This Quitclaim Deed from Corporation to Corporation form is a Quitclaim Deed where the Grantor is a corporation and the Grantee is a corporation. Grantor conveys and quitclaims the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantor, if any, which are reserved by Grantor. This deed complies with all state statutory laws.
Missouri Quitclaim Deed from Corporation to Corporation
Category:
State:
Missouri
Control #:
MO-013-77
Format:
Word;
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Description
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Key Concepts & Definitions
Quitclaim Deed: A legal instrument used to transfer interest in real property. The grantor (transferor) terminates any right and claim to the property, allowing the right or claim to transfer to the grantee (receiver) without any warranty of title. Corporation: A legal entity that is separate and distinct from its owners. Corporations possess many of the same legal rights and responsibilities as individuals.
Step-by-Step Guide
- Identify the Corporations: Confirm the legal names and details of the corporations involved in the transfer.
- Prepare the Quitclaim Deed: Draft the deed, specifying the details of the property and the names of the corporations involved. Include a legal description of the property.
- Signatories: Determine who will sign on behalf of each corporation, typically this is a corporate officer or authorized agent.
- Notarization: Have the deed signed and notarized to validate the signatures.
- Record the Deed: File the deed with the appropriate county recorder's office to make the transfer public record.
Risk Analysis
Transferring property via a quitclaim deed from corporation to corporation carries certain risks:
- Lack of Warranty: Quitclaim deeds do not guarantee a clear title, potentially leading to legal disputes if title issues arise.
- Corporate Authority: Errors in the authority of the individuals signing the deed can lead to invalid transfers.
- Record Keeping: Inaccurate or incomplete recording of the deed can affect property rights and cause administrative complications.
Key Takeaways
Quitclaim deeds are a fast way for corporations to transfer property rights with no warranties on the title. Proper due diligence and verification of corporate authority are essential steps in this process.
Common Mistakes & How to Avoid Them
- Not Verifying Authority: Ensure that the individuals signing the quitclaim deed have the proper authority under corporate bylaws.
- Ignoring Due Diligence: Conduct a title search and review potential encumbrances before transferring property.
- Poor Record Keeping: Maintain accurate and thorough records of all documents related to the deed transfer.
FAQ
- What is the primary benefit of using a quitclaim deed for corporation to corporation property transfer? The primary benefit is the expedience and simplicity of the transfer process.
- Are there any guarantees with a quitclaim deed? No, quitclaim deeds transfer property without any warranties regarding the quality of the property's title.
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FAQ
Once a quitclaim is signed and recorded, can the deed be challenged in court? Yes, it can. Recording your deed only provides notice of your ownership claim to the public. It does not guarantee ownership.
How to Quitclaim Deed to LLC. A quitclaim deed to LLC is actually a very simple process. You will need a deed form and a copy of the existing deed to make sure you identify titles properly and get the legal description of the property.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
Step 1: Obtain a standard quitclaim form from your county office or use an online form to start drafting your quitclaim deed. Step 2: Include the following on each quitclaim document. Step 3: Create a cover page, if desired.
A Quitclaim Deed must be notarized by a notary public or attorney in order to be valid.Consideration in a Quitclaim Deed is what the Grantee will pay to the Grantor for the interest in the property.
A quitclaim deed is a legal instrument that is used to transfer interest in real property.The owner/grantor terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Recording fees for quitclaim deeds vary among counties. In Clay County and Platte County, the fee is $24 for the first page and $3 for each additional page.