This Warranty Deed from two Individuals to LLC form is a Warranty Deed where the Grantors are two individuals and the Grantee is a limited liability company. Grantors convey and warrant the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantors, if any, which are reserved by Grantors.
A Frisco Texas Warranty Deed from two Individuals to LLC is a legal document that facilitates the transfer of property ownership from two individuals to a limited liability company (LLC) in the city of Frisco, Texas. This specific type of deed provides a guarantee that the property being conveyed is free of any undisclosed liens or encumbrances and that the sellers will defend the title against any claims. This article will delve into the details of this type of warranty deed, outlining its purpose, key elements, and potential variations. 1. Purpose of Frisco Texas Warranty Deed from two Individuals to LLC: The main purpose of this warranty deed is to establish a legally binding transfer of property ownership rights between two individuals and an LLC. By executing this deed, the individuals convey their interest in the property to the LLC, providing the new entity with full ownership and control over the asset. This type of transfer is often employed for various commercial or investment purposes, such as pooling resources or protecting personal assets. 2. Key Components of Frisco Texas Warranty Deed from two Individuals to LLC: a. Granter: The two individuals transferring ownership rights (referred to as "granters") are identified in the warranty deed. Their full legal names and addresses are clearly stated, establishing their intent to convey the property. b. Grantee: The LLC that will be the new owner of the property (referred to as "grantee") is also identified in the deed. The LLC's legal name, registered office address, and details of its organizational structure may be provided. c. Property Description: A thorough description of the property being transferred is outlined, including the legal description (such as lot number, block number, or metes and bounds) and the physical address of the property. d. Consideration: The value or consideration exchanged for the property is specified, usually in monetary terms. This can include the purchase price or any other agreed-upon payment. e. Covenants: The warranty deed typically contains specific covenants, or legal promises, made by the granters to the grantee. The most common covenants include the covenant of basin (guaranteeing that the granters own the property and have the right to transfer it) and the covenant against encumbrances (promising that the property is free of any claims, liens, or encumbrances unless expressly disclosed). f. Signatures and Witnesses: The granters must sign the warranty deed in the presence of at least two witnesses, who also sign the document. Their signatures certify the authenticity and validity of the transfer. 3. Variations of Frisco Texas Warranty Deed from two Individuals to LLC: a. General Warranty Deed: This is the most commonly used warranty deed, providing the broadest protection to the grantee. It contains the comprehensive covenants of seizing, against encumbrances, quiet enjoyment, warranty forever, and further assurances. b. Special Warranty Deed: This type of warranty deed only guarantees that the granters have not encumbered the property during their ownership. It does not protect the grantee against any undisclosed claims or encumbrances that existed before the granters acquired the property. c. Quitclaim Deed: Unlike warranty deeds, quitclaim deeds do not provide any guarantees or covenants. They simply convey whatever interest the granters have in the property, if any. Such deeds are commonly used for transfers between family members or in situations where the granters are unsure about the title's status. In conclusion, a Frisco Texas Warranty Deed from two Individuals to LLC is a legally binding document used to transfer property ownership rights from two individuals to an LLC in Frisco, Texas. It guarantees that the property is free from undisclosed claims or liens and ensures that the granters will defend the title. Understanding the purpose, key elements, and variations of this type of warranty deed is essential when engaging in real estate transactions.A Frisco Texas Warranty Deed from two Individuals to LLC is a legal document that facilitates the transfer of property ownership from two individuals to a limited liability company (LLC) in the city of Frisco, Texas. This specific type of deed provides a guarantee that the property being conveyed is free of any undisclosed liens or encumbrances and that the sellers will defend the title against any claims. This article will delve into the details of this type of warranty deed, outlining its purpose, key elements, and potential variations. 1. Purpose of Frisco Texas Warranty Deed from two Individuals to LLC: The main purpose of this warranty deed is to establish a legally binding transfer of property ownership rights between two individuals and an LLC. By executing this deed, the individuals convey their interest in the property to the LLC, providing the new entity with full ownership and control over the asset. This type of transfer is often employed for various commercial or investment purposes, such as pooling resources or protecting personal assets. 2. Key Components of Frisco Texas Warranty Deed from two Individuals to LLC: a. Granter: The two individuals transferring ownership rights (referred to as "granters") are identified in the warranty deed. Their full legal names and addresses are clearly stated, establishing their intent to convey the property. b. Grantee: The LLC that will be the new owner of the property (referred to as "grantee") is also identified in the deed. The LLC's legal name, registered office address, and details of its organizational structure may be provided. c. Property Description: A thorough description of the property being transferred is outlined, including the legal description (such as lot number, block number, or metes and bounds) and the physical address of the property. d. Consideration: The value or consideration exchanged for the property is specified, usually in monetary terms. This can include the purchase price or any other agreed-upon payment. e. Covenants: The warranty deed typically contains specific covenants, or legal promises, made by the granters to the grantee. The most common covenants include the covenant of basin (guaranteeing that the granters own the property and have the right to transfer it) and the covenant against encumbrances (promising that the property is free of any claims, liens, or encumbrances unless expressly disclosed). f. Signatures and Witnesses: The granters must sign the warranty deed in the presence of at least two witnesses, who also sign the document. Their signatures certify the authenticity and validity of the transfer. 3. Variations of Frisco Texas Warranty Deed from two Individuals to LLC: a. General Warranty Deed: This is the most commonly used warranty deed, providing the broadest protection to the grantee. It contains the comprehensive covenants of seizing, against encumbrances, quiet enjoyment, warranty forever, and further assurances. b. Special Warranty Deed: This type of warranty deed only guarantees that the granters have not encumbered the property during their ownership. It does not protect the grantee against any undisclosed claims or encumbrances that existed before the granters acquired the property. c. Quitclaim Deed: Unlike warranty deeds, quitclaim deeds do not provide any guarantees or covenants. They simply convey whatever interest the granters have in the property, if any. Such deeds are commonly used for transfers between family members or in situations where the granters are unsure about the title's status. In conclusion, a Frisco Texas Warranty Deed from two Individuals to LLC is a legally binding document used to transfer property ownership rights from two individuals to an LLC in Frisco, Texas. It guarantees that the property is free from undisclosed claims or liens and ensures that the granters will defend the title. Understanding the purpose, key elements, and variations of this type of warranty deed is essential when engaging in real estate transactions.
