Legal Question in Real Estate Law in New York
Deeds
After my Father died he left his house to my sister in the deed and on the will. She wants me to have 1/3 of the proceeds from it once it is sold. Do we need a new deed? Or can we use another legal document such as a GENERAL AFFIDAVIT BEFORE A NOTARY.
Thanks For Your Help
2 Answers from Attorneys
Re: Deeds
Perhaps I misunderstand your question, but once your sister sells the house that she owns, she may give you any portion of the proceeds that she likes. Keep in mind, however, that a gift tax return may need to be filed.
Re: Deeds
If you are asking how you might enforce your sister's promise to give or "gift" you a portion of the proceeds, upon sale of "her" house, the answer is that you probably can't. Unless there is a writing, in the nature of a contract, that includes [some] "consideration" for what your sister is giving you, the promise of a gift is generally unenforceable.
If you are asking whether your "promised" gift can be "assured" by having your sister add your name to the property title prior to her sale of the property;... then, a "new" Deed is required that reflects the transfer from the current titled owner, to you and .... The Deed must also be notarized, filed and recorded, with supporting tax returns, other docs and the payment of costs, fees, taxes and disbursements.
Good luck,
Phroska L. McAlister,ESQ