Legal Question in Real Estate Law in New York
Queens NY Deed Property From Estate
There are two heirs to the property A and B. A is also the executor. B wants A to take back the mortgage. A is open to this option. A knows the estate can deed the property to B and A get a promissory note/mortgage from B. Q-If this is done, are there regular closing fees? Is this a regular closing? If not, what fees can both sides (seller and buyer) expect? Sale will be approx. 200k.
Thank you
Asked on 1/29/09, 12:55 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Queens NY Deed Property From Estate
In essence it is a regular closing - without a bank.
Generally, the closing costs would be a title fee, a fee to file the deed and mortgage, a mortgage tax and a transfer tax.
Mike.
Answered on 1/29/09, 1:13 pm