Title transfer

Hi tigerfamous,

A quit claim deed can be used to transfer the property title to the LLC. You can also use a warranty deed to transfer the title. I think a warranty deed would be a better option as it guarantees a free and clear transfer of the title.

is property is free from mortgage & tax linen? you can use warranty deed option only if title is clear.

there wouldn't be much sense in using a warranty deed - it's not like you are transferring title from yourself to a different person. it's really a transfer from you to you.

George,

As you said it would not be much sense in using a warranty deed to transfer title, do all 50 states use a warranty deed? Would it be possible for some states to prefer warranty deed to quit claim deed or the other way around?

Thanks.

Hi Robert,

The property is free and clear, no mortgage at all. So I can use a warranty deed to transfer title.

As you said, it seems like that there are more restrictions in using a warranty deed than quit claim deed. Can you please tell me in what situation a quit claim deed should be used? in what situation should a warranty deed be used?

Thanks.

Hi jenkin7,

Thank you for the information. It seems that one is preferred over the other in some situation. Am I right?

Thanks.

that there is no mortgage at this time would have no bearing on which deed is used - warranty or quit claim. a warranty deed warrants that the title is clear. a quit claim deed makes no such warrant. that's the nub of it.

George,

Does what you said mean the quit claim deed would be a better choice if there is mortgage on the property? Am I correct?

Thanks.

no...i said having no mortgage has no effect. i didn't address anything concerning a mortgage. any deed used in transfer would have to be filed in tandem with whatever liens may exist. but clearly, one cannot transfer title to another without resolution of a mortgage on the property. this topic concerns one person transferring title from himself to an llc, which would clearly also be that same person. all that's taking place is changing ownership from individual to limited liability corporation - there's no real exchange taking place, as in an owner to a buyer.

My father is ill the house is free and clear except for a small signiture loan how can we transfer the title of my Dads home into my name?

belinda - this "small signature loan" isn't a lien on the property, right? i ask because "free and clear except for..." isn't free and clear after all.

a simple quit claim deed ought to do the trick to make the changeover you desire. if that loan truly is a signature loan, then the only collateral is his promise to pay, and that wouldn't affect the real estate.