New York Quitclaim Deed by Two Individuals to LLC
Understanding this form
The Quitclaim Deed by Two Individuals to LLC is a legal document that allows two individuals (the Grantors) to transfer their interest in a property to a limited liability company (the Grantee). This form is used primarily to relinquish rights or claims to the property without guaranteeing a title, and it is distinct from warranty deeds, which provide a guarantee of clear title. By using this form, the Grantors convey the property while retaining the rights to any oil, gas, or minerals beneath it, if applicable.
What’s included in this form
- The names and signatures of the two Grantors.
- The name of the Grantee, which is an LLC.
- A legal description of the property being transferred.
- Clauses regarding reservations of oil, gas, and mineral rights.
- Details about any easements or covenants affecting the property.
- The date of the deed execution.
Common use cases
This form is appropriate when two individuals intend to transfer their property interests to an LLC. Common scenarios include property owners wanting to change the ownership structure of their asset, such as transferring personal property into a business entity for liability protection or operational efficiency. It can also be used when co-owners wish to simplify the management of the property under the umbrella of the LLC.
Who this form is for
- Two individuals who hold title to property and wish to transfer it to a limited liability company.
- Business owners looking to consolidate property ownership under their LLC.
- Individuals seeking to manage property with protection against personal liability.
How to prepare this document
- Identify the Grantors and enter their full names.
- Specify the Grantee's name as the LLC receiving the property.
- Attach and accurately describe the property in the legal description section.
- Include relevant clauses about oil, gas, and mineral rights as necessary.
- Sign and date the document where indicated by the Grantors.
Does this document require notarization?
This form does not typically require notarization unless specified by local law. However, it is advisable to consult local regulations regarding property deeds to ensure compliance with any additional requirements.
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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.
Common mistakes
- Failing to attach the legal description of the property.
- Not including necessary signatures from both Grantors.
- Using incorrect or incomplete names for the Grantee LLC.
- Omitting negotiations about the reservation of rights.
Why use this form online
- Convenience of downloading the form anytime, anywhere.
- Editability allows for customization to specific needs.
- Ensured reliability as forms are drafted by licensed attorneys.
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FAQ
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.
It's usually a very straightforward transaction, but it's possible for a quitclaim deed to be challenged. If a quitclaim deed is challenged in court, the issue becomes whether the property was legally transferred and if the grantor had the legal right to transfer the property.
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.
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
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).
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.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.
