What is a Quitclaim Deed in New York? - Peter Zinkovetsky

From Avenue Law Firm – What is a Quitclaim Deed in New York? explores one of the fastest yet riskiest methods of transferring property ownership in the Empire State. This episode dives deep into the unique nature of quitclaim deeds, which allow a grantor to transfer any interest they have in a property to a grantee, without title searches or title insurance. While they offer speed and simplicity, these deeds provide the least protection in real estate transactions, making them suitable only in specific, trust-based scenarios. Avenue Law Firm, a premier provider of real estate legal services in New York City, shares key insights about the legal and procedural implications of this powerful yet misunderstood document.

Join us as we unpack the most common uses of quitclaim deeds across New York—from transferring ownership to a family member or spouse, to navigating real estate agreements during marriage or divorce, or placing property into a revocable trust. We’ll walk you through how these deeds function in co-ownership situations, their role in bypassing probate, and why they may be beneficial in low-risk, non-sale transactions. Listeners will also learn about the implications of a deed that doesn’t remove mortgage obligations or protect against liens and encumbrances.

The episode outlines the strict requirements for filing a valid quitclaim deed in New York, including the need for notarization, compliance with Real Property Law § 258, and mandatory filings like Form TP-584-NYC and RP-5217 NYC through ACRIS for properties within city limits. We explore the drafting process—highlighting essential deed details such as the legal property description, transfer date, and grantor and grantee information—and stress the importance of recording with the appropriate county clerk’s office to establish legal precedence.

Finally, we discuss the significant legal risks and financial repercussions of improperly filed or misunderstood quitclaim deeds. From potential gift and capital gains taxes to title issues that could emerge down the line, Avenue Law Firm’s experienced team of New York real estate attorneys emphasizes the importance of due diligence. Whether you're planning to transfer real estate to a loved one or simply want to understand your options, this episode delivers practical guidance and professional insight to protect your rights in one of the most important transactions of your life.

Avenue Law Firm

505 Park Ave Suite 202, New York, NY 10022, United States

(212) 729-4090

https://www.google.com/maps?cid=14223199020890935024