All Forum Posts by: Dominique Collins

@Steve B.

I currently don't have any intentions on selling, but that is definitely something to keep in mind. Thank you Steve.

@Tom Gimer

Thank you for taking the time to respond. There seems to be lots of different options so I will let them know.

@Frank Chin

It's unfortunate that there are people in this world that make a living off of taking advantage of other people.

I do not mind paying for an attorney. I just wanted to make sure I wasn't paying for something I could've done on my own. I understand where you're coming from in terms of having an attorney take care of everything incase of an error. 

Thank you for your response.

My grandparents want to add my name to the deed of one of their properties located in New York so all three of our names are on the deed with right of survivorship. There’s no mortgage and is currently being rented out by a long term tenant.

I spoke to a few attorneys and they quoted me $700+.

Is a warranty deed something I can create on my own without the use of a lawyer?

If this is something I can do on my own, where can I go to find the right documents for the state the property is located in? I'm not sure if a website like this is sufficient. Once I obtain said documents, is having it notarized enough?

Are there gift tax implications to worry about after adding my name to the deed?

I know I have a lot of questions, but I've been getting mixed messages during my research so I figured I'd ask people who might have some insight from personal experience. 

I’d like to thank you all for your responses in advance.

@Yia Her Welcome to BP!

@Trina Watton Welcome to BP!

@Lance Lvovsky Thank you for responding. I will definitely get in touch with a real estate attorney.

Hi BP,

So my grandparents have a property in New York that is going to be passed down to me when they pass away. Seeing how real estate has recently peaked my interest, my grandparents have no issue with me taking over the property while they’re still living. The house isn’t in the state I live in, but it’s paid off and is being rented to a long term tenant.

My question is, what’s the best way to go about transferring the deed to me? I’m interested in doing a cash out refinance in order to have enough money for down payments on other properties.

Thanks in advance and I look forward to reading your responses! 

Welcome to BP. I'm not a mentor, but I'm interested in networking with people in the area. 

Hi BP,

So my grandparents have a property in New York that is going to be passed down to me when they pass away. Seeing how real estate has recently peaked my interest, my grandparents have no issue with me taking over the property while they’re still living. The house isn’t in the state I live in, but it’s paid off and is being rented to a long term tenant. 

My question is, what’s the best way to go about transferring the deed to me? I’m interested in doing a cash out refinance in order to have enough money for down payments on other properties. 

Thanks in advance and I look forward to reading your responses!