Pennsylvania Warranty Deed from two Individuals to Corporation
What is this form?
The Warranty Deed from two Individuals to Corporation is a legal document that allows two individuals (the Grantors) to transfer property ownership to a corporation (the Grantee). This type of warranty deed ensures the Grantee receives full title to the property, free of encumbrances, while reserving specific rights to any oil, gas, and minerals beneath the land. This form is essential for formalizing property transfers between individuals and corporate entities, differing from other deeds by its focus on corporate ownership and specific property rights reservations.
Key components of this form
- Grantor and Grantee identification: Names and legal statuses of the individuals and corporation involved.
- Property description: Clear legal description of the property being transferred.
- Exclusions clause: Specification of reserved rights to oil, gas, and minerals on the property.
- Covenant of title: Assurance that the Grantors hold clear title and warrant against claims.
- Signatures: Signature lines for both Grantors and acknowledgment of the transaction's date.
Common use cases
This warranty deed should be used when two individuals wish to transfer ownership of real property to a corporation. Scenarios may include business partnerships where property is being shifted into a corporate structure, or personal assets being converted into corporate assets for liability protection or tax purposes.
Intended users of this form
- Individuals who own property and want to transfer it to a corporation.
- Corporations acquiring property from individual owners.
- Real estate professionals assisting clients with property transfers to corporations.
How to complete this form
- Identify the parties: Enter the names of the two individuals as Grantors and the corporation as Grantee.
- Specify the property: Include the complete legal description of the property being conveyed.
- Detail any exclusions: Note any reserved rights regarding oil, gas, and minerals clearly in the designated sections.
- Sign and date: Both Grantors must sign and date the document to finalize the transaction.
Does this form need to be notarized?
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.
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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
- Not including a clear legal description of the property.
- Failing to reserve rights for minerals or resources as intended.
- Omitting signatures or dates needed to validate the deed.
Benefits of using this form online
- Convenience of completing the form from anywhere at any time.
- Editability allows users to easily fill out specific details before printing.
- Access to forms drafted by licensed attorneys ensures legal compliance.
Main things to remember
- The Warranty Deed from two Individuals to Corporation transfers property rights securely.
- It is crucial for property owners transitioning assets into a corporate structure.
- Ensure all components, such as legal descriptions and signatures, are correctly filled out.
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FAQ
A: A "special warranty" deed is the type of deed used most frequently in Pennsylvania real estate sales. It essentially represents that the seller did nothing to weaken the status of title from the time that he/she received it.A "quit-claim" deed is a deed that contains no warranties at all.
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.
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.
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.
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.
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.
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.
Corporate warranty deeds offer the seller's guarantee to the buyer in regards to the validity of the chain of title. Generally, special warranty deeds only protect against problems occurring since the seller purchased the property.
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.
