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When a parent dies, the way property is transferred to the children depends on a lot of factors: whether the decedent died with or without a will, the value of the estate, and the type of property.
If the probate estate value is less than $50,000 with no real property, property can be transferred through small estate voluntary administration, regardless of whether the decedent died with or without a will.
If the probate estate value is $50,000 and more, property can only be transferred by the executor or administrator after the Surrogate’s Court issues letters testamentary or of administration. Letters testamentary are issued to the executor if the decedent died with a will, while letters of administration are issued to the administrator if the decedent died without a will. These letters are presented to financial institutions, county recorders, and other third parties to enable the executor or administrator to access financial accounts or transfer real property.
Once letters have been issued, the type of property will determine how the transfer is effected.
Real Property
To transfer a house or an apartment out of a trust after death, your attorney will draft a Deed. For a co-op apartment, the transfer is not a deed but a co-op shares certificate. They will also fill out the New York reporting forms, which may include:
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- RP-5217 – NYC Real Property Transfer Tax Return. This shows details of the property transfer transaction, sales price, taxes paid, exemptions claimed, etc. This form calculates and pays the NYC Real Property Transfer Tax.
- RETT – Real Estate Transfer Tax Forms. This pays the New York State Real Estate Transfer Tax and shows details like sale price, exemptions, tax paid, etc. Common RETT forms are TP-584 for regular transfers and TP-584-NYC for transfers involving NYC properties specifically.
- TP-584 – Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate.This consolidated form handles payment of the NY State Transfer Tax as well as provides info on any mortgage loans involved.
You may also need a Statement of Partnership Authority (SOPA). If the property is transferred into or out of a legal partnership, a SOPA may be filed showing the partnership details.
For commercial transfers, a NYC Real Property Income and Expense (RPIE) form may be required showing details of income and expenses related to the property.
Other affidavits and forms may also be required related to residency status, smoke detector affidavits, compliance notifications, etc. But the main transfer tax payment forms (RP-5217, RETT, TP-584) along with partnership and mortgage details are typically the core set filed with ACRIS.
Financial Accounts
To transfer a financial account, you need to present the death certificate and your letters to the financial institution. They would then give you access to the bank account. The money should then be transferred to the estate bank account as principal received, which would make it easier for you to do your accounting when closing the estate.
If you have issues how to transfer property after death and you need legal representation, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
