New York Quitclaim Deed from Corporation to Individual
Description
Definition and meaning
A New York Quitclaim Deed from Corporation to Individual is a legal document used to transfer ownership of real estate from a corporation to an individual. This type of deed is unique as it conveys whatever interest the corporation has in the property without guaranteeing that the title is valid. It is commonly used in transactions where the granter, in this case, the corporation, simply wishes to relinquish their rights to the property.
Who should use this form
This quitclaim deed is appropriate for corporations that are transferring property ownership to individuals. It can be utilized in various circumstances including asset division, estate planning, or as part of a legal settlement. Individuals receiving the property should ensure they understand the implications of accepting a quitclaim deed, including the absence of warranties regarding the property title.
Key components of the form
The Quitclaim Deed typically includes several essential components:
- Identifying Information: Names and addresses of both the grantor (corporation) and grantee (individual).
- Legal Description: A detailed account of the property being transferred, often referencing an attached exhibit.
- Consideration Amount: The payment exchanged for the property, commonly documented as ten dollars or a similar nominal amount.
- Covenants: Statements regarding the grantor's rights and obligations concerning the conveyed property.
Legal use and context
The New York Quitclaim Deed is often used in situations where speed is important, such as family transfers or when a property is being placed in a trust. It's crucial to note that this deed does not offer the same protections as a warranty deed. As such, individuals should conduct a title search before accepting property conveyed by a quitclaim deed to avoid potential legal issues in the future.
What documents you may need alongside this one
When completing a New York Quitclaim Deed, it may be necessary to have additional documents ready:
- Current deed evidencing ownership by the corporation.
- Title report or abstract for the property.
- Corporate resolution authorizing the individual executing the deed.
Having these documents can help streamline the process and ensure the legal transfer of property goes smoothly.
What to expect during notarization or witnessing
The notarization process for a New York Quitclaim Deed requires the grantor's signatures to be validated. It is important to appear in person before a notary public, who will verify the identity of the signatories. The notary may ask for valid identification and confirm the voluntary nature of the signing. If a corporate seal is included, proper corporate documentation may also be necessary to legitimize the transaction.
How to fill out New York Quitclaim Deed From Corporation To Individual?
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FAQ
A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
Fees to File a Quitclaim Deed in New York As of 2018, the basic fee for filing a quitclaim deed of residential or farm property is $125, while the fee for all other property is $250. These fees are for the RP-5217 form.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Transfer property quickly and easily using this simple legal form. You can use a quitclaim deed to:transfer property you own by yourself into co-ownership with someone else. change the way owners hold title to the property.
Once you sign a quitclaim deed and it has been filed and recorded with the County Clerks Office, the title has been officially transferred and cannot be easily reversed. In order to reverse this type of transfer, it would require your spouse to cooperate and assist in adding your name back to the title.
Quitclaim deeds are most often used to transfer property between family members.Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners divorce and one spouse's name is removed from the title or deed.
Fill in the deed form. Print it out. Have the grantor(s) sign and get the signature(s) notarized. Complete a transfer tax form, Form TP-584. Complete and print out Form RP-5217 (or, if you are in New York City, Form RP-5217NYC).