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What is the name of your state? What is the name of your state? NJ
My husband and I are planning on buying a home . It belongs to his parents, and they are selling it to us. When they spoke to their lawyer about transferring the title to us, he told them that if they signed it to my husband only, that there would be no state tax for the transfer. He said that if they put my name on it as well, we would have to pay $300 (state tax) because it would be transfer to a non-blood relative. His parents also told us that once it is transferred , my husband can simply add on my name without a charge. His parents have told the lawyer to just go ahead with putting his name only. (we were not aware of this until yesterday)
I am a bit skeptical(and upset) about this. It sounds a bit too simple to just put my name back on, and I also am confused why it can't be mr and mrs " on the title without the fee.
Any advice is greatly appreciated. Thankyou
My husband and I are planning on buying a home . It belongs to his parents, and they are selling it to us. When they spoke to their lawyer about transferring the title to us, he told them that if they signed it to my husband only, that there would be no state tax for the transfer. He said that if they put my name on it as well, we would have to pay $300 (state tax) because it would be transfer to a non-blood relative. His parents also told us that once it is transferred , my husband can simply add on my name without a charge. His parents have told the lawyer to just go ahead with putting his name only. (we were not aware of this until yesterday)
I am a bit skeptical(and upset) about this. It sounds a bit too simple to just put my name back on, and I also am confused why it can't be mr and mrs " on the title without the fee.
Any advice is greatly appreciated. Thankyou