Legal Question in Real Estate Law in New York

family home inheritance

I have inherited a small percentage of a family home. Another family member (who owns a large percentage and has been living there for many years) is buying me out. What expenses am I obligated to pay? Is a formal closing or contract mandatory? What legal documents are mandatory for this transfer?


Asked on 3/10/08, 12:21 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: family home inheritance

Q. What expenses am I obligated to pay?

A. The transfer tax.

Q. Is a formal closing or contract mandatory?

A. No.

Q. What legal documents are mandatory for this transfer?

A. A deed (that states the consideration paid) and Equilization and TP 584 form (or in the city an ACRIS transfer document).

Mike.

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Answered on 3/10/08, 12:40 pm


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