Real estate transactions come with their own set of challenges. Whether you are a seller trying to sell a real estate property or someone who is about to buy an investment property, the task of transferring a deed is something that you will have to encounter. Deed transfers are used to identify the seller and buyer in a home sale (or the grantor and grantee in an inheritance setting). This document provides legal descriptions of the property and the signature of the grantor or seller transferring the ownership of the property to the buyer or grantee.
Transferring a deed can seem easy at first glance. However, this is not always the case. Deeds carry a significant impact on the legal and financial aspects of a real estate transaction. Deeds are also the ultimate evidence of ownership of real estate property. Simple mistakes in the legal description of a deed can lead to grave consequences many years later. This is why it is important to seek the legal advice of an experienced Manhattan deed transfer lawyer when transferring title by deed.
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The property deed is a legal document that transfers property ownership from an old owner (the grantor or the seller) to the new one (the grantee or the buyer). The property transfer is legalized and made official once both the grantor and grantee sign the deed. The deed will then become a part of the public record and anyone who needs information on the said property may be able to access it. Because the property deed confirms who the owners are, deeds become crucial documents in any disputes over property ownership.
Local governments maintain property records (or property deeds) and these records are kept in the county or city where the property is situated. To obtain a duplicate of the deed, you can contact your local clerk or recorder. You will need the address and lot numbers of the property to pull the deed from the database.
If you are looking to prepare a property deed, seeking the help of an experienced deed transfer attorney or real estate lawyer is important. Sishodia PLLC’s NYC deed transfer lawyer Natalia Sishodia and our team of experienced attorneys for real estate may be able to help you understand the process of transferring a deed. Call us today to schedule a consultation with our experienced attorneys.
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When transferring real estate, the appropriate deed to use depends on the specific situation. To ensure the right deed is selected, it’s advisable to seek advice from an experienced real estate attorney in New York.
There are several common types of deeds used in real estate transactions. The Full Covenants Deed, also known as a General Warranty Deed, is the most protective for the grantee as the grantor promises to be the rightful owner of the property, free from liens or encumbrances unless specified, and the grantee’s title will be defended against any challenges. The grantor will be held accountable if the title is deemed not good.
A Limited Warranty Deed, also called a Bargain and Sale Deed with Covenant, provides the grantee with the second-highest level of protection because the grantor pledges to be the lawful owner of the property and has not imposed any claims or limitations during their tenure.
The Bargain and Sale Deed without covenant provides little safeguard for the grantee as it lacks any covenants or warranties from the grantor, thereby offering no assurances or guarantees of a good title. Consequently, the grantee has no legal recourse against the grantor in the event of any title defects.
The Executor’s Deed or Administrator’s Deed offers an equivalent level of security as a Bargain and Sale Deed with Covenants. It serves the purpose of conveying property in the estate of a deceased person to their rightful heirs. The Executor’s Deed is applied when the individual passes away leaving a will, whereas the Administrator’s Deed is used when the person dies intestate.
The Quitclaim Deed grants the recipient the least protection since it merely transfers the grantor’s title and interest without any guarantees or assurances. This type of deed is commonly used in scenarios such as family transfers or divorce.
If you are looking to transfer a deed, it is important to speak with a skilled attorney who is experienced in dealing with real estate law in New York. At Sishodia PLLC, our top-rated Manhattan real estate lawyers are ready to help. We may be able to help you understand the different types of deeds and
Besides the standard sale purchase situation there are events that may trigger the necessity for a deed transfer. Deed transfer is required in family transfers when you want to add or remove a family member or partner; as part of your estate planning when transferring to a company, or a trust, or transfers between two companies; in gifting property or securing rights to inherited property as part of estate execution or probate.
In real estate transactions, a deed refers to a document that records the ownership of a real estate property. A title, on the other hand, is a document that shows the owner’s right to control and use a property.
A title and a deed are two different things even though they both signify that you own the property. It is important to understand the differences between title and deed in order to make smart property purchase decisions and know your options when it comes time for you to remodel, expand, or sell your land.
In legal terms, a title is a way you can prove you are the owner of a property. The title is proof that you have the right to use the property. A title allows you to access the entire property and make any changes you want to it, or use it as you see fit.
On the other hand, a deed records the transfer of title between the seller and the buyer or transferor and transferee. You can use a deed for both full transfer (such as an inheritance) or partial transfer (such as in a new venture). Deeds are documents that must follow the Statute of Frauds. They should be filed at an assessor’s office or at a courthouse. Without this authorization, the deed will not be binding.
Understanding the differences between title and deed will help you to be more prepared for ownership. This allows you to know what documents (deeds) you’ll receive and what legal status your property will give you (title).
Simply put, the documents that transfer property to the next owners are called deeds. They give title rights to the new owners. The title is merely a legal status.
Knowing the differences will help you understand what you are “getting” when buying or inheriting a house. If you are transferring a part of the house, it will be clear what your rights and restrictions are.
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To prepare and file the real property transfer deed, you will want to first hire a qualified attorney. Then, you also need to provide basic information regarding the property and the names of the people who will be included on the title. The real estate attorney will then make inquiries about the title in order to verify its security and establish a legal description of the property. The deed transfer lawyer will then prepare a new document that must be signed and notarized.
Once the deed has been signed and notarized, the transfer of the title is basically complete. To ensure the best protection of your property transfer, however, you must record the deed in the county in which the property is located. Recording a deed provides protection from other claims to the property’s ownership.
The cost to file a deed at the Register’s Office usually is minimal. However, the final cost will depend on the type of transfer that the parties agree to. Other costs, such as real estate property transfer taxes, must also be filed with the state and paid to the local government bodies where the property is situated.
The cheapest way to transfer title to real property is to file a deed by yourself without the help of an attorney. In this case, you must make sure you take the necessary time to review the documents and requirements needed to properly file a deed. Even though the local Register’s Office keeps the deeds on record, they usually will not assist you with filling out the deed or pointing out any errors. A qualified real estate lawyer should review your deed and guide you through the filing process.
Sishodia PLLC’s real estate attorney Natalia Sishodia and our team of skilled deed transfer lawyers may be able to help you understand the process better. We will take the time to review the details of the transaction and help you explore your options. Call us today to schedule a consultation with our experienced attorneys.
A buyer who offers to buy a residential property in New York will fill out a one-page offer form or can submit his or her offer via email , instead of signing a contract or making a deposit. After the seller has accepted the offer, the buyers and sellers are not yet bound to finalize the transaction until a formal contract is signed and the seller is able to accept the offer from the buyer. In New York, the buyer signs the contract first and provides 10% down payment on signing.
A real estate contract is an integral part of any real estate deal. The real estate contract outlines the rights and obligations of both buyer and seller and lays out what is necessary to close. The contract must address title, price, construction, improvements, and any contingencies like inspections, repairs, or obtaining financing. The contract must also include the closing date.
To ensure that the property’s condition is good, inspections must be done. A title search is necessary to ensure that the seller conveys a good, marketable title. A buyer purchasing a cooperative or condominium should have their attorney review all financial documents and books.
After the down payment is paid and agreement is signed by both the parties and attorney for the seller acknowledging a receipt of the contract deposit, and a copy of the fully executed contract of sale is delivered to the buyer’s attorney, the seller and the buyer have a legally enforceable contract. There is also the possibility of either party being sued if they walk away after the contract is signed. The buyer will arrange mortgage financing during this stage. If a title search is not done yet, this will take place to ensure that there are no outstanding liens. At closing, the title is transferred to the buyer. If there are any outstanding liens, the lender will need to be paid the remainder of the purchase price.
Seeking the help of an experienced real estate attorney before signing a real estate contract is very important. A skilled lawyer may be able to help you understand your rights and responsibilities in the transaction and help you make better decisions throughout the process. To speak with a top-rated New York City real estate attorney, call Sishodia PLLC today at (833) 616-4646.
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Property transfer is usually done through a deed. A deed is a legal document that describes the property and provides information about who will be taking title to the property. Aside from being used to transfer a property after a sale, a deed can also be used in other situations such as passing down an inheritance, estate planning, adding or removing a family member, gifting a property or transferring your real estate asset to a company or a trust.
Deeds do not have to be long documents. However, you can include additional information in the property description such as the condition of the property. Having a real estate lawyer who can help you prepare a deed, advise on the tax transfer, help with a draft of transfer tax forms and recording of relevant transfer documents is very important. A skilled lawyer may be able to help you understand the complexities surrounding the transfer of the deed and help you avoid issues in the future.
The best thing about hiring a real estate attorney to represent you is the reduction in your workload. A real estate lawyer will take the burden off your shoulders. The attorney will handle your residential real property transaction. All legal documentation related to the transaction will be reviewed by your attorney.
An attorney may also be able to help you with the negotiation of terms for your real estate contract. Most residential sellers and buyers assume they can use a boilerplate contract and only make minor changes. However, these contracts may not be in your best interest.
An experienced real estate lawyer can help you if you are selling or buying a real estate property. At Sishodia PLLC, we will work hard to protect your interests during the whole home-buying process. Call us today to schedule a consultation.
Frequently Asked Questions
A deed can be used to transfer title to a real estate property. There are several types of deeds that you can use depending on the specific needs of your real estate transaction. A real estate lawyer can help you decide which deed is best for your needs. Here are a few types of deeds that you may be able to use for your specific requirements:
At Sishodia PLLC, our team of experienced real estate lawyers is well-versed in the different types of deeds that may suit your specific needs. We may be able to help you understand the complexities surrounding your transaction. Call us today to schedule a consultation.
You can search for property records including deeds In all five boroughs in New York through the ACRIS system, its database includes only recorded documents dating back to 1966. Thus, any recent conveyances will not be reported until the title company records the document with the County Clerk’s office. Also, if you are looking for an older document, you will still need to make a trip to the County Clerk’s office. The search can be conducted by party name, parcel identifier(Borough, Block, Lot), document ID or Reel and Page. Database can be found here .
Though deed transfer seems to be a relatively simple process, it may get very complex when it comes to evaluation of any transfer tax is due. Not every real estate attorney you come across will also have tax knowledge.
Our real estate attorneys here at Sishodia PLLC are knowledgeable in tax as well as in real estate deed transfers. Every deed transfer situation is unique and may require an individual approach. Transfer tax may vary on the status of the transferee (exempt transferees, family members), status of asset (example, HDFC is exempt from NYC transfer tax), amount of consideration in transfer, existence of mortgage and other factors.
To evaluate if you need to pay a transfer tax in your deed transfer call Sishodia PLLC today at (833) 616-4646.
Coops in New York are not considered real property in New York, they are considered to be “Good”. Thus there is no deed required and transfer happens through issuance of New Stock Certificate and New Proprietary Lease. However, keep in mind if you need to conduct shares transfer by adding or removing a family member, spouse or a partner from the stock and lease, it has to go through co-op board approval. Such transfers would also require the transfer tax forms to be filled with the department of finance even if such transfer is in family transfer or any other transfer with “0” consideration.
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Deeds are a hugely significant part of any real estate transfer process. People often draft deeds when the property is being gifted or sold between friends or family. An incorrectly drafted deed could have severe consequences if the property is sold to third parties or if a family member contests the sale. These issues can be complicated to fix years later if the parties are no longer able to be found or have passed away. This is why it is important to seek the help of an experienced deed transfer lawyer when preparing these documents.
Sishodia PLLC’s team or top-rated Manhattan deed transfer attorneys may be able to protect your interests during the whole home-buying process. When you buy or sell a house, we will make sure that your rights are protected.
Call us today at (833) 616-4646 to schedule a consultation.
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