There are occasions where a parent wants to give their home to their child as a gift. This is a wonderful gift for someone, but a person may wonder how the title transfer may work. Transferring a property from one person to another, through a gift or court order, but not via a sale usually can be covered by a quit claim deed.
What is a quit claim deed?
A quit claim deed is a relatively easy way to transfer a title for a property. They are often used when property is transferred without a traditional sale. Examples can include parents transferring property to their children, a person adding their spouse to a house title, or when property is being transferred into a living trust. A quit claim deed transfers the owner’s entire interest of the property without a guarantee about the title and how valid it is. Quit claim deeds only impact the title and do not change any preexisting mortgage.
New York quit claim deed
In New York a person files a quit claim deed in the county where the property is located. The quit claim deed is merely to transfer title and does not provide and guarantees or warranties that the property is free and clear of any liens or encumbrances.
New York real estate attorney
A legal professional who is skilled in real estate can help their client with their title transfers. They can advise their client on how these transfers wok and if a quit claim deed makes sense for their situation.