How can Iremove my sisters name on the deed toour house?

My sister and I jointly and equally own the house that I am living in. She lives elsewhere. I have been paying all of the property and school taxes and the homeowners insurance on the house as well. Recently I have become disable, and there is a property/school tax reduction available for disabled persons on limited income. Being approved for that reduction would assist me greatly in meeting my financial obligations. Currently both my sister’s name and my name are on the deed. The guidelines for qualifying for the exemption is based on income, so her income would also be considered when making the determination. We want to know if there are any financial or legal consequences in removing her name from the deed? I approached my sister concerning the matter and she was agreeable.

Asked on December 2, 2011 under Real Estate Law, New York

Answers:

Sharon Siegel / Siegel & Siegel, P.C.

Answered 8 years ago | Contributor

First, you did the right thing in a pproaching her and seeing if she was agreeable.  She would have to sign her intereest in the house to you.  It is easy.  Go together to a lawyer and have the lawyer prepare a new deed which you and your sister would sign transferring over the propoerty to you.  There are many financial and legal consequences to this.  Take the simplest one, your sister is giving you an asset for free.  Although you did not statet where you are in NY, I would presum,e that you could avoid the transfer taxes by doing an interfamily transfer.  I think you should contact a lawyer and ultimatley go together to a lawyer.  This must be done correctly.


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