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Filling Out A Quitclaim DeedAsk the Real Estate Lawyer: Real Estate Law Q&A REM # LAW 749 By Ilyce R. Glink and Samuel J. Tamkin Summary: A ThinkGlink reader is transferring a property to a newly formed LLC. Ilyce and Sam explain how to use the quitclaim deed. They also encourage this reader to transfer the title insurance to the "new" owner. Q: My brother and I own some rental property in Florida and have set up a limited
liability company (LLC). We need to do a quitclaim deed transferring our personal
interest into the LLC. I have a blank quitclaim deed form but have no idea how to fill it out properly so that it's legal and I haven't found an attorney in Florida who will do it for us. Is there someplace I can go to see an example of a properly written quitclaim deed? A: It’s surprising that you can’t find an attorney to help you out. But you’re right: While the form itself isn’t that difficult, you want to make sure you get it right. If you had an attorney help you set up the LLC, you can ask her for some advice. If you did it yourself and still can’t find an attorney to help you, you should call a local title company and see if a title officer can offer a referral to a local real estate attorney. Another question you might want to ask the title company is about your title insurance. Be aware that transferring title to the LLC, you may lose any coverage you had on the title insurance policy you received when you purchased the property. Your conveyance of title using a quitclaim deed may eliminate any coverage under the title insurance policy. The new LLC will be considered a new buyer not covered under your existing policy. So you might want to consider transferring title to the new LLC and have the
title company issue a new policy to cover the LLC as the owner of the property.
Along the way, the title company may also offer to help out in finding somebody
to complete the documentation for you. Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com |
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