Adding a Name to a Deed
In the state of ny, what needs to be done to add a name to a deed? what are costs? do you need a lawyer? thanks.
In the state of ny, what needs to be done to add a name to a deed?
what are costs? do you need a lawyer? thanks.
I haven’t even sent you my information yet — how can you add me to the deed?
I don’t know if this advice will be relevant since it is a condo, but when I had to get someone’s name OFF my coop shares (not off the mortgage) it took TWO YEARS. I had to contact the bank because they physically hold the shares in some vault in the midwest somewhere. They were nearly impossible to get through to — took a year of trying. Then another three months before they responded. It was insane. Eventually, the bank’s regular old attorney in NYC who deals with coop closings, our coop lawyer, me, and my own lawyer sat down and did it, and as I recall I paid $3,000 or $5,000 or so in fees — just like a regular closing. Insane. (I did NOT refinance.) But since you are ADDING a name, maybe they can just add it.
I would think just a title company. Call one and see – they tend to give free advice.
condo
Is this a coop?
There are also gift tax implications if there is no consideration for the added name buying into the ownership. Definitely consult a lawyer and talk to your accountant.
it depends on who you are adding and why. Yes IMO get a lawyer. There is a cost to recording the amended/new deed and taxes due on transfer value.
Sometimes a quit claim deed is cheaper or other ways to get the same result(recording a will for example)…