Keywords: New York Royalty Deed, Limited Warranty, Types In New York, a Royalty Deed is a legal document that transfers ownership of mineral rights or oil and gas royalties from one party, known as the granter, to another party, known as the grantee. This type of deed provides limited warranty, which means that the granter only warrants that they have not conveyed the property to anyone else and that it is free from any encumbrances during their ownership. There are a few different types of New York Royalty Deeds with Limited Warranty that vary based on the specific needs and circumstances of the parties involved: 1. Standard New York Royalty Deed with Limited Warranty: This is the most common type of Royalty Deed used in New York. It ensures that the granter has the legal right to transfer the mineral rights or oil and gas royalties to the grantee. The limited warranty protects the grantee from any claims against the title of the property, except for those mentioned in the deed. 2. New York Royalty Deed with Limited Warranty and Exceptions: This type of deed includes specific exceptions and limitations to the limited warranty. The granter may exclude certain encumbrances or limitations on the use of the property, which the grantee must agree to before accepting the deed. 3. New York Royalty Deed with Limited Warranty against Prior Acts: In this type of deed, the limited warranty only covers the period of time the granter held the property. It protects the grantee from any claims or encumbrances during the granter's ownership, but not before that time. 4. New York Royalty Deed with Limited Warranty in Favor of a Lender: This type of deed is often used when the grantee is obtaining financing from a lender to acquire the mineral rights or oil and gas royalties. The granter provides limited warranty to both the grantee and the lender, ensuring that the property is free from any encumbrances during the granter's ownership. It is crucial for both the granter and the grantee to carefully review and understand the terms and conditions stated in the New York Royalty Deed with Limited Warranty before executing the document. Seeking legal advice from an experienced real estate attorney is highly recommended ensuring all applicable laws and regulations are adhered to.
New York Royalty Deed with Limited Warranty
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FAQ
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
If your name is on a deed to a house, then that means that you are the property owner. Having your name on a deed means that you have property title, which represents a set of rights you have as a homeowner.
A warranty deed holds the seller, or grantor, responsible for any breach after the title search, even if the breach occurred without their knowledge or during a period before the grantor owned the property.
A deed and title similarly refer to the ownership of a property, but there are key differences to be aware of as you venture into the home-buying (or selling) process. Remember that while a title refers to your ownership of a property, a deed is the physical document used to prove and transfer that ownership.
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.
The real property transfer report (RP-5217) fee is $125.00 for residential or farm properties. The real property transfer report (RP-5217) fee is $250.00 for commercial properties. The transfer tax affidavit (TP-584) fee is $5.00 or $10.00, depending on the county.
A warranty deed, which is the standard deed used when transferring title, provides protection for the purchase of a property. ?In addition to the covenants that are implied in a grant deed, a warranty deed expressly warrants the title to the property and the quiet possession of the property to the grantee.
A warranty deed ensures a buyer that the property is owned by the seller and is able to be sold without any encumbrances. A deed of trust is used in certain states, and represents a buyer's guarantee with their lender to repay the property loan as scheduled.
Bargain and Sale Deed with Covenant ? also called a Limited Warranty Deed; it offers the second most protection to the grantee. The grantor promises he or she has title to the property and has done nothing to encumber the property while he or she owned it.
When you want to convey, or transfer, real property to someone else, either by sale, gift, or by court order, you must do so by using a written document that satisfies the requirements of the law in your state. This document is either a bargain and sale deed, a warranty deed, or a quitclaim deed.
