In every property owner’s life, there comes a time when he has to transfer the ownership of the real estate to his family members or sell it altogether. As a resident in New York, if you transfer real estate property to a family member, the property’s sale is not needed. How would you give it to a family member then? A quitclaim is a legal document that will help you in completing the transaction without a sale.
More about Quitclaim Deed
It’s a legal document that can transfer the title of real estate property but makes no warranties about the owner’s title. So, if you use the deed, the entire interest in the property that belongs to you will be transferred to the intended family member. Had it been a sale to some other unknown person, a warranty deed must have been used as only the warranty deed can guarantee the seller that there are no encumbrances in the property like liens, title issues, and so on. If you jointly own the property and want to transfer your interest to your daughter or son, you can only transfer your part using the quit claim deed form.
Grantor of Deed
He is the party who is granting or giving up property rights. A grantor could be an individual person, a married couple, a divorced couple, a business, or even a trust. As the individual person transferring your interest in the property, you will be the ‘grantor.’
When you are filling New York quit claim deed form online, you need to enter the correct details. If you jointly own the property with your spouse, the details of both of you will need to be mentioned. The address details will be needed in full, as mentioned in the IDs.
A grantor can sign and notarize the quitclaim deed anywhere. It could be in any state outside of the property’s location. However, if you plan to do that, it’s best to confirm with the office-of-clerk in the county where the property is located.
Grantee in Deed
He is the party who is being granted or recipient of the right to the property. The name of the grantee is mentioned in the new deed. If there is more than one grantee, the name of each is mentioned. A grantee could be a person, business, or trust. If the grantee is married, the details of the spouse are also mentioned in the quitclaim deed. Even if the grantee is a family member, his address has to be mentioned in the deed.
Details of Property
Now that you are clear about the deed’s grantor and grantee, next comes complete details of the property. The complete address details of the property will be required to create the deed online. The property’s tax or assessors parcel number has to be mentioned in the deed. Legal details of the property are also required while creating the deed.
Usually, a quitclaim deed is meant to transfer the title of the property without any money exchange. However, it has to be mentioned in the deed. If there is any money being exchanged, the amount has to be mentioned.
Transfer and Taxes
It is better first to consider potential tax consequences. As the grantor, you must pay all the taxes before transferring it. After the title is conveyed, the property tax has to be paid. If the taxes are not paid, the grantee may have to pay them.
Create the Deed Online
Yes, you can use the free New York quitclaim deed form to create the deed online. However, you need to provide all the details clearly as required.