Legal Question in Real Estate Law in New York

Re: transfer of ownership

Unless there are additional facts that I am not aware of, the alleged attorney is wrong.

I don't know why she/he would tell you to refinance. You may have three names on the deed.

Also, keep in mind that your father may have to file a gift tax return, but it is likely that no tax will be due.

Re: transfer of ownership

Such nonsense...there may be some tax implications but there is no refiance or anything needed execpt a filing fee for the deed.

Add as many owners as you;d like.

Good Luck

RRG

Re: transfer of ownership

I am unaware of any of these limitations. It appears your father is gifting the house to you and your siblings. You do not say if any or all of you will be living there or not, although this has no bearing on your question, other than to alert you to some tax ramifications that you should be aware of, as a result of the gift. You do not state how the ownership by the siblings should be handled? My suggestion is to contact a local attorney familiar with real estate. A simple gift Deed can be prepared. Regardless of who may live there, I am presuming that the ownership between the siblings will be equal. The Deed should read that your father, the Grantor, is giving the property to you and your husband, as tenants by the entirety (survivorship between spouses), if your husband is going to be on the Deed, and as equal tenants in common with each of your siblings. So, if there are 3 siblings, each will own 1/3 of the property. If you have any questions, contact me directly.