Closings glossary
Deed
The instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what protects it against later purchasers.
What is a deed?
Quick Answer
The full definition
The instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what protects it against later purchasers.
Which related terms should you know?
These are the terms that come up alongside deed in the same file.
- Bargain and sale deed
- The deed form used in most New York transfers. It passes the seller's interest with limited or no warranty of title, commonly with a covenant against grantor's acts.
- Quitclaim deed
- A deed conveying the grantor's interest without warranties. It proves nothing about what the grantor owned, so it is used where the parties already know the answer.
- Grantor and grantee
- The two sides of a conveyance: the grantor gives the interest and the grantee takes it. Both names index the instrument in the public record.
- Recording
- Filing an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purchasers and lenders.
- Title
- Legal ownership of real property and the rights that come with it. A deed is evidence of a transfer of title, not title itself.
Where does deed come up in a New York City closing?
A Manhattan deed signed Monday and recorded Friday binds buyer and seller from Monday, but the recording is what defeats a competing claim filed midweek.
What else should you read before closing?
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What gets recorded after a NYC closing?Deed, mortgage, assignments and satisfactions record through ACRIS with the City Register, along with transfer tax returns. What is filed instead o...
The statute itself
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