Legal Question in Real Estate Law in New York

Real Estate - Title Transfer

I live in NY City. I own a condo, with the title under my name and my wife's name. The mortgage is under my name.

I would like to sell the condo. The buyer is a family trust. The trust is under my name, plus my two sisters.

Question-1: since I own the condo already, does the trust need to buy the property again or is this a case of a title transfer? The trust would like to save money on closing costs and I would like to save money selling.

Question-2: are the options that I should pursue?

THANK YOU VERY MUCH


Asked on 9/09/03, 1:39 pm

1 Answer from Attorneys
Seth Kaufman Seth M. Kaufman

Re: Real Estate - Title Transfer

You do not give enough details about what you are trying to accomplish. Also, your language indicates that you may not be applying the concept of a trust properly. That being said, I will tell you that a grantee generally does not necessarily have to "buy" a property to acquire title to it. However, this may or may not be the case for what you are trying to do. You need to consult with an attorney about this before doing anything. Feel free to call me at 212-367-9167. I do not charge a fee for the initial consultation.

Read more
Answered on 9/09/03, 1:49 pm


Related Questions & Answers

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