A quitclaim deed is a legal document used to transfer ownership of real property from one person to another. In the state of New York, there are certain requirements that must be met in order for a quitclaim deed to be considered valid.
First and foremost, the quitclaim deed must be in writing and signed by the grantor, or the person transferring ownership of the property. The grantor must also have the legal right to transfer ownership of the property. This means that the grantor must be the current owner of the property, or have the authority to transfer ownership on behalf of the current owner.
The quitclaim deed must also include a description of the property being transferred. This description should include the street address of the property, as well as the legal description of the property, which is typically provided by a surveyor or a title company.
The quitclaim deed must also include the names of the grantor and the grantee, or the person receiving ownership of the property. The grantee must be a natural person, meaning an individual, or a legal entity such as a corporation. It’s important to note that the grantee should be identified with his/her full legal name.
The quitclaim deed must also be acknowledged before a notary public, which verifies the identity of the grantor and confirms that the grantor has signed the document voluntarily. The notary public will also add their signature, seal, and date of notarization.
In addition, a quitclaim deed in New York state must also be filed with the county clerk’s office in the county where the property is located. The county clerk will then record the deed, which makes it a matter of public record. This process is essential as it provides constructive notice to the public of the change in ownership of the property.
Table of Contents
It’s important to note that a quitclaim deed does not provide any warranties or guarantees about the property being transferred. A quitclaim deed only transfers the grantor’s interest in the property, if any. It does not provide any assurances about the property’s title, liens, or any other potential issues. Therefore, it’s important for the grantee to conduct their own research on the property and its history before accepting the transfer.
There may be certain fees associated with filing a quitclaim deed in New York state, including a recording fee, which varies depending on the county. It’s important to check with the county clerk’s office for the specific fees in the county where the property is located.
In summary, in order to be considered valid in New York state, a quitclaim deed must be in writing, signed by the grantor, include a description of the property, including the names of the grantor and grantee, be acknowledged before a notary public, and be filed with the county clerk’s office for recordation.
To file a quitclaim deed in New York, the following steps should be taken:
It is important to note that a quitclaim deed only transfers the interest that the grantor has in the property, and does not guarantee or warrant that the property is free from any liens or encumbrances. It is advisable to consult with an attorney before filing a quitclaim deed.
In counties outside of New York City, file a Real Property Transfer Report (Form RP-5217) with the county clerk along with the quitclaim deed. Quitclaim deeds filed in New York City 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 which are filed with the county clerk.
Although certain filing costs for a New York quitclaim deed are the same from county to county, others vary. For residential or farm property, the standard filing fee for a quitclaim deed is $125, whereas the fee for any other property is $250 as of 2018. The RP-5217 form is charged with these fees. At the time of filing, there are additional fees, though. These include minimal filing expenses for other documents, such as Form TP-584 fees. There is also a basic recording charge, and each page file has a little additional fee.
Generally, the fees include a recording fee and a transfer tax.
Recording fee: The recording fee is charged by the county clerk’s office for recording the quitclaim deed and is typically based on the number of pages in the document. It can range from a few dollars to several hundred dollars.
Transfer tax: New York State imposes a transfer tax on the transfer of real property, which is typically paid by the grantor. The transfer tax rate is generally 0.4% of the value of the property, but there are some exemptions that may apply. It is advisable to check with the county clerk’s office for the exact amount of the transfer tax.
It is also important to note that other fees may apply, such as a mortgage recording tax, if the property is subject to a mortgage. It’s best to check with the county clerk’s office or consult with a real estate attorney to determine all the applicable fees for filing a quitclaim deed in New York.
The tax consequences of a quitclaim deed in New York will depend on the specific circumstances of the transfer. Generally, there are a few key tax implications to consider when filing a quitclaim deed in New York:
Also, note that these tax implications can be complex and it’s advisable to consult with a tax professional or attorney to understand the tax consequences of a quitclaim deed in New York.
Consult your financial advisor if you have any doubts concerning your tax liability. Even while title searches are not necessary for a quitclaim deed the same way they are for other types of deeds, you still want your quitclaim document to be properly drafted.
