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Commonly Asked Questions about Quitclaim Deed Legal Papers

A quitclaim deed conveys whatever title the grantor holds and gives no warranties or convents, past or future.
It can be used to release a nominal real estate interest as it can effectively transfer whatever interest the grantor has, regardless of its value. However, a quitclaim deed cannot be used to warrant that a title is valid since it does not guarantee the grantors ownership interest.
In New York, a quitclaim deed just gives the property to the new owner without any promises about the title, except for one small promise under Section 13 of the New York Lien Law. For example, if my wife and I own a house and I want to give my part to my cousin, I use a quitclaim deed.
The fees involved in filing a quitclaim deed depend on the type of real estate being transferred. Filing a deed for a farm or residential property typically costs $125 and $250 for other types of property. There may be additional fees involved when filing your forms.
In which of the following situations could a quitclaim deed NOT be used? c. The answer is to warrant that a title is valid. The quitclaim deed carries no covenants or warranties.
To change a deed in New York City, you will need a deed signed and docHubd 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.
A quitclaim bill of sale also presents some downsides. Because the bill of sale makes no guarantees at all, a buyer may find themselves owning property that is tied up with liens, or even property the seller didnt actually own at all.
Quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property. In some instances, however, quitclaim deeds are used when the grantor has a mortgage.