The New York quitclaim deed is a document the parties use to transfer the property. One person, called the grantor (seller), signs the quitclaim deed and transfers their interests in the property to another person, called the grantee (buyer).
The main advantage of the general quitclaim form over other forms of deeds is that it has a simple form, which makes it easy for the parties to make the property transfer without many formalities.
The downside of the quitclaim deed is that it doesn’t provide any guarantees for the grantee (buyer). That means that the grantor (seller) simply transfers their interests in the property without guaranteeing that there are no other claims to the property.
Quitclaim Deed Important Laws & Requirements in New York
Laws & Requirements
Signing requirements: The grantor must sign the quitclaim deed before the notary public or other authorized body. (§ 306)
Recording: The parties should record the quitclaim deed with the County Clerk’s Office according to the location of the property. (§ 291)
Recording fees: The recording fee ranges from $40 to $50, depending on the number of pages and the county of recording.
Additional documents:
Nonresident Real Property Estimated Income Tax Payment Form: This form must be filled by the grantor who lives outside the New York state.
Property Condition Disclosure Statement: The grantor must fill out this form when selling the residential real property and give it to the grantee.
When to Use a Quitclaim Deed in New York
Due to its specific features (simple form and lack of warranties), the parties use the general quitclaim form for several legal activities.
#1. Title Modifications
The grantor can use the New York quitclaim deed to make changes to the property title.
They can make changes for the following reasons:
Quitclaim Deed Title Alteration
To correct the errors in the property title
For updating the information in the property title
To add or remove the people from the title
#2. Property Transfer
The parties most commonly use the quitclaim deed to transfer the property. The main advantage of the quitclaim deed over other forms of deeds is its simple form.
However, the quitclaim deed doesn’t provide any protection for the grantee, meaning that the quitclaim deed doesn’t guarantee that there are no restrictions on the property title. Because of this, the grantee should always check the property title before obtaining the property in this way.
#3. Living Trust Transfer
The grantor can use the quitclaim deed to transfer their property to their living trust. Since only one person is involved in such a transaction, there is no need for additional warranties, which is perfect for the quitclaim deed.
How to Create a Quitclaim Deed in New York
#1. Fill Out The Form
The quitclaim deed should also include information on vesting, meaning that it should provide details on how the grantee will hold title to the property. In practice, real property is usually owned in sole ownership or co-ownership.
#2. Add the “Note Consideration”
The note consideration provides information about the value of the property. The consideration can be the transfer of money, default on debt, providing certain services, or any other kind of value.
#3. Write the Legal Description
The quitclaim deed should include a complete legal description of the parcel, including the section, block, lot, and unit numbers. Additionally, if applicable, the parties should include a description of the property boundaries.
#4. Sign & Get it Notarized
The grantor should sign the quitclaim deed before the notary public.
#5. File the Quitclaim Deed
The parties must file the document with the body authorized for deed registration.
Where to File a Quitclaim Deed in New York
The parties must register the quitclaim deed with the County Clerk’s Office according to the property's location.