Legal Question in Real Estate Law in New York

Transferring Ownership.

I currently own 50% of a house. The other owner does not want any part of the house for exchange of 100K that will be paid of over time. He is very bad with money and dont want to blow it. His main concern is that he will be able to live in the house for rent free for the next 5 years. Current house does not have any mortgage just back tax and water lien that i am paying off. Property is a 2 fam house. Goal is to transfer it out of his name into a llc that i will be the sole owner and give him a promissory note. How can I approach this.

Asked on 11/15/07, 9:15 pm

3 Answers from Attorneys

Michael Markowitz Michael A. Markowitz, PC
0 users found helpful
0 attorneys agreed

Re: Transferring Ownership.

You would handle this like any other real estate transaction, contract and deed. However, unlike a real estate matter you would also need a lease agreement. Furthermore, the lease agreement would also have to be filed with the County Clerk.

If you desire, you can contact my office and I can represent you in this transaction.

Mike.

Read more
11/16/07, 8:27 am
richard feldman richard d. feldman
0 users found helpful
0 attorneys agreed

Re: Transferring Ownership.

What you are really talking about is a private mortgage

you can then protect your interest in the property however why would you let anyone live rent free without paying the carrying charges

Read more
11/16/07, 8:42 am
Steven Czik CZIK LAW PLLC
0 users found helpful
0 attorneys agreed

Re: Transferring Ownership.

It seems like you would need to draw up a contract stipulating the intricacies of your specific agreement with the co-owner. This area of law is our specialty, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

Law Offices of

STEVEN J. CZIK, P.C.

The Soho Building

101 Avenue of the Americas ● 15th Floor

New York, New York 10013

212.413.4462

czik@ovedlaw.com

The information provided by The Law Offices of Steven J. Czik (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.

Read more
11/16/07, 10:40 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in New York

Looking for something else?

Get Free Legal Advice

88222 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now