Warranty Deed Vs Gift Deed In Queens
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General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
To change a deed in New York City, you will need a deed signed and notarized by the grantor. The deed must also be filed and recorded with the Office of the City Register. Transfer documents identifying if any taxes are due must also be filed and recorded with the City Register.
The most common way to transfer property is through a general warranty deed (sometimes called a "grant deed"). A general warranty deed guarantees good title from the beginning of time.
A quitclaim deed is seen as the weakest form of deed. A quitclaim deed offers the lowest protection to the grantee, and there are no covenants or warranties included in it. Quitclaim deeds are usually done between family members for simple transactions.
There are many uses for a quitclaim deed, but one of the most common is to convey ownership between people who are related, like spouses, parents or other family members.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
Once you obtain the correct form, you must fill it in completely. Both the grantor and the grantee must sign it, usually in the presence of a notary. Then the deed must be filed in the county registrar's office to be legally enforceable.
