I live in NY am considering buying out my sister's share of a house we inherited from our parents. Currently we are both on deed, I would like to take out a mortgage and buy out her half and with myself and my husband as full owners. Since money is involved, do we need to go thru formalities of closing and if so what type of deed is used, does it state that she deeds her half, etc? basically, what is involved in the process? thanks.