Full Covenant and Warranty Deed (NY)

by Practical Law Real Estate

A Standard Document for a full covenant and warranty deed in New York facilitates the transfer of title to real property from a grantor to a grantee, offering substantial protection through comprehensive covenants. This deed includes essential covenants such as seisin, good right to convey, against encumbrances, quiet enjoyment, warranty, and further assurances, ensuring the grantee receives clear and unencumbered title. It complies with Section 13 of the New York Lien Law, requiring the grantor to hold transaction proceeds in trust to pay for property improvements. The document outlines necessary components for a valid deed under New York law, including the identification of parties, recital of consideration, granting clause, legal description, and execution requirements. It emphasizes the importance of recording the deed to protect against third-party claims and highlights the role of title insurance in safeguarding the grantee's interests. Additionally, it addresses the use of electronic signatures and notarization, including remote notarization, under New York State law. This document is crucial for both residential and commercial real estate transactions, ensuring legal compliance and security in property conveyance.