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Real Estate Law Blog
Real Estate Law Blog
Blog
How to Add Someone to the Deed of My New York Home as a Joint Owner
Posted on November 26, 2017 at 5:04 PM |
Whatever the reason, you will need to retain an attorney, experienced in
real estate, to draft a new deed conveying your home to yourself
and the person you wish to add to your title. In addition to the deed,
your attorney will also need to prepare transfer tax returns. While there is no
transfer tax due on conveyances which are considered gifts, (i.e. no money
given for the conveyance) the returns must still be prepared and filed with the
county clerk when the deed is recorded. Review your mortgage documents or contact your lender before initiating the
process to change your deed. If you transfer your interest in the property, or
a share of it, to someone else without the lender's permission, it may exercise
the loan's due-on-sale clause. Even if the person you're adding doesn't give
you money for ownership in your property, the lender still may view the
transfer of ownership as a sale and can demand payment in full. Depending on
your financial situation, this issue may cause you to reconsider making the
addition. If your mortgage contains a due upon sale clause, talk to your lender
about adding someone to your deed. Some financial institutions give consent,
allowing you to add another person to your property deed without requiring you
pay off your loan. How your new deed is drafted will determine your type of joint ownership. There
are three ways to take title to the deed in New York depending on the language
used in your deed, and they are as follows: (1) joint tenants with rights of
survivorship, (2) tenants in common, or (3) tenants by the entirety. Your
attorney can advise you as to which type of joint ownership is appropriate in
your case. The Law Office of Jeanne M. Reardon
assists New York property owners with strategies to protect and pass on their
homes and real estate investments. To speak with an experienced New
York deed attorney, call us at (516) 314-8433 or e-mail us. To learn more about our deed transfer services
visit us at: www.jreardonlaw.com/Deed-Transfer.html |
Categories: Deeds
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