If my mom passed and left me her NYC apartment, how can I put it in my name?

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If my mom passed and left me her NYC apartment, how can I put it in my name?

My mom passed 4 years ago and left me the apartment that she bought on her own 7 years earlier. She had it mortgaged as “right of survivivorship” with her brother instead of me because I was going through nasty divorce at that time and she wanted to keep my ex from getting the apartment. My uncle (who lives in there) is honest and knows the apartment is solely mine and will do anything to put it in my name. I have been paying all the mortgage payments since my mom’s death. I was an only child and her Will gave everything to me.

Asked on March 25, 2012 under Real Estate Law, New York

Answers:

Sharon Siegel / Siegel & Siegel, P.C.

Answered 12 years ago | Contributor

I am a NY lawyer.  Your answer depends upon many factors.  First, is the apartment a co-op, condo, or the like.  Second, is your uncle willing to cooperate with you.  I know that he told you orally that he is, but keep in mind that it is legally his and he is living there.  If he is willing to cooperate with you, all the better.  Third, if he gives it to you, does he he gift it to you?  What are the tax implications to him and you?  What is the cost basis you will get the gift at?  You should sit down and consult with a lawyer. 


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