If you live in New York and are trying to transfer real estate property from one person to another person, through gift or court order, but not necessarily via a sale, then generally a quit claim deed is probably the best vehicle to do so. A quit claim deed is a relatively easy method in New York to transfer title of property. Quitclaim deeds are most commonly used when property is transferred without a traditional sale.
Examples include when property is transferred between family members (such as parents transferring a home to their children), between married spouses (after marriage when one spouse wants to add the other to the title of his or her separate property), between divorcing spouses (when one spouse will keep the home), or when property is being transferred into a living trust. In this article, we shall be discussing the following:
So just what is a quit claim deed? A quit claim deed, or what’s also spelled as a quitclaim deed, is a New York legal document that transfers title to a real estate property but makes no promises at all about the owner’s title. Unlike a warranty deed, which is generally the document used in the sale of a real estate property between a buyer and seller, and which is a guarantee from the seller that the property is free and clear of encumbrances, liens, and clear of any other title holders, a quitclaim deed transfers the owner’s entire interest in the property to the person receiving the property; however, it only transfers what they actually own. Accordingly, if two people jointly own the property and one of them quitclaims their interest to their brother, they can only transfer their half. That means that the person receiving title is not the sole owner.
Furthermore, since a quit claim deed only transfers title, if the person who transferred title, or “Grantor,” really had no legitimate interest in the property to begin with, not only does the person on the receiving end of the quit claim deed, or “Grantee,” not have any title now, but the person who wrongly conveyed the title to begin with and who executed the quit claim deed may not be liable for any encumbrances or liens since they had no actual ownership interest in the property anyway.
Quitclaim deeds are most commonly used when property is transferred without a traditional sale. Examples include when property is transferred between family members (such as parents transferring a home to their children), between married spouses (after marriage when one spouse wants to add the other to the title of his or her separate property), between divorcing spouses (when one spouse will keep the home), or when property is being transferred into a living trust. The deed transfer is done simply and there is no title search or title insurance used. It is fast and easy. Since the new owner receives no guarantees about the title and how valid it is,
quitclaim deeds are not used for real estate sales.
It is important to note that quit claim deeds as well as warranty deeds only impact the ownership (title) and do not change or affect any preexisting mortgage on the property. The mortgage is a separate document. This is important in a divorce situation where one spouse may quitclaim the property to the other; however, this does not necessarily remove either spouse’s name from the mortgage and the responsibility to be liable for it.
When it comes to quit claim deed NY or quitclaim deed NY, any New York state quit claim deed must be filed with the County Clerk’s Office in the city or county that the property is located.
In New York, any real estate quit claim deed is outlined pursuant to NY Real Prop L § 258 (2015). Again, the purpose of the New York state quit claim deed is merely to transfer title. It does not provide any guarantees or warranties that the property is free and clear of any liens or encumbrances, or even that the conveyer has a legitimate ownership interest in the property and has title. It’s just saying that whatever title or interest that the conveyor does have in the property, they are transferring such interest to the conveyee. Accordingly, when it comes to quitclaim deed NY, there is a certain amount of trust required. This is why generally quitclaim deeds are not used for the sale of any property because the buyer clearly does not know the seller. Rather, quit claim deeds are generally used to:
In New York, does a quit claim deed expire? Your quit claim deed NY will not expire or become invalid due to the mere passage of time. However, be aware that if the quitclaim deed NY is not recorded, it does not become public record. Therefore, if the Grantor executed a 2nd Deed for the same property to someone else, and they recorded that Deed prior to you recording yours, that Deed would take precedence. Additionally, if you wait an extraordinary long time to record your Deed, someone might challenge the validity of the deed, especially in a case where the Grantor is deceased.
Accordingly, you’ll want to record your quit claim deed sooner rather than later.
How to do a quitclaim deed? To transfer title by quit claim deed NY, a quitclaim deed NY must be in writing to be valid. This legal document includes a legal description of the property that is being deeded, the county it is located in, date of transfer, and the name of the grantor (person transferring the property) and grantee (person receiving the property). If a price has been paid for the transfer, that amount is included. The grantor signs the document and this signature is notarized. The quit claim deed NY may require additional filings, some of them dependent on the location of the Property itself. The quitclaim deed NY does not provide actual proof of the Grantor’s relationship with the Property only that whatever that relationship is, it will be transferred to another party as a result of this conveyance. All quit claim deeds are filed with the County Clerk’s Office in the jurisdiction of where the property is located.
How to get quit claim deed form? In addition to submitting Form TP-584, which is required by all counties, another form that must be filled out is a 5217 form. Except for NYC, the 5217 form is also required by all counties. NYC has its own version of the RP 5217 NYC or RP 5217 NYC form.
Each 5217 form should be self-explanatory to fill out.
On the first page locate the box in the upper left hand corner. Here, you must enter the “Name,” “Address,” “State,” and “Zip Code” of the individual filling out this form using the first four blank lines.
In the next section of this box, “After Recording Return To,” you must provide the New York County Recorder the Address where you would like the filed paperwork to be mailed.
On the first blank space of the quit claim deed, located just below the heading “State of New York,” report the New York County where the Property is found.
The paragraph statement, in the center of the first page, needs the total Payment required for the transference of this Property to occur. Write this on the first space then, input it numerically in the parentheses.
The Grantor’s Name must be reported along with the written word “Grantor” on the two spaces after “in hand paid to.” This should be followed with the Grantor’s Home Address on the third space after this phrase. Then report the “County of,” “City of,” and “State of” this Home Address on the next three spaces.
The Grantee of the Property will also be defined on this document. Enter the Full Name and the term “Grantee” on the two spaces following “…remise, release, and quitclaim unto.” Then on the third space after this phrase, enter the Home Address of the Grantee. This must be followed by the “County of,” “City of,” and “State of” the Grantee on the next three spaces.
Just before the words “New York to-wit” declare the Property’s County. Below this, you must report the Legal Description of the Property along with the Physical Address.
The Grantor must then fill in the first section on the second page with his or her Signature, Printed Name, and Address. It is required that this be Notarized. There will be an area designated for this exact purpose alone just below the Grantor Signature section.
Make sure you organize your paperwork, including the County-specific tax forms that must be included. Then, contact the New York County Recorder assigned to the County the Property is in. Obtain the instructions and fees particular to that County’s submission guidelines to file this paperwork properly with that authority.
The fee to file a New York state quit claim deed is unique to each county. However, as of 2018, the basic fee for filing a quit claim deed form ny of residential or farm property is $125, while the fee to file for quitclaim deed NY for all other property is $250. These fees are for the statewide RP-5217 form. When it comes to filing a quit claim deed in NYC, NYC has its own fees using the RP 5217 NYC form and RP 5217 NYC form. These generally are the most expensive.
In addition, there are additional fees tacked on at the time of filing. These include nominal fees for other papers filed, such as fees for Form TP-584. Additionally, there is a general recording fee, and each page filed has an additional nominal cost.
Although it may seem simple enough, it is highly encouraged that you seek advice and real estate lawyer consultation when considering a quitclaim deed NY or quit claim deed NY. Not only will a quit claim deed attorney be able to properly draft your quit claim deed ny, but they will be able to evaluate, analyze, and assess your unique set of facts and determine if a quitclaim deed ny is the best vehicle to transfer your property. In addition, quit claim deed attorney fees are not nearly as high if the attorney were to draft a warranty deed, in which case, they would have to conduct a title search (a check of past deeds and liens for the property) to verify the seller has good title.
At Law Office of Yuriy Moshes, we are experienced in such matters, especially when it comes to New York quit claim deeds. We represent parties in the greater New York City area including all its boroughs, including Manhattan, Brooklyn, Queens, the Bronx, and Staten Island) as well as Northern New Jersey, Long Island, and Upstate New York. If you’re trying to transfer property and are either trying to convey or receive it, you need to consult with an experienced and knowledgeable quit claim deed attorney to advise you on these matters.