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

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.


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Answered on 11/16/07, 8:27 am

richard feldman richard d. feldman

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

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Answered on 11/16/07, 8:42 am

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.

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Answered on 11/16/07, 10:40 am

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