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