How to Transfer Real Estate to a Revocable Trust in New York State

By Anna Assad

A revocable trust, also known as a living trust, is an entity created for the purpose of managing assets, which the creator can end at any time. The trust agreement creates the trust, sets all its terms and names the person overseeing the trust, known as a trustee. Usually, if you create a revocable living trust, you're also the trustee. Once you've created a trust in New York, you fund it by transferring your assets into the trust's name. If you want to place real estate into your trust, you can prepare and record a new deed to transfer the ownership interest from yourself to your trust.

Step 1

Get a blank quitclaim deed form approved for use in New York. Visit an online document provider or an office store to get a blank form.

Step 2

Put the owner's name as the grantor on the form. The grantor, in New York, is the person giving the real estate. Write in the grantor's address after his name.

Protect your loved ones. Start My Estate Plan

Step 3

Fill out the grantee part. The grantees are the trustees of the trust, and your wording must reflect this. Include identifying information for the trust, such as the date of the agreement. For example, Jane Doe is the trustee of the Jane Doe Living Trust, created on June 2, 2003. "Jane Doe, as Trustee of the Jane Doe Living Trust, created by an agreement dated June 2, 2003" would be acceptable phrasing for the grantee section. For multiple trustees, list each person individually as a trustee for the trust. Write in the trustees' addresses after their names.

Step 4

Contact any lenders who hold a mortgage on the property. Ask for the lender's permission to transfer the ownership to the trust. If you transfer ownership without a lender's consent, the lender may accelerate the loan and demand full payment, especially if you're moving out of the property.

Step 5

Fill in the consideration. In New York, consideration is how much the buyer is paying. If no money is changing hands and you want to avoid transfer tax, set the consideration at "$1.00" or "$1.00 and no more," the common deed wording for transfers for no money in New York.

Step 6

Put the real estate's legal description in the blank space provided. The space should be labeled "legal description" or "Schedule A." The description is the land measurements in words and is found on the current owner's original deed.

Step 7

Sign and date the deed in the grantor's spot in front of a qualified notary. New York requires notarization of the grantor's signature on a deed.

Step 8

Visit the county clerk's office of the property's county. Ask for Forms TP-584 and RP-5217.

Step 9

Complete Form TP-584. You need the name, address and Social Security number of the grantor and the name and address of the grantee. Complete all the questions about the property, which cover the property's type, address and size. Follow the form's instructions. Both grantor and grantee must sign the form, with the trustee signing as trustee for the trust.

Step 10

Complete RP-5217. You'll need information about the buyer, seller and the property. Contact the local property tax office of the property's county if you don't know the real estate's assessed value, which is the value the property is taxed on. The grantor signs as the seller, while the trustee signs as trustee of the trust in the form's signature section.

Step 11

File the deed and Forms RP-5217 and TP-584. Pay the recording fee, which varies by New York county.

Protect your loved ones. Start My Estate Plan
How to Create a Living Trust Template



Related articles

How to Fill Out the Deed of a Trust to Secure Assumption

A deed of trust to secure assumption is not a property ownership document. Some states, such as Texas and California, use filed deeds of trust instead of mortgages to secure payment of a home loan. Mortgages have a buyer and a lender, but deeds of trust have a third party, the trustee. The trustee holds temporary ownership of the property on behalf of the lender. If the homeowner stops paying the loan, the trustee can go through a streamlined process to foreclose on the home outside the state court system. If a person is transferring his interest in a property, and that property is subject to a home loan secured by a deed of trust, he's still liable for the loan even after he transfers his interest. The seller can use a deed of trust to secure assumption to create a second lien. The second lien is legally inferior to the home loan, but gives him the right to take the property back if the buyer doesn't pay the loan.

Transferring Property From a Living Trust to a Successor Trustee

A successor trustee is named in a living trust as the person who will take over the trustee’s duties and fulfill provisions of the trust when the trustee dies. The transition process requires trust property to be transferred out of the trustee's name into the successor trustee's name. To do this, the successor trustee must review the trust document and prepare the necessary transfer documents for each type of property held in the trust.

How to Record a Trust Transfer Deed

Trust Transfer Deeds are used to create revocable living trusts. These legal devices transfer property a donor owns into the trust he creates. The donor would retain control of the property, as a trustee, and is subject to all relevant obligations of that position. Many states require that any documentation involving the transfer of real estate, including trust transfer deeds, be recorded at the local recorder’s office. The recorder’s office is the centralized location for a county’s public records.

LegalZoom. Legal help is here. Start Here. Wills. Trusts. Attorney help. Wills & Trusts

Related articles

How to Put My House in a Trust

You can put your home into your trust by preparing and filing a new deed from all current owners of the home to your ...

How to Transfer a Deed in a Living Trust

A living trust is an arrangement in which you place assets under the care of a trustee for eventual distribution to ...

How do I Transfer a Title of Property From a Person to an LLC?

In most cases, forming your company as an LLC shields the personal assets of LLC members from company creditors. You ...

How to Prepare a Living Trust at Home

A living trust allows you to place assets under the care of a trustee who then distributes the assets to the ...

Browse by category
Ready to Begin? GET STARTED