Manhattan Interfamily Property Transfer Lawyer
Many different circumstances can require a property owner to transfer property to a family member or even a close friend. An experienced interfamily property transfer lawyer can help ensure that proper documentation is prepared and that a record of the transaction is on file with both New York City and the state.
Our New York interfamily property transfer attorney, David B. Schachter has significant experience handling these transactions for clients. Interfamily property transfer involves not a traditional closing, but rather a "mini-closing" in which an attorney must prepare a transfer document and deed. Please contact us for more information as to whether an interfamily transfer of property it is the right option for you.
There are countless situations in which the transfer of property to a family member may be necessary. For example, a person may be experiencing financial strain and feel that they are going to be unable to manage future payments, so they want to transfer the property to a sibling or child who is willing and able to make the mortgage payments.
Another instance may involve a property owner who has some equity and wants to cash out. They may not wish to sell the property on the open market, and instead choose to transfer it to a relative who will then take over its day-to-day management.
Lastly, there can also be domestic reasons for an interfamily transfer of residential or commercial property, such as divorce or estate planning. For example, perhaps a stepfather and daughter are both listed on a title to a property, yet the daughter may be concerned because her stepfather’s will has his biological children listed as beneficiaries, thus jeopardizing her full stake in the property.
No matter the situation, please contact us to learn more about interfamily property transfer or general contract matters in New York.
