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Old 02-13-2011, 06:31 PM
 
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My mother wants to transfer her house to me. The mortgage is paid-off and the house is located in NY. What's the best and least expensive way to accomplish this?
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Old 02-13-2011, 07:04 PM
 
Location: Beautiful Pelham Parkway,The Bronx
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The best way might not be the cheapest way.
The best way would be to get a reputable lawyer to make sure it's done and recorded properly so that the city gets it's transfer tax and so that there are no clouds on the title.
The cheapest way would probably be for your mother to sign a form quit claim deed to you.
I would strongly advise you take the first route.
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Old 02-13-2011, 07:06 PM
 
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Use a lawyer and also make sure you keep tax consequences in mind when you structure the transaction.
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Old 02-13-2011, 07:21 PM
 
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Quote:
Originally Posted by mwwiz View Post
My mother wants to transfer her house to me. The mortgage is paid-off and the house is located in NY. What's the best and least expensive way to accomplish this?
Sounds like you would need a quit claim deed. You could get them at a Staples office supply store or get with an real estate attorney to handle it. If you know this stuff well then you could handle it yourself. But if you are new to this type of thing I'd recommend you get with a real estate lawyer to handle the deed. If you decide to handle the deed transfer yourself check to see what is required for the state of NY.
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