Alaska Warranty Deed from two Individuals to LLC
What this document covers
The Warranty Deed from two Individuals to LLC is a legal document used to transfer property ownership from two individual Grantors to a limited liability company (LLC) as the Grantee. This form ensures that the Grantors convey clear title to the property while reserving any oil, gas, and minerals beneath the land. It differs from other deed forms by specifically involving an LLC as the recipient of the property rights, making it essential for parties looking to formalize such transactions.
Main sections of this form
- Details of the Grantors and Grantee, including full names and addresses.
- Legal description of the property being transferred.
- Specific clauses related to the reservation of oil, gas, and minerals.
- Covenants guaranteeing that the Grantors possess clear title to the property.
- Signatures of both Grantors and acknowledgment by a Notary Public.
Jurisdiction-specific notes
This Warranty Deed is designed for general use across multiple states. However, local laws may dictate specific terms or requirements for notarization and recording. It is advisable to consult with a local attorney for compliance with state-specific regulations.
When to use this form
This Warranty Deed is used when two individuals want to transfer property ownership to an LLC, often in the context of business or investment decisions. It is particularly useful when real estate assets are involved in an LLC for liability protection or tax advantages. Additionally, this form may be used when Grantors decide to convert personal property holdings into a business asset.
Who should use this form
- Individuals who are co-owners of a property and wish to transfer it to their LLC.
- Business owners looking to consolidate property under a limited liability company.
- Real estate investors seeking to protect personal assets while managing property through an LLC.
Steps to complete this form
- Identify and thoroughly list the Grantors' names and addresses.
- Clearly state the name of the LLC as the Grantee.
- Provide an accurate legal description of the property in the designated section.
- Include any mineral rights reservations as specified.
- Both Grantors must sign the form and have their signatures notarized.
Notarization requirements for this form
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.
Typical mistakes to avoid
- Failing to include the full and accurate legal description of the property.
- Not clearly specifying the reservations of oil, gas, and minerals.
- Omitting one or both Grantors' signatures.
- Not obtaining proper notarization before submitting the deed.
Benefits of using this form online
- Convenience of downloading and filling out the form at your own pace.
- Editability allows for easy adjustments before finalizing the document.
- Access to templates prepared by licensed attorneys to ensure legal accuracy.
Form popularity
FAQ
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 original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.
Let's start with the definition of a deed: DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee. A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
A deed, of course, is a legal document representing property ownership. 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.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
In order to make the Warranty Deed legally binding, the Seller needs to sign it front of a notary public. Then signed and notarized deed must be filed at the city or county office for recording property documents. Before filing with this office all previously billed property taxes must be paid in full.
