Legal Question in Real Estate Law in New York

Re: Transfer of house from parents to myself

A Deed and transfer tax forms need to be signed, notarized and filed. Since your parents are making a gift, the recording and tax fees will be minimal. However, be aware that your parents are making a gift to you. This has ramifications to your parents and a gift tax return may be required to be filed. You do not indicate what is the value of the house, so what potential gift tax consequences there may be cannot be answered at this time. Also, since you are receiving a gift, you take over your parents cost basis, so if the house is sold by you and it is not your principal residence, there may be income tax consequences also. I can assist you in the Deed and recording tax matters, plus discuss any gift orn income tax consequences, if any. You can call me at (973)-377-3313 or e-mail me at [email protected] if you need help.

Walter

Re: Transfer of house from parents to myself

A deed need be prepared and filed. in addition, there are certain tax documents that will also have to be filed.

Daniel Clement

Re: Transfer of house from parents to myself

A "Quit Claim Deed" is all that is required, plus the paper work required by the County Clerk's office for filing. Since there is no new mortgage there will be no mortgage tax, likewise since there is only a transfer between family members, there is no transfer tax, only filing fees.