Legal Question in Real Estate Law in New York

buying property from parent

Is there such a thing as ''transferring'' or buying your parent's home for $1 ? What is necessary to purchase the family home from the parent, yet make sure the parent is still taken care of? *Life use, etc. Is a lawyer necessary for each party, or can the buyer just do the paperwork? Does this disqualify the parent (72 yr old woman) from receiving any programs from the county? She is trying to survive on a very small amount of social security per month.

Thank you.


Asked on 2/10/06, 10:06 am

2 Answers from Attorneys
Savyon Grant Law Office of Savy Grant

Re: buying property from parent

Yes you can transfer a property for $1. Parent can still get aid since it will remain their residence.

You can always create an agreement between the parent and children which states that the parent has the right to remain in home until their death.

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Answered on 2/10/06, 2:50 pm
Peter Moulinos Moulinos & Associates LLC

Re: buying property from parent

You can have the property transferred into your name subject to a life estate to the parent. This allows them to live and use the premises for their entire life. A side agreement reflecting the transaction is also advisable and yes, you should have an attorney do this for you.

Feel free to contact me should you have any questions or require further assistance on this matter.

Kind regards,

Peter Moulinos

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Answered on 2/10/06, 10:13 am


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