If someone is gifting a house to me, what kind of paperwork has to be drawn up?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If someone is gifting a house to me, what kind of paperwork has to be drawn up?
Asked on August 11, 2012 under Real Estate Law, New York
Answers:
Roman Aminov / Law Offices of Roman Aminov
Answered 12 years ago | Contributor
An attorney should assist you in preparing a deed, transfer tax forms for both NY state and NY city. Additionally, the person making the gift will need to file a gift tax return next year.
S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This depends on what County you live in. If you live outside NYC and the boroughs then you need a deed, a RPTL-5420 form which is for transfer tax. There is no tax but you still have to file it. You also have to fill out a TP-584 triplicate form. The most importaant form is the deed and must be properly prepared. You must follow the exact chain of title. The person giving it to you must use the same name on the deed, even with initials. In the City there are additional forms that must be filled out. I would contact an attorney to do this for you, it is not a great expense and this way you are sure to do it correctly.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.