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Why You Need a Quitclaim Deed Attorney to Handle Property Transfers?

Founding Member of Moshes Law, P.C.
During his years of practice, Yuriy has concentrated in litigation and real estate transactions as his areas of expertise.

Real estate transfers can be difficult and full of risks. Moshes Law, P.C. focuses on quit claim deed and help you to resolve the issue. Whether you’re transferring property between your family members, or dealing with the divorce, knowing the role of a quitclaim deed and the importance of hiring a specialized attorney is very important. In this blog, we will discuss the importance of quitclaim deeds, the legal regulations involved, and why having a quitclaim deed attorney on your side is beneficial for us and can save you from headaches and legal troubles. Whether you’re buying, selling, or transferring property, our team can help you navigate the legal process and look out for your interests. Call us today to set up a meeting.

Understanding Quitclaim Deeds

In New York, filing a quitclaim deed is one of the fastest ways to transfer property ownership. A quitclaim deed in New York is a type of legal document that is used to transfer the ownership of property from one party to another without making any guarantees or warranties about the title. Having a Quitclaim Deed Attorney on your side is beneficial for you. This type of deed is commonly used in situations where the parties know each other well and trust each other, such as between family members, in divorce cases.

Legal Implications of Quitclaim Deeds

A quitclaim deed is a useful tool in specific circumstances, but it comes with significant legal implications. Understanding these implications is crucial before proceeding with any property transfer involving a quitclaim deed. Here are the key legal implications to consider:

1. Absence of Warranties: Like warranty deeds, quitclaim deeds do not offer any guarantees about the title. The owner transfers whatever interest they have in the property without making sure that the title is clear.

2. Risk to the Grantee: The grantee accepts the property “as exists,” which means that they are responsible for all risks related to any possible loans, debts, or title problems.

3. Hidden Penalties: Since quitclaim deeds do not guarantee a clear title, any existing penalties (e.g., mortgages, loans) against the property remain attached. These issues are passed to the recipient.

4. Unrecorded Claims: There might be unrecorded claims or interests in the property that the grantor is unaware of, which can complicate the grantee’s ownership.

5. Suitability: Quitclaim deeds are often unsuitable for transactions where a clear title is essential, such as buying property from a third party. They are more appropriate for transfers among family members, divorce settlements, or resolving title issues.

6. Possibility of Fraudulent Transfers: The simplicity of quitclaim deeds makes their fraudulent use. Dishonest people can transfer property they don’t own, giving fake grantees.

How to File a Quitclaim Deed Form in New York?

Filing a quitclaim deed in New York involves several steps to ensure that the transfer of property is legally binding and properly recorded. Here’s a detailed guide to help you through the process. You have to hire a Quitclaim Deed Attorney for better assistance:

1. Obtain the Quitclaim Deed Form

Download or Purchase: You can obtain a quitclaim deed form online from legal document websites, from a stationary store, or through a real estate attorney.

2. Complete the Form

1. Grantor and Grantee Information: Enter the full legal names of both the grantor (the person transferring the property) and the grantee (the person receiving the property).

2. Property Description: Provide a legal description of the property being transferred. This description can usually be found in the original deed or property tax records.

3. Consideration: State the amount of consideration (usually nominal, such as $1.00) or specify if it is a gift.

4. Execution Date: Include the date the deed is being executed.

5. Signatures: The grantor must sign the deed in the presence of a notary public.

3.Verify the Deed

The grantor’s signature must be notarized. This means the grantor must sign the deed in front of a notary public, who will then acknowledge the signature.

4. Complete the Transfer Tax Forms

1. TP-584 Form: This form, titled “Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax,” must be completed and submitted along with the quitclaim deed.

2. RP-5217 Form: This form, titled “Real Property Transfer Report,” must also be completed for recording the transfer. It provides essential details about the property and the transaction.

5. Submit the Documents to the County Clerk

1. Locate the County Clerk’s Office: Submit the quitclaim deed, TP-584 form, RP-5217 form, and any required fees to the County Clerk’s office in the county where the property is located.

2. Recording Fees: Pay the necessary recording fees. Fees can vary by county, so it’s a good idea to check with the specific County Clerk’s office for the exact amount.

3. Transfer Tax Payment: If applicable, pay any required transfer taxes. The TP-584 form will help determine the amount of transfer tax owed.

6. Obtain a Copy of the Recorded Deed

After filing, request a copy of the recorded quitclaim deed from the County Clerk’s office. This will serve as proof that the transfer has been legally recorded.

Benefits of Quit Claim Deed

When exploring the concept of a quitclaim deed, it is important to understand its benefits. Here are five reasons why a quitclaim deed might be suitable for your needs:

1. Quitclaim deeds are relatively straightforward and quick to prepare compared to other types of deed

2. The process involves minimal paperwork, making it an efficient option for transferring property.

3. Commonly used for transferring property between family members, such as between parents and children, siblings, or between spouses.

4. Generally less expensive than other types of deeds because it doesn’t require a title insurance policy or extensive legal work.

5. Filing fees and taxes may be lower compared to other forms of property transfer.

Conclusion

Hiring a Quitclaim Deed Attorney can provide further guidance and help to reduce the risks of using a quitclaim deed. Quitclaim deeds are very useful tools for some types of property transfers, particularly those involving family members or the resolution of title issues. Their cost-effectiveness makes them an attractive option in these scenarios. Understanding these advantages can help you decide whether a quitclaim deed is the right choice for your property transfer needs.  Contact Us for more information.

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