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Updated almost 15 years ago on . Most recent reply

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51
Posts
12
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Eric D.
  • Investor
  • Milton Florida
12
Votes |
51
Posts

Quit Claim or Warranty Deed?

Eric D.
  • Investor
  • Milton Florida
Posted

I did a search, but didn't see anything that answered my situation..

I own 2 properties free and clear, no loans on them. I created an LLC and I want to move them from my name to my LLC.

In Florida, should I be using a Quit Claim Deed? or a Warranty Deed.

I found both documents online, and I got my property parcel info off the county appraisers website.

It seems the warranty deed is a more complete/clean way to transfer them but I read somewhere it can depend on your state or county.

I called the clerk of courts and they suggested I hire a lawyer, which I don't want to pay for since it looks fairly simple.

Thanks in advance.

Most Popular Reply

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17,995
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J Scott
  • Investor
  • Sarasota, FL
17,205
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17,995
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J Scott
  • Investor
  • Sarasota, FL
ModeratorReplied

I'm not an attorney and certainly am not familiar with any state specific nuances. But I can give some very general info that might add some clarification for you...

A quit claim deed just transfers any interest/ownership you have in a property from one party to another. That's it.

I could legally give you a quit claim deed for my piece of ownership of the Empire State Building. Since I don't actually have any ownership, it would be worthless, but it's perfectly legal nonetheless.

So, when transferring ownership through a quit claim deed, there is sometimes a risk. But, if you're transferring ownership from yourself to your corporation, the risk goes away as you know if you own the property or not.

A warranty deed, on the other hand, conveys some warranties about ownership from one part to another. If I gave you a warranty deed for my ownership of the Empire State Building, I'd be opening myself up to legal issues as I'd be falsely warranting some aspects of my ownership.

Different types of warranty deeds convey different types of warranties. Since you are transferring from yourself to yourself essentially, there isn't much need for any warranty, I would guess.

So, again, there may be some legal stuff that makes filing a warranty deed a better option, but in general, a quit claim deed would probably serve your purposeband be much easier.

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