Camden, NY asked in Real Estate Law for New York

Q: Hello, my husband and I wish to sell our home to our daughter and husband. How do we go about doing this economically?

We wish to avoid high closing costs, etc. A friend mentioning a term "Quick Clean" - we are not familiar with this term. Any help you can give us would be most appreciated, thank you very much.

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1 Lawyer Answer
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: Your friend is wrong. He is suggesting a "quitclaim" deed. That deed will screw up title, and make it harder for your kids to sell or refinance. Also, is it a gift or a real sale? The cheapest way is not always the best way. You can do it is a gift, but there might be tax issues. Again, it depends on what you own otherwise. You can do it as a sale, and close it like regular, but avoid the costs of two sides.

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