New York Warranty Deed from Individual to LLC
Understanding this form
The Warranty Deed from Individual to LLC is a legal document that facilitates the transfer of property ownership from an individual (grantor) to a limited liability company (LLC) (grantee). This form ensures that the grantor not only conveys the property but also confirms the property's title is clear of encumbrances, except for any specific reservations mentioned. This form is distinct from other property transfer forms, as it specifically addresses the transfer of property to an LLC, which can have tax and liability implications for the parties involved.
Key components of this form
- Legal description of the property being conveyed.
- Identification of the grantor (individual) and grantee (LLC).
- Statement of warranty regarding the title and propertyâs encumbrances.
- Covenant to receive consideration and use it as a trust fund for improvements.
- Signature lines for both parties and any witnesses or notaries, if applicable.
Common use cases
This form is appropriate when an individual wishes to transfer property ownership to an LLC, commonly for business purposes, asset protection, or organizational restructuring. It is useful in situations where the individual is converting personal property into business property or when forming a new LLC and needing to clarify ownership of assets.
Intended users of this form
This form can be utilized by:
- Individuals transferring their real estate to a limited liability company.
- LLC members seeking to consolidate property ownership within the business structure.
- Real estate investors moving properties into an LLC for liability protection.
Completing this form step by step
- Identify the parties involved by entering the full legal names of the grantor and the grantee (LLC).
- Provide the legal description of the property in accordance with local property records.
- Specify any exclusions or reservations of mineral rights, if applicable.
- Ensure the grantor signs the document in the presence of a notary, if necessary.
- File the completed form with the appropriate local government office to officially record the transfer.
Is notarization required?
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.
Mistakes to watch out for
- Failing to include a complete legal description of the property.
- Not properly identifying both the grantor and the grantee.
- Neglecting to specify any reservations or exclusions related to the property.
- Forgetting to sign the form in front of a notary, where required.
Why complete this form online
- Convenience of downloading the form instantly.
- Editability to customize the form for your specific transaction needs.
- Access to reliable legal templates drafted by licensed attorneys.
- Protection of personal information through secure processes.
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FAQ
Creating an LLC for your rental property is a smart choice as a property owner. It reduces your liability risk, effectively separates your assets, and has the tax benefit of pass-through taxation.You can add unique bank accounts for each rental property.
The fees to file a New York quitclaim deed vary from county to county, but some of the fees are similar. 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.
Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.
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.
Does LLC ownership count as time used as a primary residence? For a single-member LLC, the answer is typically yes. For example, if the house is owned by an LLC. The Treasury Regulations allow for the capital gains exclusion when title is held by a single-member disregarded entity.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
The only way to forcibly change the ownership status is through a legal action and the resultant court order. However, if an owner chooses to be removed from the deed, it is simply a matter of preparing a new deed transferring that owner's interest in the property.
To change the deed in New York City, as we discussed, we will need a deed signed and notorized by the grantor. Additionally, the deed must also be filed and recorded with the Office of the City Register along with transfer documents which identify if any taxes are due.
To change the deed in New York City, as we discussed, we will need a deed signed and notorized by the grantor. Additionally, the deed must also be filed and recorded with the Office of the City Register along with transfer documents which identify if any taxes are due.
