QUESTION
Can a joint tenant (mother) sell share of 3 family house to another joint tenant (son) for $0.00 in 2014 legal?
Asked on Oct 13th, 2017 on Residential Real Estate - New York
More details to this question:
The prior 2001 Deed was my mother, brother and myself as joint tenants. Looking at the 2014 Real Property Transfer Report I noticed that the "Full Sale Price" my mom sold to my brother was for 0 dollars. The "conditions as applicable to transfer" was "Other Unusual Factors Affecting Sale Price(specify Below)" had no reason written down. Also the "Total Assessed Value (of all parcels in transfer) " is 6x lower in market value based on city property tax assessments in the same year it was signed. My mom "sold" her share of the house to my brother for a life estate deed. But then my brother had my mom moved out into a nursing home in a another country while he moved himself and his family in.
1 ANSWER
Civil Rights Law Attorney serving Rockville Centre, NY
Partner at
Lori Nevias, Attorney at Law
1 Award
If your mother was sane and not subject to undue influence, she had the right to transfer her share of the property to your brother for no money. Technically, your brother owes you rent or use and occupancy for occupying your share of the house that you co-own. But you also owe him compensation for what I assume has been his payment for mortgage, taxes and upkeep of the property since he moved in. If the property needs to eventually be sold pursuant to a court-ordered partition, the court will decide on the percentage of the proceeds you each get based upon your percentage of ownership, financial contribution, and entitlement to credit for use-and-occupancy.
Answered on Oct 18th, 2017 at 5:08 PM