Pennsylvania Warranty Deed from Husband and Wife to Corporation
About this form
The Warranty Deed from Husband and Wife to Corporation is a legal document used to transfer property ownership from a married couple (the grantors) to a corporate entity (the grantee). This deed ensures that the grantors guarantee the title to the property they are conveying, with specific reservations regarding oil, gas, and minerals. It is designed to provide a clear title transfer while protecting the interests of both parties involved.
Form components explained
- Parties Involved: Identifies the grantors (husband and wife) and the grantee (corporation).
- Property Description: Details the property being transferred, referencing an attached legal description.
- Reservations: States the exclusion of oil, gas, and minerals from the transfer.
- Covenants: Grantors assure that they own the property free of encumbrances, except as mentioned in the deed.
- Signatures: Requires the signatures of both grantors for validation.
When to use this document
This Warranty Deed is used when a married couple decides to transfer ownership of their property to a corporation, typically for business purposes or asset protection. Situations may include selling a family-owned business property or restructuring business assets under corporate ownership.
Who needs this form
This form is suitable for:
- Married couples who hold property and wish to transfer it to a corporation.
- Business owners looking to clearly define property ownership for legal or tax reasons.
- Individuals seeking to protect personal assets from business liabilities.
How to complete this form
- Identify the parties: Clearly state the names of the husband and wife as grantors.
- Specify the property: Provide the legal description of the property being transferred.
- Include reservations: Note any exceptions for oil, gas, and minerals as reserved by the grantors.
- Enter the date: Fill in the date of signing in the designated space.
- Obtain signatures: Both grantors must sign the form to validate the transfer.
Is notarization required?
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
- Not including a complete legal description of the property.
- Forgetting to reserve rights for oil, gas, and minerals if applicable.
- Neglecting to have both grantors sign the form.
- Failing to check county recording requirements for the deed.
Benefits of using this form online
- Conveniently fill out the form using your computer or device.
- Edit and modify information easily before finalizing.
- Receive immediate access to the form without the need for in-person meetings.
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FAQ
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.
If you've recently married and already own a home or other real estate, you may want to add your new spouse to the deed for your property so the two of you own it jointly. To add a spouse to a deed, all you have to do is literally fill out, sign and record a new deed in your county recorder's office.
The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost. 1% to buyer, 1% to seller; however payment is dictated by the sales contract.
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.
To transfer property in Pennsylvania, you'll need to prepare and execute a deed and record it in the county where the property is located. If the transfer was in exchange for money, you'll have to pay transfer tax.
If you give your house to your children, the tax basis will be $150,000.PA INHERITANCE TAX ISSUES: In Pennsylvania, there is no gift tax. However, to avoid PA Inheritance Taxes (the rate is 4.5% for assets passed to children or grandchildren), you must live at least one year from the time the gift was made.
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.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
Key Takeaways. A property deed is a legal document that transfers the ownership of real estate from a seller to a buyer.General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law
