JEANNE REARDON - Attorney at Law

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Home Mortgage Refinance
Will I Pay Capital Gains Taxes on the Sale of My Home
How to Add Someone to the Deed of My New York Home as a Joint Owner
New TRID Rules
Using a Quitclaim Deed to Transfer Property


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Real Estate Law Blog

Home Mortgage Refinance

Standard Refinance

A standard refinance paying off an existing mortgage with the proceeds from a new loan.  In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. Other reasons to refinance include reducing the term of a longer mortgage, or switching between an adjustable-rate and a fixed-rate mortgage.

Acash-out refinanceis taking a loan for more than you owe on your existing mortgage. Your existing mortgage is paid off from the new loan proceeds and you receive the balance of the new loan.

Will I Pay Capital Gains Taxes on the Sale of My Home

Will you pay tax on the sale of your home? Likely not, unless you have gains that are more than $250,000 or more than $500,000 for married couples.

Old Rule:
Until 1997, once you reached the age of 55, you had the one-time option of excluding up to $125,000 of gain on the sale of your home providing it was your primary residence.

New Rule:
Now, anyone, regardless of age, can excludeup to $250,000of gain or $500,000 for a married couple filing jointly on the sale of a home.

That means most people will pay no tax unless they have lived there for less than 2 out of the last 5 years

How to Add Someone to the Deed of My New York Home as a Joint Owner

There are many reasons you may want to add someone to the title of your home. Maybe you just got married and would like your new spouse listed as part owner of your home. Or you may want to add an adult child to your title for estate planning purposes.

Whatever the reason, you will need to retain an attorney, experienced in real estate, to draft a new deed conveying  your home  to yourself and the person you wish to add to your title. In addition to the deed, your attorney will also need to prepare transfer tax returns.

New TRID Rules

On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new mortgage disclosure law, also known as the TRID went into effect. TRID will help consumers be more informed regarding the closing cost.

Here are11 things you should know about the new law:

1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL) are now combined into one new form called the Loan Estimate (LE).

2. Instead of the old forms such as the HUD-1 and Final TIL we now have the Closing Disclosure (CD).

Using a Quitclaim Deed to Transfer Property

I am often asked by clients looking to transfer property whether I will be using a quitclaim deed to complete the transfer.  I tell my clients that in the New York Metropolitan area, the type of deed customarily used to convey real property, whether to a third party in an arm’s length transaction or to a family member, is a “Bargain and Sale Deed with Covenants Against Grantor’s Acts.”

A quitclaim deed must to used with caution and can be dangerous or beneficial depending upon whether you are the grantor or grantee.