Legal Question in Real Estate Law in New York

Queens NY Deed Property From Estate

There are two heirs to the property A and B. A is also the executor. B wants A to take back the mortgage. A is open to this option. A knows the estate can deed the property to B and A get a promissory note/mortgage from B. Q-If this is done, are there regular closing fees? Is this a regular closing? If not, what fees can both sides (seller and buyer) expect? Sale will be approx. 200k.

Thank you


Asked on 1/29/09, 12:55 pm

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

Re: Queens NY Deed Property From Estate

In essence it is a regular closing - without a bank.

Generally, the closing costs would be a title fee, a fee to file the deed and mortgage, a mortgage tax and a transfer tax.

Mike.

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Answered on 1/29/09, 1:13 pm


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