New York Quitclaim Deed by Two Individuals to LLC
Overview of this form
The Quitclaim Deed by Two Individuals to LLC is a legal document used to transfer property ownership from two individuals (the Grantors) to a limited liability company (the Grantee). This form specifically conveys the property while reserving rights to any oil, gas, and minerals beneath it. Unlike other deed types, a quitclaim deed does not guarantee the propertyâs title quality, making it distinct in property transfers.
What’s included in this form
- Grantors: The names and signatures of the two individuals transferring the property.
- Grantee: The name of the limited liability company receiving the property.
- Legal Description: A detailed description of the property being conveyed, included as an Exhibit.
- Reservations: A clause reserving rights to any minerals on or under the property.
- Consideration Covenant: A statement confirming the consideration received for the conveyance.
- Execution: The signatures of the Grantors along with the date of signing.
When to use this document
This quitclaim deed is particularly useful in situations where two individuals wish to transfer their property interests to a limited liability company, commonly for business reasons or asset protection. It can be used during the establishment of an LLC, when individuals are consolidating property for investment purposes, or when simplifying ownership for estate planning practices.
Who this form is for
This form is intended for:
- Individuals who jointly own real property and wish to transfer it to an LLC.
- Business owners looking to formalize their property holdings under a limited liability entity.
- Estates and trust administrators managing property transfers as part of estate planning.
Instructions for completing this form
- Identify the Grantors: Enter the full names of the two individuals transferring the property.
- Specify the Grantee: Write the name of the limited liability company receiving the property.
- Provide a legal description: Include the legal description of the property as referenced in Exhibit A.
- Include any reservations: Note any reservations regarding minerals or other rights in the property.
- Sign and date: Ensure both Grantors sign and date the form in the designated areas.
Notarization requirements for this form
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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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.
Mistakes to watch out for
- Failing to include the legal description of the property accurately.
- Not having both Grantors sign the deed.
- Omitting any reservations or rights that may exist on the property.
- Using outdated or incorrect versions of the form.
Benefits of completing this form online
- Convenience: Easily download and fill out the form from the comfort of your home.
- Editability: Customize the form to suit specific property details and requirements.
- Reliability: Access attorney-drafted forms that comply with current legal standards.
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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.
