A Legal Guide to Quit Claim Deeds in New York
Completing a Quit Claim Deed in New York State: Regulations and Requirements3 min read
Quit claim deeds are an important part of the legal transfer of real estate property, but there are multiple regulations and Real Property Law requirements that must be followed in the state of New York. If you’re looking for an experienced legal team that understands the nuances of local regulations related to quit claim deeds, UpCounsel can help. Our network of experienced attorneys specialize in real estate law, so you can be sure you’re working with a professional team that can offer competent counsel and help you navigate the complexities of quit claim deeds.
Certain property transfer agreements are often made through quit claim deeds; those include giving, selling, and exchanging property. A quit claim deed is a document that relinquishes any interest or share of interest that you have in a certain piece of real estate. It does not include any warranties or guarantees — unlike a warranty deed, which is completely different — and does not necessarily require a formal title search, so it's usually a relatively quick and inexpensive way to secure a property transfer. It's important to understand the local regulations that apply to quit claim deeds, so your transaction is legally enforceable.
The main subject of New York's Real Property Law related to quit claim deeds is Estates and Interests in Lands. Thequarterly New York Law Journal is an excellent source for understanding the nuances of local regulations. New York Real Property Law also states that interest or estate of any tenant,Inc.,corporation,association, firm, orpartnership in real propertymay be conveyed by quitclaim deed. In other words, if the property isn't owned by an individual, then another type of deed might be necessary.
It's important to note that a quit claim deed only transfers whatever interest or share of the interest that is specified in the deed. The deed doesn't imply any assertions as to which person actually owns the property, just the interest identified in the deed. A quit claim deed also doesn't necessarily convey a title, so if that's a business goal you should speak with a legal team before making any decisions. Additionally, the deed must be signed by the transferor of the property, as well as any necessary witnesses.
The two main points of conflicts when it comes to quit claim deeds in New York are breach of contract cases and title issues. The main points related to breach of contracts are providing misrepresentations or failing to provide certain information — either of those can be legally actionable in the court. When this is the case, the quit claim deed will usually be contested. Similarly, if title issues arise, then it's important to consult with an experienced attorney to determine how to best proceed.
It's also important to be aware of New York's statute of frauds, which may impose additional restrictions or requirements related to quit claim deeds. The Statue of Frauds states that any transfer of real property that is worth more than $500 must be in writing and signed under oath. In practice, this means that quit claim deeds must be notarized and signed by both the transferor and the transferee.
Whether you’re looking for a one-time legal consultation or a larger-scale solution, UpCounsel's network of attorneys can help you navigate the complexities of quit claim deeds in New York. With over 14 years of average experience, our attorneys provide high quality, cost-effective legal services to a wide variety of businesses ranging from small businesses to Fortune 1000 corporations. We ensure that you’re working with an experienced and competent legal team that can help protect your investment and ensure that you’re in compliance with all local regulations.