Legal Question in Real Estate Law in New York

Ownership under quit claim deed
A few years ago my parents bought a vacation house in Florida. A couple of years later they decided that they did not want to continue owning the property.

Instead they offer to transfer it over to me and I would continue to pay the mortgage. From that moment on the mortgage became under my name, with my father as the cosigner. We prepared a quit claim deed that says

''This Quit Claim Deed, exectued on 27th of May, by father and mother,to his son, with rights of survivorship''.

Now I am interested in selling the apartment. My question is whether the property is under my name solely or if it's owned jointly. When the apartment is sold, would the check be addressed to me only, to the three of us, or to the two people (myself and my father, the cosigner) that the mortgage is under? This would have tax implications that we would like to know about.

Thanks!

Asked on 8/04/03, 11:34 am

2 Answers from Attorneys

Walter LeVine Walter D. LeVine, Esq.

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Re: Ownership under quit claim deed

If the Deed is in your name alone, the property could be sold by you, with the mortgage being paid off at the closing. However, since you include the words "with right of survivorship", it might be that all 3 names are included. I cannot tell without seeing a copy of the Deed. You could FAX it to me at 973-377-8167 and I will look at it and respond. Depending uponn actual title, that is who check would be made payable to. Tax ramifications depend upon whether it is anyone's primary residence and when originally purchased, original cost and other information not available. More information is needed.

Answered on 8/04/03, 1:03 pm

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