How to Get Started with General Warranty Deed in New York
Business Owner in New York? Find Assistance with Local Regulations for General Warranty Deeds3 min read
If you're a business owner in New York looking for counsel to understand local regulations regarding general warranty deed, you have come to the right place. Navigating title and deed regulations can turn into a complicated and time-consuming ordeal—especially when specific regulations are involved. This article will provide you with a general overview of what to consider when obtaining a general warranty deed in New York State.
A general warranty deed is a legal document used to transfer ownership of real estate from one party (the grantor) to another party (the grantee). A general warranty deed contains a promise—or “warranty”—by the grantor that they are in fact the rightful and clear owner of the property, that the property is free of liens or encumbrances, and that the grantor holds good title to the property. This type of deed also contains language that provides the grantee with certain legal protections should any other party challenge their title or claim right to the property.
For starters, it’s important to understand the difference between a general warranty deed and a quitclaim deed. While a general warranty deed contains specific guarantees that the title of the property is valid, a quitclaim deed contains no such promises—essentially relinquishing some or all of the grantor’s rights to anyone who claims them.
In New York, a warranty deed is drafted and witnessed according to the state’s statutory requirements. There are specific pieces of information that will need to be included on the deed, including the full name of both the grantor and the grantee, the date of the deed, and the title company who is responsible for safeguarding the deed. Moreover, the deed must be signed by two witnesses who are present at the time of the signing, as well as signed by a notary public.
When engaging in the transfer of a New York property through a general warranty deed, it is important to have a licensed real estate attorney review the final document to ensure that it is properly structured and contains the required titles and warranties. This is especially important if the property in question has a complicated history, or if it has been transferred to different parties more than once in the past. Furthermore, you may want to consider engaging the services of a title insurance agent. Title agents are licensed in the state to research the chain of title and make sure that the title is clear of any and all liens or encumbrances that could potentially cloud the title.
Once you have determined that the property title is free and clear, you will need to determine the proper taxation for the transfer. In New York, transfer tax is usually paid by the seller; however, it’s important to research and determine the exact taxation parameters of the transaction.
Finally, you will need to record the deed in the deeds office of the county in which the property is located. This will ensure that your title is validated and registered with the appropriate public authority. It is wise to employ the services of a professional real estate paralegal who can ensure that all the proper paperwork is completed and that the deed is filed in accordance with the state’s statutory regulations.
At the end of the day, obtaining a general warranty deed in New York can feel like an intimidating process. But if you follow the steps outlined in this article and engage the aid of experienced and qualified profession, you will be able to successfully complete the process in a timely and cost-effective manner.