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Warranty Deed from two Individuals to LLC - Massachusetts

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This document is a Warranty Deed transferring property from two individuals (Grantors) to a Limited Liability Company (Grantee) for a nominal consideration of ten dollars. It outlines the legal assurances provided by the Grantors regarding their ownership and the absence of encumbrances on the property, while also noting exceptions for oil, gas, and minerals. The deed includes sections for property description, tax responsibilities, and notarization.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do LLCs pay property taxes?

LLCs must pay property taxes.

What are the advantages of holding property in an LLC?

LLC Advantages in Real Estate Investment Protection of Personal Assets. One of the main reasons to use an LLC for real estate investing is to limit your personal liability for any debts or lawsuits related to your properties. Tax Benefits. Flexibility and Simplicity. Privacy and Anonymity. Unique Financing Options.

Why do people put their house under an LLC?

The main purpose of an LLC is to limit the owners personal liabilities for (and protect personal assets like your home from) the LLCs business, and most real estate investors will hold each property in a separate LLC so that any liability that arises on one property will not affect any other property.

What are the disadvantages of an LLC for a property?

Cost and Complexity Additionally, there may be ongoing costs such as annual report fees and franchise taxes. For example, in states like California, an LLCs minimum annual franchise tax is $800, regardless of the LLCs revenue. Setting up an LLC can also be daunting for new investors.

How do you transfer ownership of a property in Massachusetts?

Title transfer in Massachusetts is the legal process of transferring ownership of real property. This is formalized through a deed, which is signed by the current owner (grantor) and given to the new owner (grantee). The deed must be recorded in the county registry of deeds to ensure legal proof of ownership.

How to transfer personal assets to LLC?

Document the transfer of personal assets to the LLC by preparing a deed or bill of sale for each asset. These documents should specify the asset being transferred, its fair market value, and the consideration (if any) given to the transferor.

How do I transfer a deed from an individual to an LLC?

How to Transfer Your Real Property to an LLC Step 1: Contact Your Lender; Contact Your Title Insurance Company; Contact Your Homeowners Insurance Company. Step 2: Create an LLC and Maintain Corporate Formalities. Step 3: Open a Bank Account in the Name of the LLC. Step 4: Fill Out and Record Deed. Step 5: Change the Lease.

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