Michigan Warranty Deed from Corporation to Two Individuals
About this form
The Warranty Deed from Corporation to Two Individuals is a legal document used when a corporation transfers property ownership to two individual parties. This Warranty Deed guarantees the transfer's legality and details the property being conveyed, while it specifically reserves any oil, gas, and minerals beneath the surface, if applicable. Unlike other deeds, this form is tailored for instances where ownership is divided between two individuals, ensuring their rights of survivorship are established.
What’s included in this form
- Names and addresses of the Grantor (corporation) and Grantees (two individuals).
- Description of the property being conveyed, including its legal description.
- Reservation clause indicating any oil, gas, and minerals retained by the corporation.
- Joint tenancy with rights of survivorship, ensuring that upon the death of one Grantee, the surviving Grantee retains full ownership.
- Acknowledgment section for notarization by an officer of the corporation.
When this form is needed
This Warranty Deed should be utilized when a corporation is transferring real property to two individuals and wishes to establish a joint tenancy. It is appropriate in situations where the individuals involved want to ensure that, in the event of one party's death, the surviving party automatically inherits the deceased party's share of the property. This form is also used when there is a need to explicitly reserve mineral rights for the corporation.
Who can use this document
- Corporations transferring property to two individual shareholders or officers.
- Individuals receiving property as joint tenants from a corporation.
- Real estate professionals facilitating property transfers from corporations to individuals.
Completing this form step by step
- Identify the Grantor by entering the corporationâs name and address.
- List the names and addresses of the two Grantees receiving the property.
- Provide a detailed legal description of the property to be conveyed.
- Include any reserved rights, such as oil, gas, and minerals, if applicable.
- Ensure the form is signed in the presence of a notary by a corporate officer.
Does this form need to be notarized?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to provide a complete legal description of the property.
- Omitting the reservation clause for mineral rights, if necessary.
- Not having the form notarized by the appropriate corporate officer.
- Neglecting to check state-specific laws that might affect the deed.
Advantages of online completion
- Convenient access to legal forms at any time without the need for office visits.
- Editable templates allow customization to fit specific requirements.
- Forms are drafted by licensed attorneys, ensuring legal compliance.
- Instant downloads provide immediate access to necessary documents.
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FAQ
The main difference between a warranty deed and a quitclaim deed in Michigan lies in the level of protection offered to the buyer. A Michigan Warranty Deed from Corporation to Two Individuals provides guarantees regarding the title's validity, while a quitclaim deed transfers whatever interest the seller has without any warranties. This means that warranty deeds offer greater security for buyers compared to quitclaim deeds.
To add your spouse to your property deed: Have your lawyer do a Michigan Quit Claim Deed for you and then record it with your County's Register of Deeds. If you croak before you get it recorded, your property goes into probate, instead of to your spouse.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
A In order to make your partner a joint owner you will need to add his name at the Land Registry, for which there is a fee of £280 (assuming you transfer half the house to him). You won't, however, have to pay capital gains tax, as gifts between civil partners (and spouses) are tax free.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.
If you live in a common-law state, you can keep your spouse's name off the title the document that says who owns the property.You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
If you've recently married and already own a home or other real estate, you may want to add your new spouse to the deed for your property so the two of you own it jointly. To add a spouse to a deed, all you have to do is literally fill out, sign and record a new deed in your county recorder's office.
In California, all property bought during the marriage with income that was earned during the marriage is deemed "community property." The law implies that both spouses own this property equally, regardless of which name is on the title deed.