You can also use it to transfer property from a person to an LLC. As in other states, a New York quitclaim deed is a type of deed that conveys all of the legal rights to the property that the grantor has.
Melissa Au-Yeung
The grantor is the person conveying the property, and the grantee is the person receiving the property. In a quitclaim deed, there are no guarantees or warranties to prove the grantor actually owns the property listed in the deed. For example, if the grantor gives the grantee a quitclaim deed to Grand Central Station, that doesn't mean the grantor actually owns it.
A grantee of a quitclaim deed to Grand Central Station would obviously end up with nothing. There's a certain level of trust that's needed when you receive a quitclaim deed. That's because you must trust the grantor — and trust that the grantor actually owns the property. Filing a quitclaim deed in New York is similar in each county, although the recording fees in each differ. After you get the deed notarized, you file the deed in the county clerk's office in the county where the property is located. Contact the clerk's office in that county to find out what type of payment is acceptable and which, if any, additional documents you must file.
While the documents are often the same in each county, they do vary, so check your county's requirements before filing. The fees to file a New York quitclaim deed vary from county to county, but some of the fees are similar. These fees are for the RP form. However, there are additional fees tacked on at the time of filing. These include nominal fees for other papers filed, such as fees for Form TP Additionally, there is a general recording fee, and each page filed has an additional nominal cost. As an example, the fees in Richmond County include the general recording fee, a small surcharge, a fee for additional lots and blocks, and a fee for additional mortgages.
These additional fees are nominal. Before filing a quitclaim deed, it's a good idea to first consider the potential tax consequences. The grantor must pay any taxes owed on the property before conveying it. Upon conveying the property, the grantor must also pay a real estate property tax.
If for any reason the grantor doesn't pay these taxes, the grantee could be stuck paying them. Other taxes may apply, such as a gift tax, which the grantor pays if the property is given to a family member as a gift. Some other taxes, such as capital gains taxes, could apply as well. However, if you're using a quitclaim deed to transfer property into a trust, there usually aren't any taxes imposed. Whether there are taxes depends on what the transfer is for, such as a gift, not on the type of deed.
If you have any questions about your tax liability, make sure to speak with your financial adviser. Even though a quitclaim deed doesn't require the formalities of title searching as other types of deeds do, you still want your quitclaim deed prepared properly. You may want to consider hiring an attorney or online service provider to prepare the quitclaim deed for you. An offer of membership in our legal plan is not an endorsement or advertisement for any individual attorney. The legal plan is available in most states.
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