4 Things You Need to Know About a New York Quitclaim Deed

New York quitclaim laws are similar to most other states with a few exceptions. 

1. Transfer of Interest

You can only use a quitclaim deed to transfer your interest in the property and nothing more.

If you own a life estate interest in a parcel of property you cannot transfer a fee simple absolute interest in the property. If you own a leasehold interest in a parcel of property you cannot transfer a life estate interest in the property.

At its core, the person granting a quitclaim deed is really only saying "I'm not representing that I have any interest in the property. I'm only representing that if I have any interest in the property I'm transferring that interest to the grantee."

In other words, if you are buying property and you want the seller to represent that he or she actually owns the property you will need to use a different form of deed (e.g. warranty deed).

2. Unclear Language
If the language in the quitclaim deed is clear and unambiguous, you cannot bring in outside evidence to prove the deed intended to transfer something other than what is stated in the document.

General Warranty Deed

When a Grantor executes a "Special Deed" or "Special Warranty Deed," he or she is only warranting that they own the property and that no title defects arose during the time they owned the property. A Special Warranty Deed provides more protection than a quit claim deed, but less than a General Warranty Deed. A General Warranty Deed warrants title to the property from the beginning of time.

Why Use a Special Warranty Deed?

Special Warranty Deeds are most often used in Commercial Real Estate Transactions.  This is so because often the owner of Commercial Real Estate is less intimately connected to the property and less willing to warrant against things that happened before they become owner of the property.

Why Use a Warranty Deed?

A Warranty Deed is one of the most commonly used forms of conveying property in the United States today.  

The Warranty Deed is primarily used by "arms-length" parties (i.e. not friends or relatives) because it provides the buyer with certain assurances related to the seller's right to sell the property.  

A "Special Warranty Deed" assures the buyer that the seller has not done anything to the property while the seller owed it that would damage the title or marketablility of the property.

Life Estate Deed v. Enhanced Life Estate Deed

I am often asked by clients whether the Life Estate Deed and the Enhanced Life Estate Deed work the same way when it comes to transferring and owning property.  

The simple answer to this question is: No.  

Although both deeds sound similar in name, each has its own unique benefits and limitations.

Life Estate Deed

For instance, when you execute a Life Estate Deed naming a "life tenant" and a "remainderman", both the "life tenant" and "remainderman" have a vested interest in the property at the time the deed is executed.  

The "life tenant" may use the property during his or her lifetime, but owes a duty to the "remainderman" not to dispose of or otherwise destroy the property.  

View my other post on the Life Estate Deed for more information on how it works.

Unlike the Life Estate Deed, the Enhanced Life Estate Deed does not grant a vested interest in the property to the "remainderman" at the time the deed is executed. 

Enhanced Life Estate Deed

The owner of the property may dispose of the property at any time without the consent of the "remanderman."  

Read my other post on the Enhanced Life Estate Deed for more information on how it works.

Both deeds also contain certain similarities.  

The biggest similarity in the two deeds is that they are both designed to avoid probate by passing property to a remainderman without having to go through the court process.

What is a Quit Claim Deed?

Quit Claim Deed
A Quit Claim Deed (sometimes misspelled "quick claim deed") is a legal document used to transfer one person's interest in a parcel of property to someone else.  The Quit Claim Deed is often used between family members and friends because the transfer is made without any warranties or representations.  Of particular note, the Quit Claim Deed does not warrant that title to the property is clear or that the person executing the deed is even an owner of the property.  All the Quit Claim Deed does is transfer any interest the grantor has in the property to the grantee. 

Warranty Deed
If you are purchasing a parcel of real estate and you want to ensure that title to the property is clear, you will need to execute another form of deed.  A Warranty Deed requires the grantor to ensure that title to the property is clear.  This includes the Special Warranty Deed.  Read my other post for more information on the difference between the Warranty Deed and Quit Claim Deed.

Estate Planning: Lady Bird Deed

The term "Lady Bird Deed" is a nickname given to the Enhanced Life Estate Deed which is used to convey property to your heirs outside of probate. 

The nickname "Lady Bird" was given to the deed after President Lyndon B. Johnson allegedly used this type of deed to convey some of his real property to his wife Lady Bird. 

So why would President Johnson use this type of deed?

Texas Enhanced Life Estate Deed

Texas is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away.  

In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Florida Enhanced Life Estate Deed

Florida is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away.  In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away.

Unlike Beneficiary Deeds in other states, the Florida Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive.  This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive.  There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Texas Enhanced Life Estate Deed, Ohio Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

Kansas Enhanced Life Estate Deed

Kansas is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away.  In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away. 

Unlike Beneficiary Deeds in other states, the Kansas Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive.  This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive.  There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Florida Enhanced Life Estate Deed, Texas Enhanced Life Estate Deed, and Ohio Enhanced Life Estate Deed.

What is a Beneficiary Deed?

A Beneficiary Deed is used to transfer a property owner's real property to his heirs without going through the probate process which can be time consuming and expensive.

Included in the Beneficiary Deed are the names of the property owner's "beneficiaries." The interest in real property conveyed by a Beneficiary Deed does not take effect until the death of the owner. When the owner passes away the interest stated in the Beneficiary Deed transfers automatically by law to the designated "beneficiaries" named in the deed.

As stated above, a Beneficiary Deed takes the property out of the probate process as ownership is transferred upon death and no longer part of the decedent's estate. A beneficiary deed typically avoids the cost and delay of probate because the property is not part of the probate estate of the deceased owner. However, the property is usually included in the deceased's estate for estate tax purposes. Gift taxes may not apply because the Beneficiary Deed is not a present transfer of property.

Beneficiary Deed v. Trust
A Beneficiary Deed is typically less complex and expensive than setting up a trust. However, a trust may still be desirable in certain situations, such as when the beneficiary is a minor, when multiple beneficiaries will own undivided interests in the property, or when property is owned as joint tenants with right of survivorship.

Beneficiary Deeds are more common among the various states than the Enhanced Life Estate Deed. State laws governing beneficiary deeds vary by state, so local laws should be consulted.

Quick Claim Deed

Quick Claim Deed
A Quik Claim Deed is the common misspelling for the legal document known as the Quit Claim Deed.  It can be used to transfer someone's ownership interest in a piece of property to another person.  The Quit Claim Deed is usually used by family members to transfer property back and forth.  There are no warranties or representations made in a Quit Claim Deed.

Ohio Enhanced Life Estate Deed

Ohio is one of several states that recognizes the Enhanced Life Estate Deed (a/k/a Ladybird Deed) as a means of transferring property to your heirs when you pass away.  In simple terms, the Enhanced Life Estate Deed changes the way the property is owned from the usual form of ownership (like the General Warranty Deed or Quitclaim Deed) where the house or property is disposed of by the courts using the probate process into an ownership that transfers the property directly to a named beneficiary when the current owner passes away. 

Unlike Beneficiary Deeds in other states, the Ohio Enhanced Life Estate Deed does not give the beneficiary any rights in the property while the current owner is alive.  This means the current property owner can sell the property at any time without the beneficiary's consent and the beneficiary's creditors cannot attach liens to the property while the owner is alive.  There is no creation of a "Life Estate," nor is a Trust required.

Avoiding Probate
Instead of probate, the beneficiary need merely file the death certificate in the local county records for the property to be transferred.

See also my articles on the Florida Enhanced Life Estate Deed, Texas Enhanced Life Estate Deed, and Kansas Enhanced Life Estate Deed.

What is a Life Estate Deed?

The short answer is a Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant

The deed gives the Life Tenant complete use and ownership of the property for a certain period of time.

Life Estate Deed

The Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

Wyoming Life Estate Deed

Wyoming Life Estate Deed
The Wyoming Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the Wyoming Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

If you would like to purchase a Wyoming Life Estate Deed, Legaleagleforms.com sells a quick and easy-to-complete Wyoming specific Life Estate Deed for $14.99.

West Virginia Life Estate Deed

West Virginia Life Estate Deed
The West Virginia Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the West Virginia Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.

Washington Life Estate Deed

Washington Life Estate Deed
The Washington Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the Washington Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.

Virginia Life Estate Deed

Virginia Life Estate Deed
The Virginia Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the Virginia Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.

Vermont Life Estate Deed

Vermont Life Estate Deed
The Vermont Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the Vermont Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.

Utah Life Estate Deed

Utah Life Estate Deed
The Utah Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman.

The Life Tenant
As in other states, the Utah Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time. That period of time is measured by the life of a natural person; usually the Life Tenant’s. In other words, if I am the Life Tenant and the time period is measured by my life then when I pass away the “life tenancy” automatically terminates. However, if the time period is measured by the life of my wife and my wife passes away before me the Life Estate automatically terminates upon her passing and I can legally be evicted from the property.

The Remainderman
When the Life Estate owned by the Life Tenant terminates, the Life Estate Deed transfers ownership of the property to the Remainderman. The Remainderman is the person or persons whose names are listed on the Life Estate Deed as a Remainderman. To officially transfer ownership, in most states the Remainderman need only record the death certificate of the person whose life was the measure of the Life Estate.

A Life Estate is different from an Enhanced Life Estate. You can read my other articles on the Enhanced Life Estate Deed and the standard Life Estate for a greater understanding of the differences.