There is more to a deed change or transfer than merely preparing and signing a new deed. Tax and estate issues must be considered. Under certain circumstances, a transfer tax must be paid. A failure to consider these aspects can be extremely costly.
To change a deed, several forms must be completed in addition to the new deed. If the property is located anywhere in New York State, a TP-584 and related forms must be completed. If the property is located in certain cities or towns, such as New York City, additional forms, such as an RPT, are required.