Quit Claim Deed Responsibilities

Summary

A Quit Claim Deed in New York transfers property ownership, making the Grantee responsible for taxes and insurance. If a life estate is retained, the Grantor pays during their lifetime. Ownership percentages can be customized, such as 1% Grantor and 99% Remainderman. Update county records and insurance policies to reflect changes. A Quit Claim Deed generally overrides a will for the property described. Ensure proper filing and consider updating estate planning documents.

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When a Quit Claim Deed on a house is split between the Grantor and a Remainderman, who pays the taxes
In New York, when a Quit Claim Deed involves both a Grantor and a Remainderman:
- The Grantor pays property taxes and insurance while they retain a life estate.
- Upon the Grantor's passing, the Remainderman is responsible for these payments.
Would you like more information on how to file or record the Quit Claim Deed?
What percentages can be used?
In New York, the distribution of ownership percentages in a Quit Claim Deed can vary based on agreement between the parties involved. Common percentages include:
- *% Grantor and *% Grantee
- *% Grantor and *% Grantee
- *% to Grantee
Would you like more specific information regarding your situation?
Yes
Could you please provide more details about your specific situation, such as the current ownership arrangement and the agreed percentages you have in mind? This will help me give you more accurate information.
Can the percentages be *% Grantor and *% Remainderman?
In New York, the ownership percentages in a Quit Claim Deed can indeed be customized according to the agreement between the parties. It is possible to have a *% Grantor and *% Remainderman distribution.
Would you like more information on how to file or record this type of Quit Claim Deed?
Then taxes and insyrance could still be pai by the Grantor?
In New York, if the Grantor retains a life estate (even with *% ownership), they are generally responsible for paying property taxes and insurance during their lifetime. Upon the Grantor's death, the Remainderman (*% owner) would take over these payments.
Would you like more information on how to file or record this type of Quit Claim Deed?
Should names be changed on county records and at the insurance company?
In New York, once a Quit Claim Deed transfers property ownership, it is generally recommended to:
- Update county records to reflect the new ownership.
- Inform the insurance company of the ownership change to adjust the policy accordingly.
Would you like more detailed guidance on how to update these records?
Is there anything else you recommend I do to remain legal?
To remain legal in New York after transferring property ownership via a Quit Claim Deed, consider the following:
- Ensure the deed is properly filed and recorded with the county clerk.
- Update utility accounts to reflect the new ownership.
- Review and potentially update estate planning documents.
Would you like more information on any of these steps?
Does a Quit Claim Deed override a will?
In New York, a Quit Claim Deed generally takes precedence over a will regarding the property described in the deed. Once ownership is transferred via the Quit Claim Deed, the property is no longer part of the Grantor's estate and cannot be bequeathed through a will.
Would you like more information on how to properly file and record a Quit Claim Deed?
No thank you.
You're welcome! If you have any more questions or need further assistance in the future, feel free to reach out. Have a great day!