There are many reasons you may want to add someone to the title of your home. You may have just gotten married or re-married and now wish to add your new spouse as a joint owner. 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 (i.e., transferring) 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. While there is no transfer tax due on conveyances which are considered gifts, (i.e. no money given for the conveyance) the returns must still be prepared and filed with the county clerk, or in the case of New York City property, the City Register, when the deed is recorded.
How your new deed is drafted will determine your type of joint ownership. Depending on the language used in your deed, you and the person you have added to your title can own the home as either joint tenants with rights of survivorship, tenants in common or tenants by the entirety. Your attorney can advise you as to which type of joint ownership is appropriate in your case.
