what form do I need to transfer real property from two individuals into an llc?
We purchased some property as tenents in common and now we would like to transfer them into an LLC. What form do we use? The property is in California and looking on the internet, I found a few forms that seem like they would work. Wouls it be a warranty deed transfer or a quit deed transfer? Any help would be great. Thanks!
Public Comments
- This is not hard at all. To do it correctly all you really need is a quit claim deed, it is cheap and you simple go before a notary sign the deed. After which you would take it to the county in which you reside for recording. The best way to do it, without any future potential problems, you should look in the telephone book, call a local title company tell them what you want to do and allow them to do the recording for you. They have all the necessary legal forms to accomplish what you want to do. It will cost a bit more but it is well worth it in the long run and scheme of things. They will also do the recording for you at the county recording office and the best reason of all is that you will know that it is done correct. I hope this has been of some use to you, good luck. "FIGHT ON"
- In California, you use a quit claim deed. Also, make sure your LLC has provisions for what happends if one of you dies, gets divorced (very important in California),is disabled and no longer isable to contribute to the mortgage or if one of you wants out of the LLC or property (a departure clause). Regards
Powered by Yahoo! Answers