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SERVING ALL OF NEW JERSEY
Attorney Prepared Deeds
for divorce, add or remove child, probate, trust, transfer to LLC, etc.
Did you know that there are different kinds of deeds? A deed is a legal document used to transfer ownership of real estate from one party to another. When signed by the seller and recorded with the County Clerk, it conveys legal title to the property from the present owner to the new owber, usually a buyer. In that way, it is similar to the title to a car. It proves ownership, and is the document we use to convey title to real estate to another party. The deed, along with other incidental paperwork, gets recorded with the County Clerk and becomes part of the official land records. The two most common types of deeds in New Jersey are the “Bargain and Sale” deed, and the “Quit Claim” deed (often mispronounced as a “quick-claim” deed”). In some states, a Bargain and Sale deed is referred to as a “warranty deed,” or a “special warranty deed.” Whatever its name, it is the deed used in a typical, arms length real estate sale because the seller makes certain representations to the buyer, such as there being no other persons with a legal interest in the property, and there being no liens on the property.
A Quit Claim deed (mistakenly called a “quick-claim deed” or “Quick” deed) makes no such representations, and is sometimes referred to as a “dollar deed” because it is used within families, or for matrimonial or divorce situations, where the consideration is stated as being One Dollar ($1.00). Please do NOT use a quit claim deed when buying or selling real estate at its fair market value! Also, we strongly recommend getting title insurance even though the transaction may be between family members.
There are two parties to every deed: The “grantee” is the person acquiring the property. The “grantor” is the person conveying the property to the grantee. So, you should ask, “How should you and another person hold title to the property.” There are three choices and are discussed in great detail using the following link: How to Hold Title to Real Estate.
Each state has its own specific requirements for preparing and recording a deed. New Jersey is no exception. I cannot speak for other states, but in New Jersey it is very tricky, and to make matters worse each county seems to do things a little bit differently. Sometimes, different clerks in the same county handle things a little differently. Be forewarned that a simple mistake in how the deed is worded could lead to huge problems down the road.
Our cost to prepare a typical deed from an individual to an individual is $575.00.* Same day deeds often require payment of a small premium. The typical cost to record NJ deeds with the County Clerk is one hundred and five dollars ($105.00) depending on the number of pages. The seller also has to pay a realty transfer fee (really a tax) which is based on a sliding scale, calculated on the selling price of the property. For example, the transfer fee on a $350,000 sale is approximately $2,105, $1,325 on a $250,000 sale, and $975 on a $200,000 sale. If you are 62 years of age or older and it is your primary residence, the fee on a $250,000 sale goes down to $400. If there is a mortgage on the property, the County Clerk may want you to pay the tax even if there is no money changing hands. The recording fees are consistent throughout the State of New Jersey.
* A more complicated deed, such as for an LLC, divorce, Trust, probate, from an executor to a beneficiary of a Will, a timeshare, etc. would typically cost between $650.00 and $750.00. If it is for a consolidation of lots, it most likely will be more.
NOTE: These fees assume payment by check. Payment by credit card requires a surcharge of approximately 3.0% since that is what we are charged to process a credit card.
New Jersey Deeds and mortgages are recorded with the County Clerk in the county in which the property lies. Recording fees and realty transfer fees must be paid at the time of recording and are periodically increased. For a list of the counties we serve, please check on this LINK.
To get started, just call 609-654-5489.
