New York Quitclaim Deed from Corporation to LLC
What is this form?
The Quitclaim Deed from Corporation to LLC is a legal document used to transfer property ownership from a corporation to a limited liability company (LLC). Unlike a warranty deed, which guarantees that the property title is clear, a quitclaim deed does not provide any such assurances. This form specifically allows a corporation to convey property while reserving rights to any oil, gas, and minerals beneath the land, making it a unique tool for property transactions between these business entities.
What’s included in this form
- Grantor Information: Name and address of the corporation conveying the property.
- Grantee Information: Name and address of the LLC receiving the property.
- Legal Description: Detailed description of the property being transferred, included as an exhibit.
- Covenant Clause: Assurance that the consideration for the conveyance will be used appropriately.
- Execution Section: Signatures from authorized officers of the corporation and notarization details.
Situations where this form applies
This form is necessary when a corporation wishes to transfer property to an LLC without warranties regarding the title. It is commonly used in real estate transactions that involve changing the ownership structure of the property, especially when transitioning to a more efficient business model or when reorganizing assets for tax planning purposes.
Who can use this document
This form is intended for:
- Corporations looking to transfer property to their own LLC or another LLC.
- LLCs receiving property as part of business restructuring or asset management.
- Real estate attorneys assisting clients with property transfers between corporate entities.
Completing this form step by step
- Identify the parties: Include the names and addresses of the Grantor (the corporation) and Grantee (the LLC).
- Specify the property: Attach the legal description of the property as Exhibit A.
- Complete the consideration clause: Ensure the amount or value of the consideration is clearly stated.
- Gather signatures: Obtain signatures from authorized representatives of the corporation.
- Notarize the document: Ensure it is signed in the presence of a notary public if required.
Is notarization required?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
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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 include the legal description of the property.
- Not reviewing state-specific laws regarding quitclaim deeds.
- Leaving out the consideration clause or not making it clear.
- Not obtaining necessary signatures or notarization before filing.
Benefits of using this form online
- Convenience: Easy to access and complete from any location.
- Editability: You can fill in the form at your pace and make necessary adjustments.
- Reliability: Forms are drafted by licensed attorneys, ensuring legal compliance.
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FAQ
A quitclaim deed is a legal instrument that is used to transfer interest in real property.The owner/grantor terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Fill in the deed form. Print it out. Have the grantor(s) sign and get the signature(s) notarized. Complete a transfer tax form, Form TP-584. Complete and print out Form RP-5217 (or, if you are in New York City, Form RP-5217NYC).
However, there are substantial downsides associated with transferring your primary home into an LLC.If you are using your personal residence for estate planning purposes, a qualified personal residence trust (QPRT) may be more effective than transferring your property to a limited liability company.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Fill in the deed form. Print it out. Have the grantor(s) sign and get the signature(s) notarized. Complete a transfer tax form, Form TP-584. Complete and print out Form RP-5217 (or, if you are in New York City, Form RP-5217NYC).
Fees to File a Quitclaim Deed in New York As of 2018, the basic fee for filing a quitclaim deed of residential or farm property is $125, while the fee for all other property is $250. These fees are for the RP-5217 form.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
How to Quitclaim Deed to LLC. A quitclaim deed to LLC is actually a very simple process. You will need a deed form and a copy of the existing deed to make sure you identify titles properly and get the legal description of the property.
