A deed is a type of legal document that is used to describe property or land that someone is selling or transferring to another individual or party. A deed will be notarized to show its validity and will have the names of the parties involved in the transfer and will be signed by the person transferring the property.
A deed is a very important document because it puts members of the public on notice of a new owner. Deeds can be recorded at the county recorder’s office in the county where the property is located.
Deeds of transfer lawyers can help individuals understand what type of deed may be needed, what their specific deed means, and how to make sure it is properly recorded.
What Does It Mean To Record a Deed in New York?
In New York, it is important to record a deed when an individual purchases or receives property. Recording a deed allows lenders, title companies, and future purchasers to verify the ownership.
It is fairly simple to record a deed in the State of New York. An individual just has to visit the recorder’s office in the county where the property is. Recording the deed gives a timestamp on the individual’s ownership in the permanent records of the county.
Once the recording is completed, the recorder of deeds will mail a certified copy to the new owner. It is important to be aware that the recording acts and laws may be different in different counties of New York.
When someone records a deed in the proper county office, the chain of title can be followed in the future by purchasers, lenders, and other parties. When an individual has any type of question about recording deeds in their county, they should schedule a legal consultation in New York.
Are There Different Types of Deeds in New York?
There are different types of deeds that can be used to transfer property in the State of New York. These include general warranty deeds, limited warranty deeds, and quitclaim deeds.
General warranty deed
General warranty deeds give owners the most security when transferring property. Because of this, most lenders require this type of deed in conventional home sales.
If an issue comes up in the future, for example, a tax lien, the seller will be responsible for fixing them.
Limited warranty deed
Limited warranty deeds are the middle ground of security in deeds. Here, the seller provides that there is nothing affecting the title during their ownership period but that they do not guarantee the same for previous owners.
Limited warranty deeds are commonly used in commercial transactions because they fulfill legal requirements but do not burden owners with guarantees about past owners.
Quitclaim deed
With quitclaim deeds, the property owner is transferring whatever ownership rights they have in the property. With this deed, no guarantee is provided that the current owner has any rights to the property or that issues will not arise at a later date.
The type of deed that a property owner will need to use depends on the property type and the financial requirements of the transaction. To find out more about the type of deed that may be needed for a transaction, it is important to consult with a New York lawyer.
In New York, What Type of Deed Is Most Commonly Used?
The majority of real estate transactions in New York use general warranty deeds. These deeds provide covenants, or guarantees for the buyer that provide the strongest protections.
Lenders and real estate professionals usually require this type of deed as it reviews all of the previous sales. It also makes the current seller responsible for hidden defects that may be discovered in the future.
General warranty deeds state that sellers own their property and have legal rights to sell it. They also guarantee that there are no claims against the property, whether with previous owners or currently.
For commercial transactions, it is common to use limited warranty deeds. These deeds only guarantee the time period when the current seller owned the property.
The least favored type of deed is the quitclaim deed because no guarantees are provided. When someone is trying to determine the type of deed that is best for their New York real estate transaction, they should consult with a lawyer to understand the guarantees and requirements for each type of deed.
How Do Liens and Title Issues Relate to a Deed?
A deed makes an individual’s real estate purchase official. If a property has lien or title issues, it can have major effects on a deed.
A lien, such as a tax lien or a mortgage, is a debt that is secured by the property. Any creditor will have a claim to the property.
It is important to be aware that, when individuals do not pay property tax on property they own, they may face a tax lien. If not paid, the property may be sold at a tax deed sale regardless of the type of deed they received.
Title issues are claims or defects that may cloud the ownership of the property. Title issues can include encumbrances, errors in the records, and other issues.
If there are lien or title issues, they can cause problems with the transfer of the property or even invalidate a deed if they are not resolved. A property without any of these issues is said to have a clean title.
When transferring or purchasing property, understanding possible liens and title issues can help all parties to a real estate transaction ensure the transfer is executed properly.
If I Inherited a Property in New York, How Do I Get a Deed?
If an individual inherits property in the State of New York, it will often have to pass through the probate process. In these situations, the individual who inherits the property will need to provide a copy of the death certificate, any required probate court documents, and a new deed with the owner’s notarized signature.
In New York, a Transfer on Death (TOD) deed may be used for a property owner to designate a beneficiary to inherit their property when they pass away. In these situations, the property passes automatically without the need for probate.
For any questions about how to get a deed for inherited property in New York, it is important to reach out to a local lawyer.
Do I Need a Lawyer To Transfer a Deed in New York?
If you have any issues with or questions about transferring deeds in New York, it is important to meet with a New York real estate attorney. This will help make sure that you have the proper deed for your real estate transaction as well as help you avoid issues in the future.
It is free and fast to take advantage of LegalMatch’s free attorney matching services to find a real estate attorney in your area of New York who can help you. They can provide you with advice and assist you through the entire deed transfer process.
When you use LegalMatch, you will be matched with pre-screened and licensed New York real estate attorneys familiar with the requirements in your area who can help you with your deed transfer.
