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What is a NYS RP 5217?

Form RP-5217-PDF, Real Property Transfer Report.

How do I transfer ownership of a house in NY?

A real property transfer formRP-5217, RP-5217-NYC, or RP-5217-PDF (pilot project)is required for all real property transfers where a deed is filed. A filing fee is also required.

What is NY RPT?

RPTT applies whenever the sale or transfer is more than $25,000. This includes state or federal government-owned property transferred to a non-government entity. The RPTT must also be paid when the land and building(s) that make up a cooperative dwelling(s) are transferred to a cooperative housing corporation.

Does a deed need to be docHubd in New York?

New York law requires that the grantor/seller (the individual making the transfer) sign the deed. The deed must be signed and acknowledged before a qualified New York notary public. If signed and docHubd outside the United States, except for Canada, the deed must include a certificate of authentication.

What is the disadvantage to a buyer receiving a quitclaim deed?

No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.

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