A New York Partition Warranty Deed is a legal document used in the state of New York to transfer ownership rights of real property from one party to another. It is commonly utilized in cases involving property division or partition among co-owners, typically in situations where such co-owners wish to divide the property or sell their individual share. The New York Partition Warranty Deed provides a warranty by the seller, known as the granter, affirming that they are the rightful owner of the property and have the legal authority to transfer it. This deed guarantees that the property is free from any encumbrances, liens, or claims, except as explicitly stated in the deed. It assures the buyer, known as the grantee, that they will receive a clear and marketable title. New York recognizes two main types of Warranty Deeds: General Warranty Deeds and Special Warranty Deeds. 1. General Warranty Deed: This type of deed offers the highest level of protection for the buyer. The granter warrants and guarantees the title against any defects, claims, or encumbrances that may have existed from previous owners, even if it predates their ownership. This means that the buyer can claim compensation from the granter if they encounter any issues with the title. 2. Special Warranty Deed: In a Special Warranty Deed, also called a Limited Warranty Deed, the granter only guarantees that they have not caused any defects on the title during their ownership. Unlike the General Warranty Deed, the granter does not warrant any issues that might have arisen from previous owners. The buyer's protection is limited to the period in which the granter held ownership of the property. It is crucial for both the granter and the grantee to understand the specific terms and conditions of the New York Partition Warranty Deed before signing and executing the document. Ensuring the deed is prepared and executed accurately is essential to safeguarding the rights and interests of both parties involved in the property transfer.
New York Partition Warranty Deed
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FAQ
Attorney fees for even the most simple of partition actions could exceed $5,000. Even if the partition lawsuit is uncontested, there are many steps and lots of paperwork, which requires a significant amount of attorney time. And if the matter is contested or complicated, costs can exceed $15,000 or even $20,000.
It is worth noting that there are always exceptions. It is entirely possible for complex cases to be resolved faster than those with more simple terms. While the process will vary from case to case, it is reasonable to expect a partition action to take anywhere from 18 months to 24 months.
In a partition lawsuit, there are generally four different steps. First, the court determines each party's ownership interests. Second, the court will decide on the manner of sale. Third, the court will order the property be sold.
(f) "Partition by sale" means a court-ordered sale of the entire heirs property, or the portion thereof in which any co-tenant who acquired title from a relative resides, whether by auction, sealed bids, or open-market sale conducted under subdivision ten of this section.
When a co-owner of a house wants to sell and the others do not, New York law allows the co-owner who wants to sell to force the sale of the house by petition the court or partition.
A deed transferring title to commercial or residential real property from the grantor to the grantee. In New York, a full covenant and warranty deed provides the grantee with general covenants made by the grantor and the covenant under Section 13 of the New York Lien Law.