Legal Question in Real Estate Law in New York

transferring deed?

Hi. About 6 years ago I purchased a two family home with my wife. About four years ago my parents moved in to the upstairs apartment. My wife and I have recently divorced and she has moved out. It divorce was totally amicable, and we are still on very good terms. While we were together, she had paid much of the mortgage over thee last few years (because at the time she earn substantially more than me). Since she is no longer living there, she has agreed to let me and my parents purchase the house from her. She would like $20K which is completely fair. So my question is this:

my parents have the $20K. We would like to simply give her that money, so that we don't have to re-mortgage the house and have the mortgage payments go up. What is the best way to do this?


Asked on 9/23/07, 8:26 am

1 Answer from Attorneys
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: transferring deed?

Enter into a proper and binding contract with her whereby she assigns/transfers/conveys all her rights, title, interest, etc. in the property for $20k TO YOUR PARENTS (you already own 1/2).

Then you and her sign a quit claim deed from you and her to YOU and YOUR PARENTS. Then file it w/ ancillary docs that must accompany it and filing fees.

You and your parents need to decide how you will hold title. As Joint Tenants w/ right of survivorship or tenants in common. Also, the percentage that each of you own. Do you now own 50% and they own 50% together? Or something different? Must go on the deed.

Also, if your parents are elderly or concerned with "Estate planning" (medicaid) it's possible they shouldn't go on the deed at all.

I suggest hiring an attorney for this transaction. The fee will be minimal and well worth it.

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Answered on 9/23/07, 10:43 am


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