options to quit claim to llc?

Question

hi all, Is quit claiming the deed to an LLC something one can do on their own? i.e. do other parties need to be involved like the title agent?

Randall Alan · Answer

It's very easy... you can do it yourself. To find an example you can either search your county clerk's website for a previous quit claim deed to another property - they are widely used, or even the internet. There is formatting you need to follow... like alignment for the clerk to imprint things, etc. Look online to find how to place it all on the page. You type it up, take it to your county clerk's office and say, Please record this. You pay them their fee and voila, you you have deeded your property to your LLC, etc. The county clerk may even be able to notarize it for you. Below is the text of the one we use, (and I attached how they look in the next post) Hope it helps... but of course check with your own state, I can't vouch what's below is perfect for everywhere. Randy --------------------- Prepared By My Name My Address My City / State / Zip After Recording Return To My Name My address My City State Zip Space Above This Line for Recorder’s Use FLORIDA QUIT CLAIM DEED STATE OF MY State My COUNTY KNOW ALL MEN BY THESE PRESENTS, That for and in consideration of the sum of Ten Dollars ($10) in hand paid to (Seller's Name), a married/single man /woman, residing at your address, County XXX, City of XXXXXX, State of XXXX (hereinafter known as the “Grantor(s)”) hereby quitclaims to XXPerson or XXEntity, a XXXType of person or entity (Single/married man /Woman, or Florida LLC, etc), residing at ___________________, County of ___________, City of _______________, State of _______________ (hereinafter known as the “Grantee(s)”) all the rights, title, interest, and claim in or to the following described real estate, situated in _____________________ County, State to-wit: Legal Description goes below __________________________________________________________________________________________________________________________________________________________________________________________________________________ [INSERT LEGAL DESCRIPTION HERE OR ATTACH AND INSERT] To have and to hold, the same together with all and singular the appurtenances thereunto belonging or in anywise appertaining, and all the estate, right, title, interest, lien, equity and claim whatsoever for the said first party, either in law or equity, to the only proper use, benefit and behoof of the said second party forever. ________________________________ ________________________________ Grantor’s Signature Grantor’s Signature ________________________________ ________________________________ Grantor’s Name Grantor’s Name ________________________________ ________________________________ Address Address ________________________________ ________________________________ City, State & Zip City, State & Zip In Witness Whereof, ________________________________ ________________________________ Witness’s Signature Witness’s Signature ________________________________ ________________________________ Witness’s Name Witness’s Name ________________________________ ________________________________ Address Address ________________________________ ________________________________ City, State & Zip City, State & Zip STATE OF ________________ COUNTY OF ___________________ I, the undersigned, a Notary Public in and for said County, in said State, hereby certify that ______________________________ whose names are signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of the instrument, they, executed the same voluntarily on the day the same bears date. Given under my hand this ____ day of ____________________, 20___. ____________________________________ Notary Public My Commission Expires: ______________

David M. · Answer

@Elliott FisherBasically, you need to find the cash or a new loan really fast if the lender calls the loan.You do realize its more complicated than this, right? You need to protect/maintain the corporate veil of the LLC otherwise there is no point. The LLC is there only to provide asset protection. Once you move the Title, I assume you have a mortgage will be under your name. Who pays the mortgage? You or the LLC? You have to make sure you aren't co-mingling your funds. Also, check that your Title Insurance Policy will still be in effect when you transfer. Also, you need to update your homeowner's/landlord's insurance since Title has changed. Since the mortgage clause may need to be updated, the lender/servicer will automatically know that Title has changed.If you keep doing this, in my layman's opinion this forms a pattern where the LLC is your alter-ego, in which case you probably have pierced your corporate veil and now the effort to have the LLC is moot again. Yes, LLC's aren't eligible for residential conforming loans so you will have to deal with commercial loans.Talk to a few qualified professionals and think this through. Good luck.

David M. · Answer

@Elliott FisherHmmm... Well, I don't know much about what you are doing and why. I GUESS perhaps an attorney first.

Elliott Fisher · Answer

Thanks David. Who is the right person to speak with first? lawyer or accountant?

Elliott Fisher · Answer

This is great. Thank you all. What happens if the lender finds out and calls the loan?

Randall Alan · Answer