Please consider this preliminary advice. An attorney should be consulted and review the deed and have an opportunity to discuss this matter. The attorney would then be in a position to more properly advise you.
To accomplish the title transfer, a new deed would need to be prepared which reflects that the present owners (your sister and her minor daughter) are transferring property to sister and yourself. The issue of divesting the minor's interest in the property should be addressed and since she is a minor, a parent or natural guardian would need to execute the deed.
The general cost associated with the preparation of a new deed would be dependant on the hourly rate charged by the attorney you retain. Generally, it could be in the $400-700 range.
In addition to the deed preparation fee, you need to be be aware of recording fees. You can consult with your local Recorder of Deed's office about their fee schedule and any special requirements they have in terms of the preparation and recording of the deed.
You will also need to determine (which an attorney can do) if this title transfer is exempt from the Pennsylvania Realty Transfer Tax. If this is not an exempt transfer, then there is an additional 2% transfer tax which is required to be paid ot the State.
Marla D. Sones
www.lslaw.com
Answered on Jul 03rd, 2012 at 9:06 AM