New York City real estate attorney Natalia Sishodia (https://sishodia.com/do-i-need-to-pay-transfer-taxes-when-transferring-title/) of Sishodia PLLC unravels the complex world of transfer taxes in property title transfers. The article titled ‘Do I Need to Pay Transfer Taxes When Transferring Title?’ offers valuable insights into the nuances of property transfers in New York, providing an in-depth exploration of the responsibilities and obligations that come with title changes.
According to the New York City real estate attorney, transfer taxes are the second-highest closing cost of property transfers in New York. “To transfer real property to someone else, either by sale, gifting, or by court order, the transfer must be done using a written legal instrument that meets the requirements of New York law,” says Sishodia.
Sishodia emphasizes the importance of consulting with a qualified New York City real estate attorney before initiating any real property transfer, given the potential complexities and legal implications of such transactions. An attorney can offer guidance through the intricacies of property transfers in New York, helping individuals avoid the NYC transfer tax.
The article delves into the specifics of property ownership, detailing the essential role of the title in proving ownership. It further explains the process of transferring a title, which can be initiated when a property owner wishes to relinquish their stake in a property, whether through a sale or a gift. The transfer of ownership from one party to another is a legal process that involves the completion of a deed transfer of good title between the parties.
Sishodia provides a comprehensive list of situations that may require a title transfer, such as adding or removing a spouse or partner from a title, transferring a title from a company to individuals as tenants in common, or transferring from an estate to an individual’s personal name in the case of inheritance.
The article also explores how to transfer a property title without incurring taxes. “The addition of an individual to a property deed can happen through inheritance, marriage, or partnership, leading to a significant change in ownership interest,” says Sishodia. She points out that being added to a property deed could make one eligible for specific property tax exemptions or deductions, particularly if the property serves as a primary residence.
Sishodia further explores the standard payments of transfer taxes, including the additional Real Property Transfer Tax (RPTT) imposed by New York City, and outlines the specific exemptions from paying transfer taxes. The piece also delves into gift transfers, clarifying that while a gift does not involve the exchange of consideration and is therefore exempt from transfer taxes, certain circumstances may still necessitate the payment of these taxes.
To gain a deeper understanding of property title transfers and the associated transfer taxes, visit the Sishodia PLLC website and explore the wealth of knowledge shared in the article.
About Sishodia PLLC:
Sishodia PLLC is a leading law firm based in New York City. Founded by Natalia A. Sishodia, the firm has developed a reputation for its robust understanding of New York real estate law. The dedicated attorneys at Sishodia PLLC are committed to providing comprehensive legal solutions tailored to meet the specific needs of their clients. With a deep understanding of the intricacies of real estate transactions, Sishodia PLLC is dedicated to assisting clients in navigating the complexities of property transfers and transactions, offering the guidance necessary to avoid unnecessary costs and legal disputes.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=-RkBPa4y8ds
GMB: https://www.google.com/maps?cid=12450537318741950980
Email and website
Email: natalia@sishodialaw.com
Website: https://sishodia.com/
Media Contact
Company Name: Sishodia PLLC
Contact Person: Natalia A. Sishodia
Email: Send Email
Phone: (833) 616-4646
Address:600 Third Avenue 2nd Floor, 600 3rd Ave Second Floor
City: New York
State: New York 10016
Country: United States
Website: https://sishodia.com/