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Real Estate Law Blog
Real Estate Law Blog
|Posted on February 18, 2017 at 3:55 PM|
I am often asked by clients looking to transfer property whether I will be using a quitclaim deed to complete the transfer. I tell my clients that in the New York Metropolitan area, the type of deed customarily used to convey real property, whether to a third party in an arm’s length transaction or to a family member, is a “Bargain and Sale Deed with Covenants Against Grantor’s Acts.”
A quitclaim deed must to used with caution and can be dangerous or beneficial depending upon whether you are the grantor or grantee. This type of deed conveys the interest you have in a property without providing any warranties or guarantees about the interest you are conveying. A quitclaim deed means you are only transferring whatever interest and title you MAY have in the property, subject to any claims which exist or may arise. It does not ensure good title as a Bargain and Sale Deed with Covenants Against Grantor's Acts would.
The New York State Real Property Law Sec. 258 recognizes several types of deeds to be used to convey real property. A quitclaim deed is among the recognized forms. Nevertheless, the customary practice among local attorneys in New York will determine the appropriate deed to be used. While there is no case law or statute prohibiting the use of a quitclaim deed to convey a home in the New York Metropolitan area, its use would be unusual and could raise questions down the road and therefore should be used only in very limited circumstances.
Transferring title by a deed whether by a quitclaim deed or any other type of deed is a serious matter with numerous legal and financial consequences and should not be attempted without an attorney. A deed may not be effective if not prepared properly or executed properly. A New York real estate attorney can ensure that the legal formalities required for deeds are met, and that you thoroughly understand what the conveyance process entails. Once the deed is properly executed, it must then be recorded in the public records of the county where the property is located.
The Law Office of Jeanne M. Reardon assists New York property owners with strategies to protect and pass on their homes and real estate investments. To speak with an experienced New York deed attorney, call us at (516) 314-8433 or e-mail us. To learn more about our deed transfer services visit us at: www.jreardonlaw.com/Deed-Transfer.html