This form is a General Warranty Deed where the grantor is general partnership and the grantee is a limited liability company. Grantor conveys and generally warrants the described property to the grantee. This deed complies with all state statutory laws.
Austin Texas General Warranty Deed from General Partnership to Limited Liability Company
Category:
State:
Texas
City:
Austin
Control #:
TX-090-78
Format:
Word;
Rich Text
Instant download
Description
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FAQ
A special warranty deed is more limited than a general warranty deed, and it only warrants that title is free and clear from other claims during the time period of the grantor's ownership. It does not offer any protection for claims arising prior to the grantor's ownership.
A Limited Liability Company, also known as an LLC, is a common type of entity which may be used to own real estate. A Texas LLC for real estate offers a number of benefits for property owners. One such benefit is that an LLC may help protect you from claims that may be asserted against the property.
Avoiding Personal Liability This is the major advantage of an LLC. You want the best option for limiting your personal liability should an unforeseen circumstance arise relating to your property. LLCs provide that protection.
It is not just a case of forming a limited company and transferring your property by signing it over. You must sell your property to your new company at the market value, and this will attract some costs, for example: Capital Gains Tax. Stamp Duty Land Tax.
In the state of Texas, landlords and investors who own multiple properties should definitely consider forming an LLC. In most cases, it offers a cost-effective way to protect your personal assets and simplify ownership.
General Warranty Deed prepared for $195 Do you have questions about a General Warranty Deed?
Steps to Create a Texas Rental Property LLC Choose LLC Name. Select Registered Agent. File Certificate of Organization. Create an Operating Agreement. Apply for Employment Identification Number (EIN)
Transferring assets to an LLC is a fairly simple process. Because LLCs (limited liability companies) are viewed as entities that can own property just like individuals, transferring assets to an LLC is much like transferring ownership to another person.
The most common type of deed used in Texas is a general warranty deed. This type of deed guarantees the title comes without any liens, easements, or other title problems. A general warranty deed also assures the buyer that there will be no issues with the title.
Here are eight steps on how to transfer property title to an LLC: Contact Your Lender.Form an LLC.Obtain a Tax ID Number and Open an LLC Bank Account.Obtain a Form for a Deed.Fill out the Warranty or Quitclaim Deed Form.Sign the Deed to Transfer Property to the LLC.Record the Deed.Change Your Lease.