A New York general warranty deed, or “deed with full covenants,” is a legal instrument whereby a seller transfers real estate to a buyer with a guarantee that their ownership is legitimate and that there aren’t any encumbrances attached to the title. An individual or entity acquiring property through a general warranty deed is exempt from liability as it relates to title defects, regardless of whether the defects were caused by the seller or someone who previously owned the subject real estate.
The seller’s warranty obligates them to defend the buyer against third parties who believe they have a stronger claim to the property title. For example, if a missing heir purports to be the rightful owner, the seller will be responsible for the associated financial consequences.
- Statute: § 258
- Formatting: No statutory requirements; however, the County Clerk or City Register may set local formatting standards.
- Signing Requirements (§ 306): Notary Public
- Where to Record (§ 291): County Clerk or City Register (Outside NYC – Inside NYC)
- Recording Fees: The fee is generally between $40 and $50.
- RP-5217-PDF – Required if the real estate is located outside New York City.
- RP-5217NYC – Required if the real estate is located inside New York City.
- Form IT-2663 – The seller must complete this form if they reside in another state.
- Form TP-584 – Reports the transfer tax on conveyances made outside New York City.
- Form TP-584-NYC – Reports the transfer tax on conveyances made inside New York City.
- Endorsement Cover Sheet – May be required in certain counties (cover sheets are issued by the County Clerk or City Register).
- Property Disclosure Statement (§ 462) – The seller must complete this disclosure if transferring ownership of residential real estate.