Hi ljh2005,
It's not difficult to transfer property from your name into your
company's name. You will file a "Quick Claim Deed" (which simply
transfers the title) with your county's deeds office, assigning your
name as the grantor and the LLC's name as the grantee. Go to your
local county office first to obtain the documents and to find out if
they require anything else, such as a Declaration of Value. That said,
it would be prudent to use a lawyer for the transfer to ensure it is
done properly and that the title is actually transferred and consult
with a tax advisor (please see the disclaimer at the bottom of this
page explaining that GA is for information purposes only and does not
offer legal advice).
Quit Claim Deed -
"A quit claim deed is a written instrument whereby the person signing
it transfers all right, claim or interest in title to the real estate
to another. It does not covenant or warrant that the grantor's
interest is valid and it does not contain any of the covenants or
warranties typically found in a warranty deed."
http://www.lawchek.net/resources/forms/glossary.htm
Washington State (includes Quit Claim Deed sample):
What is a quit claim deed?
"All real estate transactions must be in writing. A quit claim deed is
one way to transfer real property such as a house, land, or certain
mobile homes. The person who transfers the property by selling it or
making a gift of it is called the 'Grantor'. The person the property
is transferred to is called the 'Grantee'..."
How do I complete the quit claim form?
"There is a sample form enclosed [you will need to Download this
document] to help you understand the instructions as well as a blank
form which the Grantor can actually complete and record. You should
type or print clearly using black ink.
"Filed for Record at the Request of" - Fill in your name.
"When Recorded Return to" - Fill in the Grantor's name and address.
Grantor's Name - Fill in the full name(s) of the person or persons
transferring the prop-erty. You must name both husband and wife if the
property is community property. If there is only one Grantor, fill in
only the first blank.
Consideration - Consideration is the legal term for what the
grantor is getting out of the deal. Fill in the purchase amount or, if
the transfer is a gift, fill in "one dollar and love and affection."
Grantee's Name - Fill in the full name of the person or persons
who will be getting the property. If the property is being transferred
to a husband and wife, both names should be listed unless the transfer
is intended to be a gift to one spouse only. If this is the case, fill
in only the one spouse's name, then write "as her (or his) separate
property." If there is only one Grantee, fill in only the first blank.
County - Fill in the county where the property is located.
Legal Description - Fill in the complete legal description of the
property. You can find a legal description on property tax forms or
documents such as the mortgage or deed of trust. If the Grantor will
retain a life estate, add the words "Retaining unto the Grantor a life
estate." after the legal description.
Signatures - The Grantor(s) must sign the deed before a notary
public. The Grantee does not get that portion of the property
belonging to any Grantor who does not sign. If the property is
community property, both husband and wife must sign the deed."
What do I do with the form once it is completed and signed?
"First, the deed must be "delivered" to the Grantee to be valid. The
easiest way to "deliver" a deed is to give the deed to the Grantee or
have the deed recorded. Recording a deed means that it is filed with
the county where the property is located. The deed then is part of the
public record. The deed should always be recorded to protect the
Grantee. There is a small fee for recording a deed. You must file an
excise tax affidavit before the county will record your deed. If the
Grantor or an escrow company is going to hold the deed after it is
signed, consult with a lawyer to be sure there is valid
"delivery."..."
http://www.lawhelp.org/documents/1593816260.pdf?stateabbrev=/WA/
Small Business Start-up LLC1 Wisconsin
NOTE: If company will own real estate, need to also transfer real
estate into company name ? use quit claim deed and green/white
transfer return (use #15s as far as exemption from state transfer fee)
and file with register of deeds office in county where property is
located.
http://www.legalhorizons.com/LLC_DIRECTIONS.doc
Michigan:
"You need to pick up a Quit Claim Deed form at any office supply store
such as Office Max or Office Depot, or you can get one here. The Quit
Claim Deed needs to be completed in black ink or typed, signed and
notarized. It is a legal document, so we recommend contacting an
attorney or someone who is well versed in real estate matters to
provide help in preparing the deed. When it is completed, signed and
notarized, it can be mailed in or brought in for recording. The cost
will be $14.00 for the first page and $3.00 for each additional page,
if any.:
http://macombcountymi.gov/CLERKSOFFICE/deedsFAQs.asp
Nevada:
"Send the following to the Clark County Recorder with a cover letter.
Your cover letter should have your address and telephone number. Say
something like this "Enclosed is a quitclaim deed and one copy. I
have also attached the declaration of value form. My check is
enclosed in the amount of $SEE BELOW to cover the recording fees.
Please send a conformed copy to me at the address above. Thank you.
This is what is in your envelope to send to the recorder:
1. Cover letter.
2. Quitclaim deed and one copy.
3. Declaration of value form and one copy.
4. Check payable to County Recorder for the correct amount.
Fees: http://www.co.clark.nv.us/recorder/pdf/FeeSchedule-20031001.pdf
Declaration of Value: http://www.co.clark.nv.us/recorder/pdf/value.pdF
http://www.nevadacorporations.net/forms.htm
>> Quit Claim Deed - Samples
"This is a sample Quit Claim Deed, conveying property owned by a
husband and wife, and another single person, to a corporation. The
actual legal description of the property conveyed will be attached to
this Quit Claim Deed as an Exhibit. (The legal description will always
be provided by the title company, or from another document.)"
http://www.legaldocs.com/htsgif.d/xquitdee.mv
Quit Claim Deed sample
http://www.lawhelp.org/documents/1593816260.pdf?stateabbrev=/WA/
Quit Claim Deed sample
http://www.lawchek.net/resources/forms/samples/quit.htm
Additional Links of Interest:
Quit Claim Deeds to purchase
http://www.humanresourcesupply.com/quitclaim-deed.html
Transfer Property to LLC
http://www.thinkglink.com/article.asp?Title=Transfer_Property_to_LLC.htm&ID=1390
How to Transfer Real Estate Interest:
"For transferring interests in real estate you will to complete a deed
of transfer which is usually a warranty deed or a quit claim deed.
You will need to check with the local rules of you state for filing
one of these deeds."
http://www.lawfirmsoftware.com/free/info/estate_planning/transfer_instructions.htm
I was glad to find this for you. If you have any questions, please
post a clarification request and wait for me to respond before
closing/rating my answer.
Thank you,
hummer
Google Search Terms Used:
"quit claim deed" sample
"quit claim deed" transfer llc
transfer property llc |
Clarification of Answer by
hummer-ga
on
07 Nov 2005 11:32 PST
Hi ljh2005,
First, my apologies for the typo "Quick Claim Deed". I hope it didn't
cause you any confusion.
"Do many people use Quit Claim Deed in this way?"
Yes, this is an accepted way to transfer ownership of property (to an
LLC or person). For example (.gov links):
HOW DO I TRANSFER A MINING CLAIM?
"A mining claim is transfered by recording a Quit Claim Deed with the
County Recorder where the mining claim is located, and then by filing
the Quit Claim Deed with the Bureau of Land Management (BLM) State
Office. The cost to file the Quit Claim Deed with the BLM is $5.00
per claimant, per claim. (Please call the County Recorder's Office
for their fees). Quit Claim Deeds are usually found at office supply
stores."
http://www.ca.blm.gov/caso/iac/faqmc.html
State of Wisconsin's Quit Claim Deed
http://www.wisbar.org/forms/rppt/quit.PDF
"From your answer, it seems as if the Quit Claim Deed (I assume this
is the same thing as a Quick Claim Deed) is a piece of paper that may
or may not be legally valid."
I'm not sure why you think that a recorded Quit Claim Deed may not be
legal. One of my links is to a Michigan County government website. It
specifically states that "it is a legal document". The warning comes
from that fact that since it is legal, you may want to seek
professional help in filling it out to make sure you do it properly.
Michigan:
"You need to pick up a Quit Claim Deed form at any office supply store
such as Office Max or Office Depot, or you can get one here. The Quit
Claim Deed needs to be completed in black ink or typed, signed and
notarized. It is a legal document, so we recommend contacting an
attorney or someone who is well versed in real estate matters to
provide help in preparing the deed. When it is completed, signed and
notarized, it can be mailed in or brought in for recording. The cost
will be $14.00 for the first page and $3.00 for each additional page,
if any.:
http://macombcountymi.gov/CLERKSOFFICE/deedsFAQs.asp
"What is the alternative to a Quit Claim Deed?"
Recording Requirements in Nevada:
* Grant, Bargain and Sale Deed
* Quitclaim Deed
* Warranty Deed
* Trustee's Deed
http://www.co.clark.nv.us/recorder/legal.htm
"Do people primarily use a Quit Claim Deed because it is fast and they
can't wait for a lawyer? How acceptable is this form of transfer?"
People use a Quit Claim Deed because it is an acceptable way to
transfer property. Some use a lawyer and some do not, but the nice
thing is that a lawyer is not a requirement (you don't need a lawyer
to have the document notorized). Whether or not you use a lawyer is
entirely up to you.
The best thing to do would be to visit your local recording office,
ask for a Quit Claim Deed form, and ask what their requirements are
for transferring your property to your LLC.
How to Do a Quitclaim Deed
http://www.ehow.com/how_16555_quitclaim-deed.html
Quit Claim Deed for sale by State
http://www.findlegalforms.com/xcart/customer/home.php?cat=524&partner=formsdesk
Please let me know if you have any other questions.
hummer
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