncle lent him the money and until my dad pays him off, the house would be in his name. Flash forward to 2014. My dad has finally paid him off and because of several disputes between them, they've stopped talking to each other and the house is still in my uncle's name. My uncle wants to pass the house on to his son and my dad wants to pass it on to me and my brother. They're leaving us to negotiate how we can split the house fairly because my dad and uncle cannot stand seeing each other anymore. What's the best course of action that me and my cousin can take? We were thinking of having my uncle give half of that house to us as a "gift" but that has already been done with a previous house in which my uncle also lent money to my dad.
2 Answers from Attorneys
Need a new deed adding your dad. This is not a gift, since $ was paid.
I agree with David, and new Deed should have several inclusions:
1. Acknowledge that Dad has paid half of the original consideration.
2. Deed should be for a nominal amount of consideration (like $100.00)
3. Deed should show Dad and Uncle as equal tenants in common. This allows each of them to give his share to his family. Eventually cousins will become owners.
This is a reply to an Internet question and the response is for informational purposes only, and is not intended to be legal advice or as creating an attorney-client relationship.
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