New York Quitclaim Deed by Two Individuals to LLC
Understanding this form
The Quitclaim Deed by Two Individuals to LLC is a legal document used to transfer ownership of real estate from two individuals (the Grantors) to a limited liability company (the Grantee). Unlike a warranty deed, this quitclaim deed does not guarantee that the Grantors hold clear title to the property, thus the Grantee takes on the risk of any potential claims against the title. This form is compliant with state statutory laws, making it a trustworthy option for property transfers between private parties and LLCs.
Form components explained
- Identification of Grantors: Names of the two individuals conveying the property.
- Identification of Grantee: The limited liability company receiving the property.
- Legal Description: A detailed description of the property being transferred, often attached as an exhibit.
- Consideration Clause: A statement regarding the compensation or payment associated with the transfer.
- Signatures: Signatures of both Grantors to validate the deed.
- Acknowledgment: Section for notarization or verification of the signing parties' identities.
When to use this document
This form is ideal for situations where two individuals wish to transfer their property ownership to an LLC they have formed. It is commonly used in real estate transactions to simplify the process of property ownership transfers and when individuals want to ensure that they retain no claim to the property after the transfer. Additionally, it is beneficial when making a quick transfer without warranty concerns to the new entity.
Intended users of this form
- Property owners looking to change the ownership structure of their property from individual to LLC.
- Individuals forming a limited liability company that will own the property.
- Real estate professionals facilitating property transfers to LLCs.
- Anyone needing a straightforward method to convey property without making warranties.
Steps to complete this form
- Identify the parties: Enter the names of the two Grantors and the LLC Grantee.
- Specify the property: Include a precise legal description of the property in the designated section.
- Detail the consideration: Mention any financial compensation being exchanged for the property.
- Gather signatures: Both Grantors must sign the document to validate the transfer.
- Notarization: Have the form notarized, if required, to confirm the authenticity of the signatures.
Is notarization required?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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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 include a thorough legal description of the property.
- Not having both Grantors sign the deed, which makes it invalid.
- Omitting the acknowledgment section if notarization is necessary.
- Incorrectly entering the names of the parties, which can lead to disputes.
Why complete this form online
- Convenience: Complete and download the form from anywhere at any time.
- Editability: Easily input specific details about the property and parties involved.
- Reliability: Access forms reliably drafted by licensed attorneys to ensure legal compliance.
- Time-saving: Avoid delays by quickly obtaining a legally binding document without visiting an office.
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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.
