Defining Property Ownership
A deed is a legal document that is vital in defining the ownership and use of property. A transfer of property can involve a number of elements and will generally require knowledge of the laws of New York, which is why such action should be carried out by a deed transfer attorney. The law office of Yuriy Moshes has expertise in the area of deed transfers.
Understanding the Basics of a Deed
A deed is designed to transfer property from one party to another and confirm its new ownership. It is generally used in the transfer of real property, specifically land areas and the structures built atop them. In its simplest form, a deed will state the party that is selling the property, known as the grantor, and the purchasing party, known as the grantee. Additionally, it will describe the property, including its dimensions and exact location.
The Different Types of Deeds
There are different types of deeds that in different ways define who owns something and how the item can used. In matters of real estate, the most common type is known as a warranty or grant deed. A quitclaim deed lacks the security of a warranty deed, but it may be useful when transferring property after a divorce. A special warranty deed is useful when the piece of property is not fully secure, such as in the case where the parcel has an easement.
Reasons for Transferring a Deed
A deed transfer is generally used to add one or more names to the title, or ownership, of a given piece of property. These include spouses, children, other relatives or even business partners. Transfers may also be used to remove the names of owners, including those who have died. Deeds are important in protecting the assets of individuals, families and businesses, and they are often used as a means of reducing tax liabilities, especially estate taxes.
Getting the Right Advice
In addition to income and estate taxes, issues pertaining to mortgages and to such entitlements as Medicaid need to be considered when transferring property. This is why those desiring such a transfer should first consult with a deed transfer attorney, who can provide advise and determine the best course of action. Anyone needing such assistance should consider calling the law office of Yuriy Moshes at (888) 445-0234.