A quitclaim deed transfers real estate interests from one party to another. It is a special type of deed in which the grantee takes ownership of the interests the grantor has at the time of the deed’s execution – whether or not the grantor is the actual property owner.
A quitclaim deed offers zero protection to buyers. It does not guarantee the grantor’s right to sell the property. Yet it has benefits such as a fast and easy transfer process, and is often the deed of choice among family members. Executing a quitclaim deed for real estate in New York requires an understanding of the state’s related laws.
Two parties generally cannot execute a valid quitclaim deed with an oral agreement. The quitclaim deed must be in writing. For real estate in New York City, quitclaim deeds typically require two main forms: Form RP-5217NYC and Form TP-584. Many parties hire attorneys to prepare these documents for them.
Most quitclaim deeds in New York require the grantor’s signature. Some states also need the grantee to sign, but this is generally not the case in New York. Parties do not need witnesses to their signatures. A quitclaim deed does, however, need official notarization by a notary public. The notary must sign and stamp the deed to validate that it contains the grantor’s authentic signature.
The deed will then be delivered to the grantee, who will need to accept it. Acceptance in writing is often in both parties’ best interests. Finally, either party will file the completed and notarized quitclaim deed with the county clerk’s office. The deed will go to the office in the same county as the property. The land records office accepts quitclaim deeds in New York. The fee for filing a quitclaim deed in New York depends on the type of real estate.