Legal Question in Real Estate Law in New York
Putting my home in a corporation name
My husband and I share title on our primary home. Can we change the ownership to a corporation? If so, do we have to go thru an entire ''closing'' to do this, and what are the major ramifications in doing this. I would asssume that our insurance coverage on our home would also have to change.
1 Answer from Attorneys
Re: Putting my home in a corporation name
If you have a mortgage, this too might be in jeopardy as ownership may not be cahnged or else it will jeopardize the position of th elnder and the mortgage might be called.
There may also be tax consequences. Insurnace, by definition, since the insured is different, must change. Sole will your STAR exemption, which is not available to a corporation.
Feel free to leave your phone number for a free quick phone consult.
Good Luck
RRG
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