Tennessee Warranty Deed from Corporation to Two Individuals
What this document covers
This Warranty Deed from Corporation to Two Individuals is a legal document used for transferring property ownership from a corporation to two individuals. This form ensures that the grantor (the corporation) conveys and warrants the property while reserving certain rights, such as oil, gas, and mineral rights. It is distinct from other deeds primarily because it involves a corporation as the seller, which adds complexity regarding the necessary approvals and signatures required for execution.
What’s included in this form
- Description of the property being transferred
- Identification of the grantor (corporation) and grantees (individuals)
- Reservation of rights to oil, gas, and minerals
- Covenants regarding the grantor's title and assurances
- Notary acknowledgment section
- Signature lines for the corporation's authorized officer
When to use this form
This Warranty Deed is needed when a corporation sells or transfers property to two individuals. Situations may include a corporation divesting its real estate holdings or making a gift of property to individuals as part of a succession plan. It is crucial to utilize this form when a clear title transfer is necessary, especially in family estate planning or corporate restructuring scenarios.
Who this form is for
- Corporations wishing to transfer property to individuals
- Individuals receiving property from a corporate entity
- Real estate attorneys facilitating corporate property transfers
- Estate planners managing property distribution from corporations
How to prepare this document
- Identify the parties involved: include the corporation as the grantor and the two individuals as grantees.
- Describe the property clearly, including any attached descriptions.
- Specify any reservations, such as oil, gas, or mineral rights.
- Fill in the statement of consideration, noting the value of the transaction.
- Have the authorized officer of the corporation sign and date the deed.
- Obtain notarization and ensure that notary details are filled out correctly.
Is notarization required?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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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.
Avoid these common issues
- Failing to properly describe the property being transferred.
- Not including all required signatures from the corporation.
- Omitting to reserve rights for oil, gas, or minerals if relevant.
- Neglecting to notarize the document, which could lead to legal issues.
Why complete this form online
- Convenience of downloading and filling out the form at any time.
- Editability allows users to personalize the form to their specific transaction.
- Reliability, as the forms are drafted by licensed attorneys to ensure legal compliance.
Legal use & context
- This form is legally binding once completed and notarized, providing clear evidence of property transfer.
- It protects both the Grantor and Grantees by outlining rights and obligations explicitly.
- This deed helps prevent future disputes over property ownership or subsurface rights.
What to keep in mind
- The Warranty Deed from Corporation to Two Individuals is essential for transferring corporate property.
- This form includes crucial components such as property description, rights reservation, and survivorship terms.
- Ensure notarization for the deed to maintain its legal validity.
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FAQ
If you've recently married and already own a home or other real estate, you may want to add your new spouse to the deed for your property so the two of you own it jointly. To add a spouse to a deed, all you have to do is literally fill out, sign and record a new deed in your county recorder's office.
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.
To add a co-owner, the bank would have to create a new home loan agreement, which must be registered after paying the due stamp duty and registration charges. The bank would also insist on making the co-owner a co-borrower in the home loan applicable.
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
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.
Yes you can. This is called a transfer of equity but you will need the permission of your lender. If you are not married or in a civil partnership you may wish to consider creating a deed of trust and a living together agreement which we can explain to you.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
In order to convey any real property or an interest in property in Tennessee, the deed must be in writing, acknowledged by the grantor, and registered in the county where the property is located. The Annotated Code of Tennessee allows for the transfer of real property through the usage of a variety of deeds.
