Legal Question in Real Estate Law in Pennsylvania

Re: Transfer of deed

Are you using a title insurance company for the purchase of the house? Unless you don't care about the possibility of losing the additional lot to claims of others, you really should have title insurance on the lot as well as the house. The title insurance company may be able to help you with the Deed from the seller, or will be able to refer you to an attorney who can prepare the deed. Most title companies include deed preparation in their services.

You also should attribute a value to the lot separate from the lot with the house on it. If you ever sell the lot only, you will heed a "basis" for purposes of reporting a gain or loss. A $1.00 deed does not provide sufficient information for your tax records.

I would highly recommend that you seek a local real estate attorney to advise and assist you, even though the closing is only a few days away.

Re: Transfer of deed

you should ccheck with th etille company

Re: Transfer of deed

First and foremost, before you sign anything, retain an attorney and hire a Settlement / Title Company. If you don't, you might not buy viable title to the property. Meaning the property may have several thousands of dollars owed on it, which you inturn would be required to pay. Additional, you are still responsible for paying transfer taxes in the Commonwealth of PA...they range anywhere from 2-5% failure to pay these taxes will prohibit you from transfering title / ownership of your property.

Contact my office today, if you desire help in this matter.

Sincerely,

Marc V. Taiani, Esquire

AAAL - Allegheny Attorneys At Law, PC

412.731.0865 (Office)

412.731.0866 (Fax)

www.AlleghenyAttorneys.com

Re: Transfer of deed

I agree with the other authors that you should have both lots' title checked by a local title company, to assure you are getting good title to both properties. Another question to check is whether or not this separate transfer may constitute a "Minor Subdivision" (splitting ownership of lots owned by a common owner) which might require Zoning Board approval. You may need to do this anyway, now or later, if you ever want to sell the lots separately.