I am given a house as a gift of equity from a close relative and I was told I do not need one
Dear Lorne,
Are you planning on holding onto this property? There may be certain legal obligation associated with the property which you did not know. A real estate attorney can be an asset to helping you navigate the legal paperwork.
Also should you decide to sell the property and/or purchase another property with the assets from this one an attorney can help during the home buying and selling process-particularly if an unusual situation arises. A skilled attorney can help you navigate complex contractual language and arrange acceptable solutions to problems that arise after a sales/purchase contract has been signed by both parties.
The Dutchess County Bar Association has a list of attorney referrals on their website and some of them also work in Ulster County.
Congratulations on your gift. I hope it brings you much joy and prosperity!
It's not a requirement, but there are some good and inexpensive ones in Kingston. If you are not a contract expert, then it's good to have someone walk you through the process.
Best regards,
Cree
Dear Lorne,
I highly recommend finding a real estate attorney!
Even when you are receiving a house as a gift, there are legal ramifications. You want to check title and make sure everything is up to date. You also want a current appraisal for tax purposes and determining your basis in the house. In the NY metro area it is customary to retain an attorney and as a real estate attorney with many a war story, I highly recommend it.
Kathleen A. Scanlon, Esq., Scanlon & Pinto, PLLC 516-378-3737 kscanlon@scanlonandpinto.com
I CAN comment on NY. Upstate an attorney is not necessarily used; however, NY City and Long Island, get an attorney. Do yourself a favor and get an attorney who only does real estate. Under your circumstances, you are better off listenting to an attorney than your friend. I highly recommend Darren Sheehan (I use him for all of my deals and my clients love him) 516-860-8906.
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