Common Types of Deed in New York.

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The process of buying or selling real estate in New York involves the transfer of property ownership through a legal document called a deed. The type of deed used in a transaction has a significant impact on the rights and protections afforded to the buyer. In this blog post, I will explore the different types of deeds most commonly used in New York real estate transactions, helping you make informed decisions when buying or selling property.

A full warranty deed is the most comprehensive type of deed, offering the greatest level of protection to the buyer. When a seller transfers property using a warranty deed, they guarantee that they have clear title to the property, free of any liens or encumbrances. The seller also promises to defend the buyer's title against any claims from third parties.

In New York, a warranty deed typically includes the following covenants:
  • Covenant of seisin: The seller warrants that they own the property and have the legal right to transfer it.
  • Covenant against encumbrances: The seller warrants that the property is free from any liens or encumbrances except those explicitly disclosed in the deed.
  • Covenant of quiet enjoyment: The seller guarantees that the buyer's possession of the property will not be disturbed by any third-party claims.
A bargain and sale deed with covenant against grantor's act deed provides a moderate level of protection to the buyer. In this type of deed, the seller does not guarantee that they hold clear title to the property. However, they do warrant that they have not taken any actions during their ownership that would create liens or encumbrances on the property. This type of deed is most commonly used in New York real estate transactions, as it offers a balance between the buyer's protection and the seller's liability.

A quitclaim deed provides the least amount of protection to the buyer. In this type of deed, the seller transfers any interest they may have in the property without any warranties or guarantees. The buyer assumes all risks associated with the title, including any liens, encumbrances, or defects.

Quitclaim deeds are commonly used when the parties are well acquainted, such as transferring property between family members or when the buyer is willing to assume the risk in exchange for a discounted purchase price.

Understanding the different types of deeds used in New York real estate transactions is essential for buyers and sellers. The type of deed you choose will determine the level of protection and guarantees you receive when transferring property ownership. To navigate the complexities of real estate transactions and ensure your interests are protected, it's always advisable to consult with an experienced real estate attorney like Pete Weinman. 

Put yourself in the best of hands - let Pete Weinman be your guide.
Location: Staten Island, NY 10314, USA

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