Legal Question in Real Estate Law in New York
Quitclaim deed consideration
My father, a widower, added my name to his deed. We used a quitclaim deed to change the names on the property. We have to file a corrected quitclaim deed because it did not state joint tenants with right of survivorship. There is no mortgage or any other liens. On the new, corrected quitclaim deed under consideration can we put for zero dollars or does there have to be an amount like one dollar or ten dollars? The first quitclaim deed replaced a bargain and sale deed. On the first quitclaim we put zero dollars. If this is wrong do we also have to state this error in the correction statement on the new quitclaim deed like we stated the reason of survivorship rights on the corrected deed? When we sign the new quitclaim we are the first parties and the second parties. We each have to sign it twice. Should we title each signature with grantor/grantee or something like that, or is the names listed twice enough?
Thank you.
2 Answers from Attorneys
Re: Quitclaim deed consideration
Thye new Deed can recite no consideration, although I usually show it as being One Dollar. It is given by the 2 names (as listed in the first quit claim Deed) as Grantors, to the same people as Grantees, but listing them as joint tenants with right of survivorship. It can also simply state that it is a corrective Deed being recorded to merely clarify that the ownership was to have been as JTWROS in the prior Deed. It need only be signed by the Grantors, and then recorded.
Re: Quitclaim deed consideration
It's a good thing you did not try to do brain surgery on your own.
A transfer of real property requires a stated consideration.
Usually a deed will state "For ten dollars and other good and valuable consideration"
Why did you decide to use a quitclaim deed?
If your dad had title insurance on his property and you want to continue that without paying a new premium, you should use a Warranty Deed.
Why don't you consult a competent real estate attorney. The fee is insignificant compared to the value of the property you are placing at risk.
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