Quitclaim Deed New York – All You Need to Know

When you want to give someone a property in New York, you can do it in a few different ways. One way is by using a special document called a quitclaim deed. This paper helps transfer ownership of the property from one person to another. But it's crucial to know that there might be some problems when using a quitclaim deed. In this newsletter, Moshes Law P.C. will explain the basics of quitclaim deeds in New York.

What is a Quitclaim Deed, exactly??

A quitclaim deed is a paper that changes who owns a property. But it doesn't promise anything about whether the ownership is good. In regular home sales, a warranty deed is used, and it's really strong and safe. It guarantees that the property has no problems, like debts or other owners. With a quitclaim deed, you only get what the previous owner had.

?In New York, a quitclaim deed just gives the property to the new owner without any promises about the title, except for one small promise under Section 13 of the New York Lien Law.

?For example, if my wife and I own a house and I want to give my part to my cousin, I use a quitclaim deed. My cousin becomes the only owner of my part, and my wife's ownership doesn't change. I'm the person giving the ownership (grantor), and my cousin is getting it (grantee). If I didn't have any ownership in the first place, my cousin wouldn't either.

?But this doesn't change anything about the mortgage. If my name is on the mortgage, I still have to pay it even if I give up my ownership. A mortgage is a different thing, and the quitclaim deed only changes who owns the property.

How do you submit a quitclaim deed in New York?

Filing a quitclaim deed in New York is quite similar in all counties, but the fees can vary. Here's how to do it:

1. First, make sure your quitclaim deed is notarized.

2. Go to the county clerk's office in the county where the property is located. Contact them to find out what kind of payment they accept and if any additional documents are needed. Different counties may have slightly different requirements.

3. If you're in a county outside of New York City, you'll need to submit a Real Property Transfer Report (Form RP-5217) along with your quitclaim deed.

4. If you're in New York City, you'll use a Real Property Transfer Report (Form RP-5217NYC) and a Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax (Form TP-584). Both of these forms should be filed with the county clerk.

Situations When A Quitclaim Deed Is Used In New York:

In New York, quitclaim deeds serve various purposes, including:

• Family Transfers: Quitclaim deeds are frequently employed when property is transferred within families, such as when parents pass property ownership to their children.
• ?Spousal Transfers: Quitclaim deeds can be utilized for property transfers between spouses, especially in cases like divorce or separation.
• ?Boundary Disputes Resolution: Quitclaim deeds are a tool for resolving boundary disputes between neighbouring property owners.
• ?Co-Owner Changes: They may also be used to add or remove co-owners from a property's title.
• ?Title Issue Resolution: Quitclaim deeds come in handy for addressing title complications, including the release of a previous owner's interest in the property.
• ?Gift or Charitable Donations: These deeds enable property gifting or charitable donations, allowing individuals to donate their property to charitable organizations.
• ?Informal Transfers: Quitclaim deeds are suitable for informal property transfers between acquaintances, like friends or business associates, who are familiar with the property and each other.

How an attorney can support you in the process of property deed transfer:

Deed attorneys help you choose the right type of deed for your needs. Using the wrong type can be expensive. Our real estate attorneys create the deed, describe your property legally, and check if anyone else claims it by researching property deeds. They'll inform you if more documents are required, like when transferring property to a trust or business.

After preparing the deed, you'll sign it, and we'll submit it to the county recorder's office. This process can take about eight weeks. Once it's done, the court will send you your real estate deed by mail.

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In closing, Moshes Law, P.C. is your trusted source for proficiently handling New York quit claim deeds. We specialize in serving clients across the broader New York City region, spanning Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, and extending to Northern New Jersey, Long Island, and Upstate New York. Whether you aim to transfer or acquire property, our team possesses the expertise required to ensure a seamless process.