The key issue is consideration, given for
value. It's best to pay 'nominal "amount
(less than $100) to insure that's there's true value/validity, regarding the transaction . Hope that helps?
I don't 'know about NY law, but here in CA that would be perfectly legal. In fact there are "gift deed" forms available. And the usual deeds have a place to calculate the county transfer tax based on the sales price. In the case of a non-paid transfer, that is just zero, I suppose.
By the way, you posted this question on a forum that is specialized in delinquent propertytax lien and tax deed investing. My advice is that you look for a more suitable forum for your postings in the future, where more people might know the answer to your question and answer it.
The key issue is consideration, given for
value. It's best to pay 'nominal "amount
(less than $100) to insure that's there's true value/validity, regarding the transaction . Hope that helps?
darin123--(NY)--------------
I don't 'know about NY law, but here in CA that would be perfectly legal. In fact there are "gift deed" forms available. And the usual deeds have a place to calculate the county transfer tax based on the sales price. In the case of a non-paid transfer, that is just zero, I suppose.
By the way, you posted this question on a forum that is specialized in delinquent property tax lien and tax deed investing. My advice is that you look for a more suitable forum for your postings in the future, where more people might know the answer to your question and answer it.
Good Investing*********Ron Starr***********