Legal Question in Real Estate Law in New York

Re: Quit claim deen

It is usually not used in these instances but can be, but you also need to file the appropriate recording instruments with the E&A and Tax return with the deed.

Good Luck

RRG

Re: Quit claim deen

A quit claim deed is simply a deed that says that the grantor does not claim to own any particular interest in the property affected, but that whatever interest is owned is transfered by the deed to the Grantee. Therefore, by all means, have your brothers sign a Quit Claim Deed with the proper property address and legal description. It must be notarized to be recorded, and you will definitely want to record the deed at the office of the county recorder.

All that being said, putting deed in our names while you mom was still alive was not a wise tax move. Your basis in the house, now, is the same as your mother's basis. Had she either deeded you a remainder interest in the house, or place the house in trust to have the trustee convey the house after her death, your tax basis in the house would have been the value of the house on the date of your mother's death.

You and your brothers have the opportunity to be smarter about your estate planning than your parents were. I recommend you get and read "Create Your Legacy & Save the American Middle Class" This short book is written in plain English for the non-professional and it explains everything you need to know to protect yourself and your loved ones from the financial problems that come with death and disability. Read it and give it to your brothers to read. They'll thank you. You can find the book at www.YourLivingLegacy.info.

Good luck.