Mother selling home to daughter in new york

[nymortgageguy]

What is the name of your state? New York


I have a situation that seems simple on the surface but my mortgage firm is making it complicated. I have client who's father and mother are selling the house to her in a gift to equity transfer. The parents are in florida and the daughter is in New York.

My question is in New York does an attorney have to sign a contract in order for it to be legal?

How much should they pay an attorney to review a contract if people buying and selling a home don't opt not to use an attorney for closing?

Should the title company doing the closing be able to provide an attorney?

 

[You Are Guilty]

What is the name of your state? New York


I have a situation that seems simple on the surface but my mortgage firm is making it complicated. I have client who's father and mother are selling the house to her in a gift to equity transfer. The parents are in florida and the daughter is in New York.

My question is in New York does an attorney have to sign a contract in order for it to be legal?

Well, no attorney "has" to sign a sale contract, but it's a very bad idea to go through with the transcation without legal oversight of some sort.

How much should they pay an attorney to review a contract if people buying and selling a home don't opt not to use an attorney for closing?

Call around and ask for rates. You'll likely get quoted an hourly, but ask if they'll do a flat fee instead.

Should the title company doing the closing be able to provide an attorney?

I am 100% sure they will happily and gladly recommend someone if asked.

 

[HomeGuru]

I agree. And sometimes, when attorney's sign contracts, it is illegal.