This form is a Quitclaim Deed where the grantor is a limited liability company and the grantee is a limited liability company. Grantor conveys and quitclaims the described property to grantee. This deed complies with all state statutory laws.
South Carolina Quitclaim Deed - Limited Liability Company to Limited Liability Company
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State:
South Carolina
Control #:
SC-019-77
Format:
Word;
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Key Concepts & Definitions
Quitclaim Deed: A legal instrument used to transfer interest in real property. The grantor terminates their right and claim to the property, thereby allowing the transfer of their interest to the grantee without warranties. Limited Liability Company (LLC): A business structure in the United States wherein the owners are not personally liable for the company's debts or liabilities. Real Property refers to land and anything permanently attached to it, including buildings and natural resources.
Step-by-Step Guide to Transferring Real Estate via a Quitclaim Deed from an LLC
- Prepare the Quitclaim Deed Form: Begin by preparing a quitclaim deed form, which specifies details like the description of the property, the name of the LLC (as the grantor), and the recipient (grantee).
- Review LLC Authorization: Ensure that the transfer aligns with the LLC's operating agreement and that the proper member(s) have authority to sign the deed on behalf of the LLC.
- Execute the Deed: The authorized person(s) from the LLC must sign the deed in the presence of a notary public.
- Record the Deed: File the deed with the local county clerk's office to make the transfer official and public record.
Risk Analysis
- Lack of Warranties: One significant risk involved in using a quitclaim deed is the lack of any warranties on the property. This means that the grantee receives no assurance about the property's debt-free status or clear title.
- LLC Operational Risks: Errors in adhering to LLC regulations or the operating agreement when transferring property can lead to disputes or legal challenges.
- Impact on Mortgage and Refinance: In cases where the property has an existing mortgage, transferring property through a quitclaim deed does not relieve the LLC of its mortgage obligations, potentially complicating refinance opportunities.
Best Practices
- Legal Consultation: Always consult with a real estate attorney to ensure compliance with local laws and correct deed processing.
- Clear Record Keeping: Maintain meticulous records of all documents and decisions related to the transfer, particularly within the LLC.
- Review Financing Options: If the property is under a mortgage, review mortgage rates and refinance loan options that might be affected by the transfer.
Common Mistakes & How to Avoid Them
- Inaccurate Property Description: Double-check the legal description of the property in the deed to avoid processing delays or legal issues.
- Ignoring LLC Compliance: Ensure that all actions comply with the LLC's operating agreement to avoid disputes among members or legal repercussions.
- Not Recording the Deed: Always record the quitclaim deed at the appropriate local office to ensure the transfer is legally recognized and enforceable.
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FAQ
Step 1: Form an LLC or Corporation. You can't transfer your real estate property, or any other personal property, into your LLC or corporation until you've actually formed a new legal entity. Step 2: Complete a Quitclaim Deed. Step 3: Record Your Quitclaim Deed.
Laws § 27-7-20. Recording All forms must be filed at the County Recorders of Deeds. Signing (A§ 30-5-30) A quit claim deed in South Carolina is required to be authorized by a notary public and two (2) subscribing witnesses.
What Should I Know About Quitclaim Deeds in South Carolina? You are buying the least amount of protection of any deed. A quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only remises, releases and quitclaims his or her interest in the property to the grantee.
A Quitclaim Deed must be notarized by a notary public or attorney in order to be valid.Consideration in a Quitclaim Deed is what the Grantee will pay to the Grantor for the interest in the property.
You can't transfer your real estate property, or any other personal property, into your LLC or corporation until you've actually formed a new legal entity.Typically you'll need to register a business name and file the LLC or corporation paperwork with your secretary of state's office.
The grantor must sign the quitclaim deed in the presence of two credible witnesses. The quitclaim deed must also be subscribed by the two witnesses. The address of the grantee is needed in order to record this type of real estate document.
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.
In South Carolina, the grantor must sign the deed in front of two witnesses and in the presence of an individual authorized by the state to administer an oath. Record the completed deed at the local county Recorder's office, along with an Affidavit of True Consideration (S.C. Code Ann.