When to Use an Executor’s Deed or Administrator’s Deed
An executor’s deed is used to transfer property in an estate of a person who died with a will. The Executor’s Deed is signed by the executor of the estate, appointed by the court. Just being nominated as the executor in the will is not enough – the person needs a court decree in order to transfer the property.
An Administrator’s deed is used in the estate of a person who died without a will or whose will couldn’t be probated. Before using the deed, the administrator needs to be appointed by the court and have a court decree.
When to Use a Quitclaim Deed
Quitclaim deeds are used only for transferring ownership, and do not make any warranties or representations about the property. Frequently, quitclaim deeds are used in divorce situations where one spouse transfers all or a partial interest in property to the other spouse in accordance with the marital property settlement agreement. They are also used in estate planning when a parent wants to transfer ownership interest in property to an adult child or when someone marries and wants to add a new spouse to title. Quitclaim deeds can also be used to fix a situation where property has a cloud on it and title needs to be cleaned up quickly.
If you change your mind after you transfer ownership, the new owner would have to voluntarily quitclaim back the property interest to you since a quitclaim deed cannot be reversed once it has been signed unless the owner can establish fraud or duress.
When to Use a Warranty Deed
When you sell property, a warranty deed is used. A warranty deed transfers New York property while giving the new owner certain assurances that guarantee the title is free and clear of encumbrances. You may also use a warranty deed to transfer property to a trust for estate planning purposes. The warranty deed must be signed by the grantor and acknowledged before a New York notary public. Like the quitclaim deed, it should also be recorded with the county recorder’s office in the county where the property is located.
New York City Estate Attorney
Since property deed transfers can be complex, it is recommended that you consult with A New York property and estate attorney. A New York property and estate attorney can help you with the transfer of a full or partial ownership interest in New York property.
If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at
(212) 233-1233.
