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Commonly Asked Questions about Quitclaim Deed from Spouse to LLC

Quitclaim deeds lack certain protections and promises found in other types of deed to real property. Because of this, they should only be used under certain circumstances. These include transferring real estate between close family membersfor instance, from a parent to a child.
It can be used to release a nominal real estate interest as it can effectively transfer whatever interest the grantor has, regardless of its value. However, a quitclaim deed cannot be used to warrant that a title is valid since it does not guarantee the grantors ownership interest.
A quitclaim bill of sale also presents some downsides. Because the bill of sale makes no guarantees at all, a buyer may find themselves owning property that is tied up with liens, or even property the seller didnt actually own at all.
A quitclaim deed conveys whatever title the grantor holds and gives no warranties or convents, past or future.
In which of the following situations could a quitclaim deed NOT be used? c. The answer is to warrant that a title is valid. The quitclaim deed carries no covenants or warranties.
Quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property. In some instances, however, quitclaim deeds are used when the grantor has a mortgage.
Transferring the Property Meet with Your Mortgage Lender. First, you must notify your mortgage company, if you have one, that you intend to transfer ownership. Decide Which Deed Type to Use. Sign the Property over to the LLC. Update Paperwork and Policies Related to the Property.
If the property has appreciated in value, a capital gains tax might apply. However, if the LLC is a single-member entity classified as a disregarded entity for tax purposes, the transfer generally has no immediate tax consequences.