Tennessee Quitclaim Deed by Two Individuals to Corporation
What this document covers
The Quitclaim Deed by Two Individuals to Corporation is a legal document used to transfer property ownership from two individuals (the Grantors) to a corporation (the Grantee). Unlike a warranty deed, this quitclaim deed does not guarantee that the Grantors hold clear title to the property. Instead, it conveys whatever interest the Grantors have, if any, while reserving rights to minerals, such as oil and gas, if applicable.
Main sections of this form
- Identification of the Grantors (two individuals) and the Grantee (the corporation).
- Description of the property being transferred.
- Reservation of rights to oil, gas, and minerals retained by the Grantors.
- Statement regarding prior title sources recorded with the Register of Deeds.
- Signature fields for the Grantors and notary acknowledgment.
When this form is needed
This form is typically used when two individuals wish to transfer property ownership to a corporation, particularly in situations involving business transactions or asset reallocation. It is also relevant when Grantors want to ensure that certain rights to minerals beneath the property are reserved while conveying the surface rights.
Intended users of this form
- Individuals who jointly own property and intend to transfer it to a corporation.
- Business owners requiring a clear record of property ownership changes.
- Real estate professionals involved in corporate acquisitions of property.
Steps to complete this form
- Identify the parties involved by entering the names of the Grantors and the Grantee.
- Provide a detailed description of the property being transferred.
- Include information about any mineral rights being retained by the Grantors.
- Complete the section regarding the source of title for the Grantors.
- Have both Grantors sign the document, and seek notarization as required.
Is notarization required?
Yes, this form must be notarized to be legally valid. US Legal Forms provides integrated online notarization services, allowing you to complete the process through a secure video call, making it accessible and convenient without the need to travel.
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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 to avoid
- Failing to accurately describe the property being transferred.
- Not reserving necessary mineral rights explicitly, if applicable.
- Incomplete signatures or lack of notarization, which may invalidate the deed.
Why use this form online
- Convenience of downloading and completing the form from anywhere.
- Editability allows for customization to meet specific needs.
- Reliability of templates drafted by licensed attorneys ensures legal compliance.
What to keep in mind
- The quitclaim deed transfers ownership without warranties.
- Two individuals can effectively convey property to a corporation.
- Notarization is required for legal validity.
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FAQ
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.
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.
A Tennessee Quit Claim Deed may be filled out and filed with the Tennessee Register of Deeds of the same County the Property being transferred is in. Laws § 66-5-103(2) Recording (A§ 66-5-106) Submit the quit claim along with the filing fee to the Register's Office in your County.
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.
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 is a deed (proof of ownership) that is passed from a grantor (the existing property owner) to a grantee (the new property owner) that does not have a warranty.A quitclaim deed has no guarantees for the grantor or grantee.
A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.
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.
A quitclaim deed is quick and easy because it transfers all of one person's interest in the property to another.The deed transfers all claims the seller has to the property, if any. If the seller has no interest in the real estate, no interest is transferred.