Legal Question in Business Law in New York
Contract Law Question
If a land/ business owner did a deed transfer to a bank in lieu of foreclosure, would this transaction still legally be classified as a sale?
Asked on 1/12/07, 3:02 pm
2 Answers from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Contract Law Question
The word "sale" has different meanings for different purposes. If you are concerned about the income tax impact of the transfer, it is deemed to be a sale.
Answered on 1/12/07, 3:18 pm
Mark S. Moroknek
Kelly & Curtis, PLLC.
Re: Contract Law Question
I don't believe so since the bank is still entitled to the interest on the loan. The property lien is security for the loan and if it is used to repay the bank for the principal there is still a debt and it would be a partial repayment.
Answered on 1/17/07, 6:15 pm
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