Transferring a deed or transferring your ownership of a property in New York requires multiple steps to make sure that the transfer is legally recorded and properly executed. This includes a variety of forms, as well as some tax-related documents. Both the buyer and seller must be party to the completion of the tax property transfer form, i.e. TP-584 and RP 5217, both must sign the deed of the property, and the property transfer must be filed with the county. At that point, the property change will be official.
In this article, I will cover a few basic points of transferring a deed. However, if you are not familiar with the procedures needed to legally transfer a deed or a property, a New York real estate attorney will be able to assist you to complete the transfer quickly and make sure that it’s accurately completed.
Even if the transfer occurs between family members, certain legal requirements must be considered and met for the deed to be considered legally valid.
What is the purpose of a property deed?
A property deed or just “deed” is a legal document that transfers ownership of a property to a new owner. Deeds are most commonly used to transfer ownership of property and the purpose of a deed is to transfer a title, the legal ownership of a property or asset, from one person or company to another.
What does it mean to transfer property?
Transferring property means, properly preparing and filing the documents necessary for the county clerk, or your state, to record and indicate that a property’s ownership is being changed from one owner to another. It can also mean the deed is being changed to add an additional owner or to remove a former joint owner.
What is the purpose of a transfer deed?
A transfer deed is a legal document that transfers the legal ownership of a property from one person or entity to another. Once complete, the transfer is properly and legally recorded within the county record in which the property is located and the property will officially belong to the new owner.
Why do you want a property transfer to be recorded?
Although a properly completed and notarized deed is valid between the buyer and seller, New York requires you to record a property deed. Recording allows interested parties to search public records and discern property ownership.
How to transfer a deed in NY
When you sell, gift or donate property in New York, both you and the property recipient must properly prepare the deedto document the change. In addition to the deed, the parties must complete the proper New York State tax forms to file along with the deed. These documents are called the NYS TP-584 and RP 5217.
At Piccinnini Law, we specialize in helping successfully complete property and real estate transactions and will prepare these documents on your behalf. We can also help represent you through your real estate transaction, to help ensure your property transfer is accurately and legally recorded. Contact us for more information about transferring your deed.
Once you have completed the transfer documents, you will also need to document the transfer with your local City Register or County Clerk in order to properly transfer the property. This step is not only crucial but is legally required for the transfer to be complete.
How to transfer a property to a family member
Even if you are transferring your property’s ownership to a family member, documentation is still required in order for the transfer to be considered legal and for it to be recorded.
Annie Justice, Senior Editor