Legal Question in Real Estate Law in New York
co ownership
My friend and I agreed to co-own a house she just bought 3 years ago. What do I need to do in order to obtain official co-ownership of the house i.e. does a contract suffice or should I ask that title be changed to include my name? Could we do this without hiring a lawyer?
3 Answers from Attorneys
Re: co ownership
Title in the deed must include your name. You can change a deed without a lawyer. However, it can be tricky. Therefore, it is easier just to retain a lawyer. The fee for a change in a deed is minimal.
Mike.
Re: co ownership
You need to file a new deed with your name on it.
The services of an attorney will spare you from making mistakes that mayu prove copstly.
Good Luck
RRG
Re: co ownership
The process is rather simple, assuming you have an experienced real estate attorney handling your file. Of course, you could always do it yourself by obtaining the necessary forms from a stationery store. Either way, you sould draft up a new deed reflecting the new changes and have the necessary papers 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.
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Property deed how do I add a name to the deed? Asked 9/20/07, 4:53 pm in United States New York Real Estate and Real Property