How to Get Started with Reconveyance in New York
Reconveyance is an important legal process in New York that transfers ownership of a property from one party to another3 min read
Reconveyance is an important legal process in New York that transfers ownership of a property from one party to another. All states in the United States have a version of a deed of reconveyance law, but the details of how to file and complete a successful reconveyance often varies widely by jurisdiction. Those in New York need to understand the process and know where to go to get reliable legal counsel to ensure a successful transfer of ownership.
The process of a reconveyance involves the transfer of ownership of a property from one party to another. When a deed is originally drawn up, one person is identified as the proprietor. Reconveyance is the legal process where this proprietor’s name is changed to a new party. This process is most commonly used when a lender takes ownership of a property due to mortgage default, and then transfers the ownership back to the original homeowner when a payment is made in full for the mortgage. But it can also be done to pass property from one party to another without the use of a mortgage or deed of trust.
Regardless of why reconveyance is needed, it’s important to understand the process and find reliable counsel to ensure the transfer of ownership is done properly and legally. In New York, the details can vary by county, so it’s important to be aware of the local rules and regulations before filing the necessary documents.
The first step in the process is to request the reconveyance document from the local real estate records office. This document is a statement that shows that the ownership of a property has been retransferred to the current proprietor. Along with this document, a notice of the reconveyance must also be posted in a local newspaper so that all interested parties are aware of the transfer of ownership.
Once both parties have received the reconveyance document from the local real estate records office and the notice of reconveyance is posted, the parties must sign a Vesting Agreement. This is a document that clearly outlines the terms of the agreement, including who is the current proprietor of the property. This document must be notarized.
Following the signing of the Vesting Agreement, the documents must then be recorded in the local county court. In New York, the documents must be recorded in the Superior Court of the county in which the property is located. This must be done in order for the deed to be officially transferred to the new proprietor.
Finally, the parties must then file the deed to reconvey with the county. This document reflects that the deed has been officially retransferred to the new proprietor. This must be done so that the deed and title to the property are correctly recorded in the public record.
While the process of filing a deed of reconveyance in New York may seem straightforward, the details can vary widely from county to county. For that reason, it’s important to seek reliable experienced counsel. Legal services such as UpCounsel can provide access to experienced attorneys who understand local rules and regulations and can provide valuable assistance with the reconveyance process. With their help, you can ensure that your deed filing process is properly and correctly completed, so that you can enjoy the peace of mind that comes from owning clear and uncontested title to your property.