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Warranty Deed from two Individuals to LLC - Rhode Island

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This document is a Warranty Deed transferring property from two individuals (Grantors) to a Limited Liability Company (Grantee) in Rhode Island. It outlines the terms of the transfer, including the acknowledgment of consideration, description of the property, and covenants regarding the title. The Grantors affirm compliance with local laws and provide necessary certifications, while also reserving certain rights related to minerals beneath the property.

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What is the main purpose of a warranty deed?

Limitations of Warranty Deeds While warranty deeds offer some key benefits, there are also some limitations, such as: A special warranty deed only guarantees that the title is clear of any claims or encumbrances during the time that the grantor owned the property.

What are the disadvantages of a warranty deed?

You can sell as a warranty deed but this means you are warranting clean title and the buyer can come back to you, you should only provide a warranty deed if theres a title company/title insurance being purchased.

Can you sell a house with a limited warranty deed?

No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.

Who can fill out a warranty deed?

You can obtain a warranty deed through your real estate agents office or download an online template. All warranty deeds must include the date of the transaction, the name of the parties involved, a legal description of the property being transferred, a list of title defects and the signatures of the buyers.

How do I change my house deed to an LLC?

Follow these steps to transfer property to LLC business structures. Make sure your LLC is registered. Review the property title and LLC operating agreement. Draft a deed of transfer. Notarize and file the deed. Notify your mortgage company. Update tax records. Transfer utilities and insurance. Plan for tax complications.

How do I transfer a warranty deed?

Both the grantor and the grantee must sign it, usually in the presence of a notary. Then the deed must be filed in the county registrars office to be legally enforceable. Once filed, the legal transfer of the property is complete.

What is a LLC warranty deed?

Warranty Deeds transfer the property with a guarantee from the Grantor regarding the status of title and guarantees the title against any defects, and as such is the much more preferrable property transfer vehicle.

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