Legal Question in Wills and Trusts in New York

Re: deeds

All that is needed is a new deed to be filed listing both you and your daughter as joint tenants with survivorship rights.

(But be aware that there may be tax implications: the land could be considered a gift resulting in gift tax. The first $10,000 of a gift if exempt from taxation. Please note that you could convey your daughter a parcel of land in the amount of $10,000 a year to avoid this tax. (Before the end of 2002, you could give her a $10,000 parcel tax free and then January 2003, you could gift her another $10,000 parcel tax free.))

When your daughter buys the house, then another deed will be filed with only her name on it.

However,

Re: deeds

You will need a new Deed to add your daughter. I suggest you add her by stating that you and she are the new owners as "joint tenants with right of survivorship". This will get her on the Deed and should you predecease her, she automatically becomes the owner. If she predeceases you, ownership reverts back to you. When she buys the house from you, both of you will need to file a new Deed putting her name as new owner alone.