Deed Transfer (first time)

[Ras U-Ahk]

So my farther is looking to transfer his property in New York City to me. The property is a single-family that has about $150,000 left on the loan and is currently worth over $500,000.

I have never done a "gift" property before and looking to have as much information as possible to completing the deal.

From looking at the into the property I would be looking to do a 15 year refinance mortgage at the remaining balance to get better terms on the loan.

Can anyone give me advice on how to do an deed transfer with a refinance?

[Bonnie Low]

You should absolutely use a real estate attorney and consult a CPA who is familiar with the tax implications for both you and your father. It sounds like an excellent opportunity for you, but proceed with caution to protect the asset and get the most out of the benefits.