Mark is preparing to execute a quitclaim deed for property in Rochester. All of the following statements about quitclaim deeds in New York are correct EXCEPT:
Correct Answer
C) A quitclaim deed cannot be used to transfer property that is encumbered by a mortgage
This statement is incorrect. A quitclaim deed CAN be used to transfer property that is encumbered by a mortgage. The deed will transfer whatever interest the grantor has, subject to the existing mortgage. The mortgage remains a lien on the property, but the deed transfer is still valid.
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- → Jennifer inherits her grandmother's cooperative apartment in Brooklyn. The proprietary lease has 75 years remaining. What happens to Jennifer's ownership interest if the proprietary lease expires?
- → In New York, what type of property interest does a cooperative apartment represent?
- → Karen wants to make renovations to her cooperative apartment kitchen. Before beginning work, what must she typically do?
- → A cooperative corporation in New York has various ongoing responsibilities to its shareholders. All of the following are typical responsibilities of a co-op corporation EXCEPT:
- → John owns 150 shares in Riverside Cooperative Corporation, which entitles him to occupy apartment 4B under a proprietary lease. He wants to sell his cooperative interest. What is John actually selling?
- → Under New York's recording system, what happens when two deeds for the same property are recorded on the same day?
- → David owns shares in Brooklyn Commons Cooperative and wants to sublet his apartment for two years while working overseas. What restriction typically applies to subletting cooperative units in New York?
- → Lisa is explaining the difference between cooperatives and condominiums to her client. What document do cooperative purchasers receive instead of a deed?
- → Robert's proprietary lease for his cooperative apartment is about to expire. He is concerned about losing his right to occupy the unit. How long do proprietary leases typically run in New York cooperatives?
- → Sarah purchases a condominium unit in Manhattan. As a New York condominium owner, what type of property interest does she hold in the unit itself?
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Previous Question
Angela owns property in Nassau County that she purchased with a full covenant and warranty deed. She discovers that the property has an outstanding judgment lien from 8 years ago that was properly recorded but not disclosed at her closing. The judgment was against a previous owner in the chain of title, not Angela's immediate grantor. What is Angela's best legal recourse under New York law?
Next Question
Carol wants to deed her property in Westchester County to her three children: David (40% interest), Ellen (35% interest), and Frank (25% interest) as tenants in common. How should the deed be written to accomplish this goal?