This form is a Special Warranty Deed where the Grantor is an individual and the Grantee is a limited liability company. Grantor conveys and specially warrants the described property to the Grantee. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
A Special Warranty Deed is a legal document used in real estate transactions to transfer ownership rights from an individual to a Limited Liability Company (LLC) in Syracuse, New York. This type of deed provides limited assurances to the buyer regarding the title, mainly concerning any defects or claims that may have arisen during the time the granter owned the property. It is important to understand the intricacies of a Syracuse New York Special Warranty Deed from an Individual to an LLC to ensure a smooth and legally sound transfer. There are various types of Special Warranty Deeds that may be applicable in Syracuse, New York: 1. Individual to Single-Member LLC: This is a common type of Special Warranty Deed used for individuals who wish to transfer a property to their own LLC. It involves a single owner of both the individual and the LLC, providing simplicity and flexibility in managing the property. 2. Individual to Multi-Member LLC: In this type of Special Warranty Deed, an individual transfers property ownership to an LLC with multiple members or owners. The deed outlines the responsibilities and rights of each member and ensures legal protection for the owners. 3. Individual to Holding Company LLC: Sometimes individuals use an LLC as a holding company for their real estate investments. This type of Special Warranty Deed allows the transfer of property from an individual to an LLC specifically organized for holding and managing real estate assets. 4. Individual to Development LLC: When an individual intends to develop or transform a property in Syracuse, New York, they may use a Special Warranty Deed to transfer ownership to a Development LLC. This deed ensures that the LLC takes ownership and becomes responsible for financing, construction, and development activities. The Syracuse New York Special Warranty Deed from an Individual to a Limited Liability Company includes specific information such as: 1. Granter and Grantee: The deed identifies the individual transferring the property (granter) and the LLC receiving it (grantee). Names, addresses, and contact information for both parties must be included. 2. Property Description: A detailed description of the property being transferred, including the legal description, address, and any relevant identifying details, must be mentioned accurately. 3. Consideration: The deed outlines the price or consideration agreed upon for the transfer of the property from the individual to the LLC. It may also mention any exchange or compensation involved. 4. Special Warranty Provision: This provision explicitly states the limited warranties given by the granter. It assures the LLC that the granter has not caused or allowed any defects or claims that arose during their ownership, except those disclosed or mentioned in the deed. 5. Signatures and Notarization: The Special Warranty Deed must be signed by the granter and notarized. The LLC representative, typically a manager or authorized member, also signs to acknowledge the transfer. A Syracuse New York Special Warranty Deed from an Individual to a Limited Liability Company is an essential legal document providing proof of property ownership transfer. It protects both parties involved in the transaction and ensures a smooth transition of ownership rights. It is advisable to seek legal advice and consult with a qualified real estate attorney when preparing or reviewing such a deed to guarantee compliance with New York state laws and regulations.
