Tennessee Quitclaim Deed from Individual to LLC
What is this form?
The Quitclaim Deed from Individual to LLC is a legal document through which an individual, known as the grantor, transfers their interest in a property to a limited liability company (LLC), referred to as the grantee. This type of deed is primarily used when the grantor wishes to relinquish any claim to the property without making warranties about the title. It differs from a warranty deed by not guaranteeing that the grantor holds clear title to the property, thus providing a faster, simpler option for property transfer.
Key components of this form
- Description of the property being transferred.
- Identification of the grantor (individual) and the grantee (LLC).
- Reservation of oil, gas, and mineral rights by the grantor.
- Source of title, including prior deed information.
- Signatures of the grantor and a notary public.
- Affidavit of consideration regarding the value of the property.
Common use cases
This form is appropriate for situations where an individual needs to transfer ownership of property to their LLC, often for purposes such as business asset management, estate planning, or liability protection. It is typically used in real estate transactions where the grantor wishes to simplify the transfer process without needing to ensure marketable title.
Who needs this form
- Individuals who own property and want to transfer it to their own LLC.
- Business owners seeking to organize and protect their investments through an LLC.
- Individuals involved in estate planning or property management.
Steps to complete this form
- Identify the parties involved: enter the names of the grantor and grantee.
- Specify the property: provide a detailed description of the property being transferred.
- Declare any reservations: note any oil, gas, or mineral rights reserved by the grantor.
- Include the source of title information: list details from the prior deed.
- Have the grantor sign the form in the presence of a notary public.
- Complete the affidavit of consideration, indicating the property value.
Is notarization required?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to properly describe the property being transferred.
- Not reserving rights for oil, gas, and minerals if applicable.
- Omitting the required signatures, particularly from a notary.
- Not entering the source of title information accurately.
- Underestimating the need for local legal compliance in property transfers.
Why complete this form online
- Convenient download options allow for immediate access and use.
- Editability allows users to customize the document easily to suit their needs.
- Reliable templates drafted by licensed attorneys enhance legal validity.
- Clear instructions reduce the likelihood of errors during completion.
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FAQ
A Tennessee Quit Claim Deed may be filled out and filed with the Tennessee Register of Deeds of the same County the Property being transferred is in. Laws § 66-5-103(2) Recording (A§ 66-5-106) Submit the quit claim along with the filing fee to the Register's Office in your County.
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.
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.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
However, there are substantial downsides associated with transferring your primary home into an LLC.If you are using your personal residence for estate planning purposes, a qualified personal residence trust (QPRT) may be more effective than transferring your property to a limited liability company.
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.