Legal Question in Real Estate Law in New York

Selling half of house

I lived with my former partner for 12

years and when the relationship

ended I sold him my share of the

house. Now he is giving me paper

work to fill out so my name can be

removed from the deed. One of the

forms he has given me is TP-584 -

Combined Real Estate Transfer Tax

Return, Credit Line Mortgage

Certificate, and Certification of

Exemption from the Payment of

Estimated Personal Income Tax -

New York State. He has put in the

form the amount he paid me. Why

do I have to fill out and sign this

form? Does that mean that I will

have to pay New York state taxes on

the money he paid me? What

happens if I don't sign this form?

How can this form have anything to

do with my name coming off the

deed? He already had me sign a

Quitclaim Deed. I also have a form

called RP-5217 Real Property

Transfer Report and a Suffolk County

Recording and Endorsement Page.

Shouldn't these be enough to get my

name off the deed?


Asked on 3/19/07, 9:32 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: Selling half of house

All of the forms are required in order to record the deed.

As far as taxes are concerned, if you lived in the house for at least two of the last five years prior to the sale, you are allowed up to a $250,000 capital gain tax free.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.

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Answered on 3/20/07, 6:55 am


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