Ask Me Help Desk - Changing the deed to a house in NYC

Hi, new here so forgive me if I post this in the wrong forum. My question is - how do I go about changing the deed to a house in New York City? My parents names are on the deed currently, but my father passed away last August. I live in the house with my mother, she's 73 years old and disabled. She has no will and has made no effort to get one since my father's death. I want the house for myself and would like to change the deed now and put the house in my name. My mother says this is okay with her provided that if I ever sell the house, I'm to share the profits with my sister (married, two kids, owns her own home). That's fine with me. The mortgage was paid off five years ago and there are no liens or loans or anything against the house. How do I go about changing the deed now? Do I need a lawyer? Thank you.

The problem is more of a tax issue then a legal one. Essentially your mom is gifting you a half interest in the home (assuming you change the deed to joint tenants with right of survivorship) So there may be some gift tax consequences. As for the actual change of ownership, a title company can handle that for you.

Thanks for the quick response. My idea was to put the house in my name solely and have my mother listed as a resident tenant. A friend said we can do this and we won't lose my father's property tax exemptions. However, that's a side issue. If the taxes go up, so be it. But I am more concerned that my parent's names are still on the deed and my mother has no will. My father didn't have a will either. I was told that with no will, the house would go to probate upon my mother's death. I don't want to lose this house. Ideally, I'd like to live here until I die.

Thanks again for your response, ScottGem.

First, I'm not talking about property taxes going up. I'm talking about your mom having to pay gift taxes. Second, when your dad died was the property in the name of both parents as joint tenants with right of survivorship? If so, then the property went to mom outside dad's estate and she can transfer it. If not, then dad's name may still be on the deed and you may need to probate his estate to transfer it. That actually might work to your advantage as the house would go to you and your mom as equal partners.

If there is a property tax exemption because of some status of your dad's, then it may have died with him. Almost defiintely, transferring the property will end it. I think you really do need a lawyer to manage this for you. What you seem to want to do is buy the house from mom giving her a life estate, which means she can live in it until she dies. If you take full ownership of the property, but list mom as a tenant then she has to pay rent and you have to claim income for that rent.

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Originally Posted by ScottGem

First, I'm not talking about property taxes going up. I'm talking about your mom having to pay gift taxes. Second, when your dad died was the property in the name of both parents as joint tenants with right of survivorship? If so, then the property went to mom outside dad's estate and she can transfer it. If not, then dad's name may still be on the deed and you may need to probate his estate to transfer it. That actually might work to your advantage as the house would go to you and your mom as equal partners.

If there is a property tax exemption because of some status of your dad's, then it may have died with him. Almost defiintely, transferring the property will end it. I think you really do need a lawyer to manage this for you. What you seem to want to do is buy the house from mom giving her a life estate, which means she can live in it until she dies. If you take full ownership of the property, but list mom as a tenant then she has to pay rent and you have to claim income for that rent.

Hi, I'm not sure how my parents are listed on the deed. Neither one of them has a will. Basically there was no "estate." He had no life insurance and no pension. He left my mother a few small savings accounts and a small Certificate of Deposit. That's his "estate" in a nutshell.

I'm thinking the best way to go is contact a lawyer and work from there. Thanks again for your help, ScottGem.

Check with the bank on how the savings were listed. If they were Joint tenants with Right of Survivorship, then they went to mom outside the estate. If not, then you might have to probate to transfer the money. You can check with the county clerk to see how the deed was recorded.