Real Property Transfer

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Commonly Asked Questions about Real Property Transfer

What is another term for the transfer of real property?

Conveyance is the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home. A conveyance is done using an instrument of conveyancea legal document such as a contract, lease, title, or deed.

What is proof of ownership of a property called?

DEED. A written document by which the ownership of land is transferred from one person to another.

How do I transfer ownership of a property in NY?

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.

What is the transfer of real property called?

Conveyance - Transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged or assigned. Deed - A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

Is the title and deed the same thing?

A deed is an official written document declaring a persons legal ownership of a property, while a title is a legal concept that refers to ownership rights. Heres a way to remember the difference: You can own a physical copy of a book, but you cant hold the books title in your hand.

How much does it cost to transfer a deed in NY?

The filing fee is generally $125 for residential and farm properties and $250 for all other properties. The county clerks office collects the RP-5217 filing fee. The county clerks office should be reviewing the RP-5217 forms for completeness, not for accuracy.

What is the most common method of transferring real property?

Types of Deeds: Warranty and Quitclaim There are two types of warranty deeds, general warranty deeds and special warranty deeds. 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.