Deed Changes or Transfers
There is more to a deed change or transfer than merely preparing and signing a new deed. Tax and estate issues must be considered. It is strongly recommended that you consult with your accountant before proceeding with the deed transfer. Under certain circumstances, a transfer tax must be paid. A failure to consider these aspects can be extremely costly.
If you have a mortgage, you should first obtain the permission of your lender before making a change to your deed.
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.
Our fee to make the deed change for a one or two family house or condo is $950. In addition there will be expenses to record the deed. Those expenses are typically approximately $500.
The transfer the ownership of a coop is more complicated because you need to get approval of the coop board. Our fee in such a situation would depend upon the facts of the situation.
For more information, call us at (718) 625-0800 to schedule a free consultation.