Legal Question in Real Estate Law in New York

transfer of deed

i owe my parents a significant amount of money. i own a condo in nyc and was considering giving them the rights to the condo (deed?) as a trade-off.. is this legal and if so what type of deed is this? what are the first steps?


Asked on 7/14/09, 2:47 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: transfer of deed

Yes, it is legal. It is a bargain and sale deed, the consideration being the money owed to the parents.

However, is there a mortgage on the condo? The mortgage should be satisfied for the parents to obtain good title to the property.

Mike.

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Answered on 7/14/09, 3:56 pm
Robert Roemer Robert Roemer

Re: transfer of deed

This should been done in a business way like the repayment of your prior loans should be documented,etc.If you need my assistance in this transaction e-mail me your phone number or call me.

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Answered on 7/15/09, 6:42 pm


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