This Quitclaim Deed is used where the Grantors are two individuals and the Grantee is a limited liability company. Grantors convey and quitclaim the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantors, if any, which are reserved by Grantors. This form complies with all state statutory laws.
Michigan Quitclaim Deed by Two Individuals to LLC
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State:
Michigan
Control #:
MI-04-77
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Word;
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FAQ
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 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 quitclaim deed is a legal instrument that is used to transfer interest in real property.The owner/grantor terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Signing: § 565.201 requires that the grantor sign the document in front of a notary public. Recording: All quitclaim deeds in Michigan must be filed with the Michigan Register of Deeds in the county where the property is located.
A Michigan quitclaim deed form provides no warranty of title. That means that the new owner has no legal right to sue the prior owner if there is a problem with the title to the property. The new owner simply takes whatever title that the prior owner has.
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.
In Michigan, a quit claim deed must be signed by a witness, in addition to the notary, to make it legal.After all required signatures are collected and notarized, file the document with your local register of deeds to complete the transaction.
How to Quitclaim Deed to LLC. A quitclaim deed to LLC is actually a very simple process. You will need a deed form and a copy of the existing deed to make sure you identify titles properly and get the legal description of the property.
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.