I am often asked by clients looking to transfer property whether I will be using a quitclaim deed to complete the transfer. I tell my clients that in the New York Metropolitan area, the type of deed customarily used to convey real property, whether to a third party in an arm’s length transaction or to a family member, is a “Bargain and Sale Deed with Covenants Against Grantor’s Acts.”
A quitclaim deed must to used with caution and can be dangerous or beneficial depending upon whether you are the grantor or grantee. This type of deed conveys the interest you have in a property without providing any warranties or guarantees about the interest you are conveying. A quitclaim deed means you are only transferring whatever interest and title you MAY have in the property, subject to any claims which exist or may arise. It does not ensure good title as a Bargain and Sale Deed with Covenants Against Grantor's Acts would.
The New York State Real Property Law Sec. 258 recognizes several types of deeds to be used to convey real property. A quitclaim deed is among the recognized forms. Nevertheless, the customary practice among local attorneys in New York will determine the appropriate deed to be used. While there is no case law or statute prohibiting the use of a quitclaim deed to convey a home in the New York Metropolitan area, its use would be unusual and could raise questions down the road and therefore should be used only in very limited circumstances.
Transferring title by a deed whether by a quitclaim deed or any other type of deed is a serious matter with numerous legal and financial consequences and should not be attempted without an attorney. A deed may not be effective if not prepared properly or executed properly. A New York real estate attorney can ensure that the legal formalities required for deeds are met, and that you thoroughly understand what the conveyance process entails. Once the deed is properly executed, it must then be recorded in the public records of the county where the property is located.
The Law Office of Jeanne M. Reardon assists New York property owners with strategies to protect and pass on their homes and real estate investments. To speak with an experienced New York deed attorney, call us at (516) 314-8433 or e-mail us. To learn more about our deed transfer services visit us at: www.jreardonlaw.com/Deed-Transfers
Buyers and sellers involved in a residential or commercial real estate transaction have different issues and goals. The real estate contract or purchase agreement is the single most important document in the transaction. A well drafted contract that accurately reflects your interests and addresses potential problems is critical to a successful real estate transaction. At the Law Office of Jeanne M. Reardon, we have more than 20 years of experience negotiating, drafting and reviewing contracts.
A strong, well drafted contract provides the protection you need by anticipating and minimizing the risks involved in buying and selling real estate. Jeanne M. Reardon has the knowledge and experience that it takes to negotiate and draft real estate contracts that aim to protect her clients' interests, their down payment and lessen their overall risks.
The standard New York real estate contract does not ordinarily include all the nuances of your particular transaction. Usually the real estate broker will submit the basic terms of the deal such as purchase price, down payment, financing terms and nothing more. Only an experienced real estate attorney will have the knowledge to anticipate all the issues at hand and ensure that they are properly addressed in the drafting and negotiating of the real estate contract.
Some issues that an experienced real estate attorney will anticipate and aim to have addressed in a contract include:
Additions or renovations to the property with missing certificates of occupancy
Willful or negligent loss of the down payment by the seller's attorney
Underground oil storage tanks
Death of the purchaser prior to the closing
Attorney Jeanne M. Reardon is licensed to practice in New York, and she has extensive experience in handling real estate contracts, including Fannie Mae REO contracts.
Contact a Skilled Long Island Real Estate Attorney
Whether you are buying or selling your home, please do not enter into a contract before contacting our office because no standard contract can adequately address all the special circumstances of your transaction.
Our services can help to protect your interests, and save you time and money.
We provide a free initial consultation to all of our potential clients. To discuss your real estate issue with an experienced Long Island real estate lawyer call 516-314-8433 or e-mail us.
If you are unable to attend a real estate closing and sign the necessary documents you can have your attorney prepare a power of attorney for you thereby allowing your agent to act for you at the closing. A power of attorney is a document in which a person appoints someone to act as their agent and perform certain acts on their behalf. The powers which may be given to your agent can be very broad, or limited depending on the purpose for giving the power of attorney. For example, your can give your agent very broad powers to manage all your financial affairs, or limited powers to sign documents on your behalf at a real estate closing for a specific property only.
Sellers use a power of attorney for real estate closings more often than do purchasers. The most likely reason for this is that many purchasers' lenders are reluctant to permit the use of powers of attorney by their borrowers. If you are a purchaser and need to use a power of attorney, check with your bank and title company in advance to see what their policy is concerning powers of attorneys. If your lender does not permit the use of a power of attorney, your agent will not be authorized to sign on your behalf. Additionally, it is prudent to have the document reviewed by the title agency, as their approval is required before they will rely on it for title transfer purposes.
A power of attorney is designed to be effective until death, unless voluntarily revoked, even if you become incompetent or incapacitated. Therefore, it is imperative that you choose an agent that is trustworthy and will carry out your financial instructions properly.
If you need a power of attorney , contact our experienced New York attorney to prepare one for you. After the power is prepared, you and the person that you have designated as your agent need to sign it before a notary public. The law governing a power of attorney in New York State is General Obligations Law Sec. 5-1501.
Jeanne M. Reardon is an attorney experienced in preparing powers of attorney. To speak with an experienced real estate attorney about closing with a power of attorney, call us at (516) 314-8433.