A deed is an instrument by which an owner (the grantor) transfers an interest in land to a new owner (the grantee). No consideration is required to make the deed effective. The deed is necessary to transfer title to land even if it is a gift. It has no effect, and title does not pass until the deed has been delivered. The recording of the deed is not required to make the deed effective to pass title between the buyer and the seller. However, recording is necessary so that the public will know that the buyer is the present owner. Recording constitutes "notice to the world" of the transfer in title.
The grantor is the person selling the property. The grantee is the person buying the property. A grant deed is a deed containing an implied warranty that there are no encumbrances on the property not described in the deed and that the person transferring the property actually owns the title. It must describe the property by legal description of boundaries and/or parcel numbers, be signed by all people transferring the property, and be acknowledged before a notary public. It is in contrast to a quit claim deed, which only conveys the interest that the transferor actually owns, if any, without a warranty of ownership.
A New York Grant Deed is a legal document used to transfer property ownership from one person or entity to another in New York State. It is commonly used when a property is sold or gifted. The granter, who is the current owner of the property, transfers their interest or title to the grantee, the person receiving the property. A Grant Deed in New York is a comprehensive document that includes important details such as the names and addresses of both the granter and grantee, a description of the property being transferred, and any restrictions or encumbrances on the property. It also provides a guarantee that the granter holds legal ownership of the property and has the right to transfer it. There are different types of Grant Deeds in New York, each catering to specific situations. These include: 1. General Grant Deed: This is the most common type of Grant Deed used in New York. It provides the grantee with the broadest form of ownership interest, including all rights associated with the property. It states that the granter holds full legal title and has not previously conveyed or encumbered the property. 2. Limited Grant Deed: Also known as a Special Warranty Deed, this type of Grant Deed guarantees that the granter has not created any encumbrances on the property during their ownership, except those mentioned in the deed. It protects the grantee against any claims arising only during the granter's ownership. 3. Quitclaim Deed: Although similar to a Grant Deed, a Quitclaim Deed does not provide any guarantees or warranties regarding the ownership status of the property. It simply transfers the granter's rights, if any, to the grantee without making any claims about the property's history or title. 4. Bargain and Sale Deed: This type of Grant Deed does not make any express warranties, but it implies that the granter holds the property title, and it hasn't been encumbered during their ownership. Depending on the specific language used, a Bargain and Sale Deed can either be with or without covenants. When preparing or executing a New York Grant Deed, it is crucial to consult with a real estate attorney or a title company to ensure compliance with New York State regulations and to draft a deed that accurately reflects the intentions and specific circumstances of the parties involved. Conducting a thorough title search is also recommended identifying any potential issues or disputes that may affect the property's marketability.
