Grand Deed vs Quit Claim in California

[Alvin Uy]

Doing a joint venture flip for the first time.  My partner is going to add me on to title after she closes on the house.   It going to be her and my SCorp on title.   Im wondering how to best take title... Grand Deed vs Quit  Claim???    By the way, she got a loan on this property with title insurance.   I know some folks recommend Warranty Deeds so it doesn't void title insurance but Warranty Deeds are not available in California...   I know Quit Claim is fairly common.  Can someone please chime in?

[Alvin Uy]

Originally posted by @Rob Malda:

I have to wonder why your partner who put down 100% of the downpayment and is solely personally liable for the loan would put you on the title. I wouldn't do that. What are you contributing to the JV? Do you have a signed JV agreement?

You can organize an LLC on-line same day in many states (ie New Mexico for $50). Why not do that?

Quitclaim deed only conveys whatever interest a party may have in the property (which may be none). Assuming your partner has title insurance on the property there is really no difference between the two in this situation.

Actually, I put half the downpayment and we will also be splitting the rest of the construction holding costs.  My partner originally had an "all cash" foreign investor that was going to cover entire construction costs. The original investor bailed out on her last minute for another deal...  and I jumped in last minute to take over.   This is my first flip because I usually buy and hold....  but the numbers are too good to pass up on this project.

Yes, Im actually in the process of putting together a JV agreement. We will be building 2 houses on a lot. My parter is a runs a construction company and will be handling construction. My wife (realtor) and I will be handing architect/interior design and the sale of the property.

Ill look into how quickly an LLC can be put together.