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What is the purpose of a quitclaim deed?

Moshes Law P.C. When you want to give someone a property in New York, you can do it in a few different ways. One way is by using a special document called a quitclaim deed. This paper helps transfer ownership of the property from one person to another.

What are the disadvantages of a quick deed?

The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.

Is a quitclaim deed legal in NY?

One of the main drawbacks of using a quitclaim deed is that you have little to no legal recourse if the grantor didnt actually have a legal interest in the property to give away.

How does a quitclaim deed work in New York?

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.

What are the disadvantages of a quit claim deed?

A quitclaim deed is only valid if both parties willingly performed the property transfer. If there is evidence that the grantor was coerced into filing the quitclaim against their will, this is grounds to revoke it.

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