Q: My deed states that my brother has a 1% interest in my house, and my wife + I have 99%, after we bought him out. Why?
In 2002, my brother and I bought a house. A few years later, after getting married, my wife and I wanted to buy him out, take his name off the deed, and add her name to the deed. Through a lawyer, we filed (what I believed to be) the appropriate paperwork, but I am now realizing that he is still listed as one of the owners of my house. The deed states that he has a 1% interest, and my wife and I have a 99% interest. Any idea why the paperwork was done this way? (I'm sure the lawyer explained, but it was 15 years ago and I don't remember.) It hasn't been an issue up until now, because I am having a problem being eligible for the homeowner's tax rebate. Is filing a quitclaim deed my best option at this point?
My brother is cooperative and in complete agreement. No money is changing hands. Just his name being removed from the deed. I downloaded TP584-nyc + RP5217-nyc forms . Is this something I can fill out and file myself? Do I need to pay transfer taxes or just the recording fee?
A: Is your brother cooperative or not? Generally, quitclaim deeds should be avoided, but re-doing the deed is the best option, just with a better form. You need your brother to sign.
Peter Klose agrees with this answer
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