NEW YORK PROPERTY DEEDS
DEED is a written and signed legal document used to convey title to real property. In other words, it is the document that transfers some property rights in *real estate. The deed must be in writing. The grantor (one conveying the title) must be legally competent. A grantee (the person receiving the title) does not need to have legal capacity. The deed must contain an adequate description of the property. The deed must also contain granting clause (words of conveyance), stating that grantor's intention is to transfer the title to the grantee. The deed must provide evidence that consideration (something of value, such as money) is present. In New York, the deed does not have to state the actual amount of money involved. A New York deed might say: "One dollar and other good or valuable consideration". Almost all states require that a deed be notarized and filed, and some states require that it also be witnessed. The deed serves as an evidence of ownership.
Deeds in their most basic form contain a description of the real estate involved, names of the respective parties, and the signature of the person transferring the real estate
TITLE is the ownership of a bundle of rights to a piece of **real property. The main rights in the title bundle are usually: Exclusive possession, Exclusive use and enclosure, Acquisition, Conveyance (including by bequest), Access easement, Hypothecation, and Partition. The rights in the bundle may be separated and held by different parties.
SALE OF A CONDOMINIUM UNIT OR TOWNHOUSE. The closing is an important day for you as a home seller. You will transfer the property to the buyer, fully pay off any mortgages, and receive your sales proceeds.
At a real estate closing, the buyer, who entered into a home purchase contract with the seller, will receive title to the purchased property.
A deed signed at closing typically guarantees that the seller is transferring good and marketable property title to the buyer. At closing, the seller will have to sign a new deed to transfer property rights to the buyer. The buyer is not required to sign the deed. If there is a mortgage, all individuals who signed the mortgage loan documents will take title to the property, and the deed at closing will include the names of all mortgage borrowers as the owners. The deed will also include the mortgage lien that has been attached to property. Afterwards, the deed will be recorded at the clerk’s office in the county where the property is located.
What are the basic types of property deeds in New York?
FULL COVENANT AND WARRANTY DEED – If a deed is intended to be a general warranty deed, it should contain a phase specified by state law such as the phrase “conveys and warrants”. These words, called operative words of conveyance, carry with them several warranties which the grantor is making to the grantee. Examples of the warranties are:
First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.
Second, the grantor warrants that the property is free from all encumbrances or liens.
Third, the grantor warrants that he or she will defend title to the estate so that the grantee and the grantee’s heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.
In a Warranty Deed with Lien Covenant, the Grantor is guaranteeing the Grantee that no outstanding liens on the property exist and, if such liens were to appear, then it would be the duty of the Grantor to satisfy that lien. A Warranty Deed with Lien Covenant is commonly used in New York.
BARGAIN AND SALE DEED - This kind of deed may be with or without covenants of warranty. A Bargain and Sale Deed simply conveys property from one person or entity to another for a consideration - money or its equivalent. This type of deed might have added covenants that guarantee that the grantor "has not encumbered the property in any way" except that which may be stated in the deed itself. A Bargain and Sale Deed without covenants offers weaker protection for the grantee and is not acceptable to lenders in New York for mortgage purposes.
QUITCLAIM DEED – A quit claim deed conveys to the grantee and the grantee’s heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are “convey and quit claim.” There are no warranties of title.
Deeds in their most basic form contain a description of the real estate involved, names of the respective parties, and the signature of the person transferring the real estate
TITLE is the ownership of a bundle of rights to a piece of **real property. The main rights in the title bundle are usually: Exclusive possession, Exclusive use and enclosure, Acquisition, Conveyance (including by bequest), Access easement, Hypothecation, and Partition. The rights in the bundle may be separated and held by different parties.
SALE OF A CONDOMINIUM UNIT OR TOWNHOUSE. The closing is an important day for you as a home seller. You will transfer the property to the buyer, fully pay off any mortgages, and receive your sales proceeds.
At a real estate closing, the buyer, who entered into a home purchase contract with the seller, will receive title to the purchased property.
A deed signed at closing typically guarantees that the seller is transferring good and marketable property title to the buyer. At closing, the seller will have to sign a new deed to transfer property rights to the buyer. The buyer is not required to sign the deed. If there is a mortgage, all individuals who signed the mortgage loan documents will take title to the property, and the deed at closing will include the names of all mortgage borrowers as the owners. The deed will also include the mortgage lien that has been attached to property. Afterwards, the deed will be recorded at the clerk’s office in the county where the property is located.
What are the basic types of property deeds in New York?
FULL COVENANT AND WARRANTY DEED – If a deed is intended to be a general warranty deed, it should contain a phase specified by state law such as the phrase “conveys and warrants”. These words, called operative words of conveyance, carry with them several warranties which the grantor is making to the grantee. Examples of the warranties are:
First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.
Second, the grantor warrants that the property is free from all encumbrances or liens.
Third, the grantor warrants that he or she will defend title to the estate so that the grantee and the grantee’s heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.
In a Warranty Deed with Lien Covenant, the Grantor is guaranteeing the Grantee that no outstanding liens on the property exist and, if such liens were to appear, then it would be the duty of the Grantor to satisfy that lien. A Warranty Deed with Lien Covenant is commonly used in New York.
BARGAIN AND SALE DEED - This kind of deed may be with or without covenants of warranty. A Bargain and Sale Deed simply conveys property from one person or entity to another for a consideration - money or its equivalent. This type of deed might have added covenants that guarantee that the grantor "has not encumbered the property in any way" except that which may be stated in the deed itself. A Bargain and Sale Deed without covenants offers weaker protection for the grantee and is not acceptable to lenders in New York for mortgage purposes.
QUITCLAIM DEED – A quit claim deed conveys to the grantee and the grantee’s heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are “convey and quit claim.” There are no warranties of title.
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SPECIAL WARRANTY DEED – In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. Like the general warranty deed, the special warranty deed should contain the appropriate language such as “conveys and specially warrants.” Usually, the grantor warrants that he or she did nothing to impair title during the period the grantor held the title. While a special warranty deed may contain covenants of title, these covenants will usually cover only those claims arising by, through, or under the grantor.
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FIDUCIARY DEED – This is a deed to be executed by a fiduciary such as a trustee, guardian, conservator, or similar person in their appointed capacity.
* REAL ESTATE is the land and all improvements made both "on" and "to" the land.
**REAL PROPERTY is a broader term, it is real estate plus all legal rights, powers, and privileges inherent in ownership of real estate. These rights are many in number, varied in nature, have value, can be sold and purchased, and affect the value of the underlying real estate (land).
* REAL ESTATE is the land and all improvements made both "on" and "to" the land.
**REAL PROPERTY is a broader term, it is real estate plus all legal rights, powers, and privileges inherent in ownership of real estate. These rights are many in number, varied in nature, have value, can be sold and purchased, and affect the value of the underlying real estate (land).