Posted on: 30th Aug, 2007 01:30 pm
WE HAVE A DEED VESTED IN THE NAME OF THE LLC. ONE OF THE MEMBERS OF THE LLC IS DOING A CASH OUT REFI ON THE PROPERTY. WHAT IS THE BEST WAY AND LEAST EXPENSIVE WAY TO CONVEY THE PROPERTY OUT OF THE LLC TO THE INDIVIDUAL. ALSO, DEED STAMPS MUST BE PAID, IF WARRANTY DEED AND THERE IS AN OUTSTANDING MORTGAGE.
If there is a mortgage then it would be more appropriate to discuss this issue with the lender before the property transfer is done from the LLC to individual.
Hi Marymac,
A warranty deed cannot be used to transfer the property from LLC to the other individual because of the outstanding loan on it. This type of deed is used to transfer only a lien free property. In that case, the loan should be repaid first before transferring the property.
For the property transfer, you can use a quitclaim deed. This type of deed will help to convey the property from LLC to the other individual even with the lien on it. In the deed, the LLC will be named as the grantor and the other person will be the grantee. After signing the deed, get it notarized and recorded at the office of the county recorder.
But for the property transfer, a document stamp will have to be paid as applicable in Florida. For per $100.00 of the transferred property, you will have to pay $.70.
A warranty deed cannot be used to transfer the property from LLC to the other individual because of the outstanding loan on it. This type of deed is used to transfer only a lien free property. In that case, the loan should be repaid first before transferring the property.
For the property transfer, you can use a quitclaim deed. This type of deed will help to convey the property from LLC to the other individual even with the lien on it. In the deed, the LLC will be named as the grantor and the other person will be the grantee. After signing the deed, get it notarized and recorded at the office of the county recorder.
But for the property transfer, a document stamp will have to be paid as applicable in Florida. For per $100.00 of the transferred property, you will have to pay $.70.
But I knew one has to pay doc stamp worth $0.7 per $100 of the monetary consideration required for the property transfer.
Yes Jameshogg,
The doc stamp fee is paid on monetary consideration and not the transferred property. The consideration can be of following types:
1) The amount of money paid or to be paid.
2) Mortgage or any other lien restraining a property.
3) Dismissal of an obligation.
4) Exchange of property.
5) Any other monetary consideration.
The doc stamp fee is paid on monetary consideration and not the transferred property. The consideration can be of following types:
1) The amount of money paid or to be paid.
2) Mortgage or any other lien restraining a property.
3) Dismissal of an obligation.
4) Exchange of property.
5) Any other monetary consideration.