A New York Quitclaim Deed form transfers property ownership or interest from the owner (the grantor) to another person (the grantee). A quitclaim deed does not require a title search on the property, so there is no guarantee that the title is free of any claims, liens, or encumbrances.
Laws & Requirements
Statute Consolidated Laws of New York Chapter 50, Article 8: In New York, a quitclaim deed needs specific language in the body of the deed. Ensure the grantor’s name is written exactly as the grantor will sign it.
Signing Requirements § 306: A quitclaim deed must be signed by the grantor in the presence of a notary public. The notary acknowledges the signature through an attached acknowledgment or jurat. A witness isn’t required.
Recording Requirements § 291: File the deed and forms with the County Clerk’s office where the property is. Counties charge nominal recording fees per page, usually listed on their website.
Transfer Tax: Yes (When the consideration exceeds $500)
Additional Documents:
- For New York State Counties: Real Property Transfer Report (Form RP-5217) and Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax (Form TP-584).
- For New York City Only (Bronx, Brooklyn, Manhattan, Queens, Staten Island): Real Property Transfer Report (Form RP-5217NYC) and Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax for the Conveyance of Real Property Located in New York City (Form TP-584-NYC)
How to File
- Obtain Quitclaim Deed Form: Use a New York-specific template or attorney to ensure all fields are properly completed.
- Fill in Preparer’s Details: Include the document preparer’s name and address; add recipient details for after recording.
- Document Consideration: Note the property transfer price, in words and numbers.
- Write Grantor’s Information: List the grantor’s full name and address, matching their later signature.
- Enter Grantee’s Details: Provide the full name and address of the buyer (grantee).
- Fill in Property County: Indicate the county of the property.
- Note Property Legal Description: Detail the property’s legal description and physical address.
- Get Deed Notarized: Have the grantor sign in front of a notary, ensuring the name matches the printed name.
- Fill Out Tax Forms: Use TP-584-NYC and RP-5217-NYC for New York City properties, or TP-584 and RP-5217 for other counties.
Costs and Fees
Costs vary by property location, county recording fees, and legal/service expenses.
Filing Fees
The filing fee depends on your county, but it is generally $125 for residential and farm properties and $250 for all other properties.
Taxes
- Documentary Transfer Tax applies for property over $500; exemptions exist.
- Transfer tax generally paid by grantor; mansion tax by grantee.
- Government entities exempt from transfer tax.
- Tax rate: $2 per $500 of consideration, additional for properties over $1 million.
- No NY-specific gift tax; federal gift tax applies.
- Capital gains are taxed as personal income; federal capital gains apply on sale.
Frequently Asked Questions
When Might a Quitclaim Deed Be Necessary?
Quitclaim deeds are often used in non-traditional property transfers, such as gifts or court orders. Common scenarios include transferring property between family members, adding a spouse to the property title after marriage, divorce settlements, and transferring property into a trust.
How to Correct a New York Quitclaim Deed?
To correct a typo on a New York quitclaim deed, you would typically need to prepare and record a new document, known as a “Correction Deed” or “Corrective Quitclaim Deed.” Here’s a general process on how to do it:
- Identify the Error: Clearly identify the typo or error in the original quitclaim deed. It’s important to understand whether the mistake is minor (like a typographical error) or significant (which might affect the legal description of the property or the grantee’s name).
- Prepare the Correction Deed: Draft a new deed, specifically a corrective quitclaim deed, that clearly states the correction from the original deed. This new deed should reference the original deed by its recording date and book/page number or document number, describe the error being corrected, and then state the correct information.
- Include a Statement of Correction: The corrective deed should include a statement indicating that its sole purpose is to correct the error in the original deed. This statement should specify what the error was and the corrected information.
- Signatures: The person or persons who originally signed the quitclaim deed (the grantor(s)) must sign the corrective deed in front of a notary public. The requirements for witnesses can vary by county, so it’s important to check with the local county clerk or recorder’s office.
- Notarization: The corrective deed must be notarized. This involves the grantor(s) signing the document in the presence of a notary public who then notarizes the deed.
- Recording: Once properly executed, the corrective deed needs to be recorded with the county clerk’s office or the appropriate local land records office where the property is located. There may be a recording fee.
- Check Local Requirements: It’s important to check with the local county clerk or recorder’s office for any specific requirements or forms they may have for filing a corrective deed. Some counties might have specific forms or additional requirements.
Will a Quitclaim Deed Release Me from the Mortgage Obligation?
A quitclaim deed influences solely the ownership title of the property and does not impact any debt or loan responsibilities of either spouse. Regardless of how property is divided in your divorce, both parties remain accountable for settling any shared debts.
