New York Quitclaim Deed Form

What Is a Quitclaim Deed in New York?

A quitclaim deed in New York is a method of transferring property ownership. It allows the property owner (“grantor”) to transfer their interests in the property to a new owner (“grantee”). Quitclaim deeds are a quick way to transfer property, yet, they provide the lowest level of security among real estate deeds in New York.

What is the Difference Between a Quitclaim Deed and a Warranty Deed in New York?

The biggest differences between quitclaim deeds and other types of deeds are that quitclaim deeds are faster, but also provide the least protection to the new owner. On the other hand, a warranty deed provides strong protection by assuring that there won’t be any ownership disputes over the property. However, it usually takes longer to complete the process.

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How Do Quitclaim Deeds Work in New York?

In New York, the rules for quitclaim deeds are outlined in Chapter 50, which deals with Real Property. [1] A quitclaim deed in New York grants the recipient full ownership rights, known as “fee simple,” without any warranties on the property’s title.

Quitclaim deeds must be in written form and contain precise language from the person transferring the title (the Grantor) to the person receiving it (the Grantee).

After the deed is prepared, it must be filed in the Clerk’s Office or City Registrar in the county where the property is situated. [2]

Can You Prepare Your Own Quitclaim Deed in New York?

In New York, it’s not mandatory to hire a professional or specialist to prepare a quitclaim deed. However, when it comes to filling out the two primary forms, RP-5217 and TP-584, many people choose to enlist the services of an attorney.

New York Quitclaim Deed Requirements

New York quitclaim deeds are required to be fully in writing and include all of the following:

• Grantor and Grantee’s names.
• Grantor and grantee’s addresses.
• The date of transfer.
• Property address, including village and county. [3]
• A legal description of the property. [4] If a map is included, it must be previously recorded in the county.
• The price, if any amount, is paid for the transfer.
• The deed must be in English or have a certified translation. [5]
• The title “Quitclaim” must be at the top of the first page.

Additional deed requirements may be imposed depending on the county the property is located.

Who Signs a Quitclaim Deed in New York?

In New York, only the Grantor needs to sign the deed. A notary must stamp and authenticate the Grantor’s signature. [6] As of February 24, 2022, quitclaim deeds in New York can be completed online and electronically signed via audio-video communication technology. [7]

How to File a Quitclaim Deed in New York

Here’s how to file a quitclaim deed in New York:

1. Once the quitclaim deed is drafted, all required parties must sign the document.

2. Most counties in New York require a cover page which is generated by the County Clerk’s Office and recorded as part of the deed. However, some counties require the filer to attach the form to the deed.

3. Next, there are two main forms required to be filled out:

a) Form TP-584 (all counties outside of NYC); and Form TP-584 NYC (in NYC) reporting tax returns on real estate property.

b) Form RP-5217 (all counties outside of NYC); and Form RP-5217NYC (in NYC) reporting real property transfer. Form RP-5217 must be downloaded and edited on a computer because the County Clerk will not accept a form that is handwritten or entered via typewriter.

4. Finally, either party can file the completed quitclaim deed, along with the filing fee and the two completed forms at the Clerk’s Office or City Registrar in the county where the property is situated. [8]

5. If the property is located in New York City, the forms may be filed online using the Automated City Register Information System (ACRIS).

How Much Does it Cost to File a Quitclaim Deed in New York?

To record a deed in New York, a recording fee must be paid to the county officer. Fees vary by county but generally start at $42 minimum (including cover page) [9]

Additional fees are required for the Transfer Reports that must be filed with all New York.

• The fee for the real property transfer report (RP-5217) is $125 for residential or farm properties.
• For commercial properties, the real property transfer report (RP-5217) fee is $250.
• The transfer tax affidavit (TP-584) fee varies depending on the county, with charges of either $5 or $10.

What Taxes Are Owed on Quitclaim Deeds in New York?

In New York, transfers involving the sale of property using a quitclaim deed trigger a transfer tax of $2 per every $500 of the sale price. [10]

Additionally, in New York City, a Real Property Transfer Tax (RPTT) is applied when 50% or more of the ownership is sold or transferred in property that is over $25,000 in value. [11] If the transfer does not involve any payment in return, then no taxes are due.

Moreover, federal taxes such as Gift Tax and Capital Gains Tax may also be applicable.

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How Long Does a Quitclaim Deed Take to be Recorded in New York?

The New York State Department of Taxation does not specify a particular time period for recording a quitclaim deed.

The length of time also varies greatly depending on the processes, procedures, and population of each county. For example, Schoharie County takes 48 hours to process a deed.

What Happens After a Quitclaim Deed is Recorded in New York?

In New York, once the quitclaim deed is signed and filed, the county will process the document, creating a public record of the transfer of ownership. If the deed is clear of any previous filings, a public record of the transfer of the property’s ownership will be made official.

How Long Are Quitclaim Deeds Valid For in New York?

A quitclaim deed does not have an expiration date in New York. However, the statute of limitations for challenging a deed in New York is 6 years from the date the deed was recorded with the county. [12]