Transferring property ownership in Queens, Rockville Centre, Lawrence, Bellerose, Bellmore, Far Rockaway, NY, and the surrounding areas is typically straight forward, but there are many small items that could cause dramatic mistakes. Just using the right deed form is important, as some have protections as part of them, while others do not. At the Law Offices of Aaron I. Katsman, P.C. we can help our clients understand why they may want to use a general warranty deed instead of a quitclaim deed for property transfers, even when it is between family members. In other cases, a special purpose deed is needed when someone is acting in an official capacity for someone else. Real estate sales carry a lot more significance knowing that there are different potential protections or capacities that can affect people long after the sale is complete. Contact us today when you are ready to start your real estate journey and understand how different deed transfers can affect the process.
Addressing The Property’s Entire History
A piece of property might be newer, while another might have come into existence a couple hundred years ago. One of these has a history that is nothing to worry about, while the other has all sorts of potential pitfalls that many will not be aware of, at least at first. When you are purchasing a property that has many years of history, having a general warranty deed is the ideal solution because this covers the entire history of the property and it not having issues.
There are other reasons to transfer a property to another person. For example, if someone wants a piece of property to be transferred to a child upon the parent’s death, a transfer on death deed is a great option that bypasses probate but must be executed before the death of the property owner in order to be recognized.
Understanding The Ramifications of Some Deeds
One kind of deed, a gift deed, has some advantages, but also features some disadvantages that property owners should be aware of. In the case of an irrevocable gift deed, once it has been executed, it cannot be reversed or withdrawn. Sometimes gift deeds are used to gift homes to children or grandchildren, and while this is a very nice gesture, the normal procedure that heirs would receive for a property like this, does not apply with gift deeds and the previous owner’s basis is transferred with the property to the new owner.
Because there are several different ways to use deed transfers in Queens, Rockville Centre, Lawrence, Bellerose, Bellmore, Far Rockaway, NY, and the surrounding areas, it is important to understand how each option could affect both you and others. Working with the Law Offices of Aaron I. Katsman, P.C. will save you a lot of time, money, and potentially headaches by understanding the deed transfer option you want to use. Contact us today to start working with our real estate attorneys.