Transfer tax on quit claim deed from individual owner to LLC

Most Popular Reply

Jordan RayBusiness Member
Real Estate Agent · Memphis, TN · Member since 2023 · 642 posts · 337 votes
1y
Quote from @Pradeep R.:

Hello,

Will there be transfer tax in memphis if there is a quit claim deed done on a property owned by an individual to an LLC managed by the individual?


No sir. Just a filing fee (That's if your title company charges it) I have a realtionship with my title company and they don't charge me for it.

[email protected]662-642-1458
Jordan Ray - eXp Realty5112 Reviews
WebsiteView Page
2Reply
See this reply in the discussion

8 Replies

Jump to latestLatest
  • Jordan RayBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2023 · 642 posts · 337 votes
    1y
    Quote from @Pradeep R.:

    Hello,

    Will there be transfer tax in memphis if there is a quit claim deed done on a property owned by an individual to an LLC managed by the individual?


    No sir. Just a filing fee (That's if your title company charges it) I have a realtionship with my title company and they don't charge me for it.

    [email protected]662-642-1458
    Jordan Ray - eXp Realty5112 Reviews
    WebsiteView Page
    2Reply
  • Ryan BartlettPro Member
    Investor · Denver, CO · Member since 2016 · 4 posts · 15 votes
    1y

    @Pradeep R. did you file the paperwork yourself or hire someone to do it? i need to do the same thing for a few of my properties in memphis. thanks! 

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    1y

    @Ryan Bartlett, I've done a number of quit claim transfers over the years in Memphis.  I typically use a local real estate attorney to prepare and file the QC deeds.  It's a negligible cost to make sure everything goes perfect.

    Investor's Guide to Memphis Real Estate
    View Page
    1Reply
  • Ryan BartlettPro Member
    Investor · Denver, CO · Member since 2016 · 4 posts · 15 votes
    1y

    @Douglas Skipworth thanks so much! anyone you would recommend? 

    1Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    1y

    I've used Will Griffin, Jr. of Griffin Clift Everton & Maschmeyer the last few times I've done quit claims.  I highly recommend him (but I'm a bit biased since he sponsors CrestCore's Memphis podcast with @Dean Harris and me).

    Investor's Guide to Memphis Real Estate
    View Page
    0Reply
    • Ryan BartlettPro Member
      Investor · Denver, CO · Member since 2016 · 4 posts · 15 votes
      1y
      Quote from @Douglas Skipworth:

      I've used Will Griffin, Jr. of Griffin Clift Everton & Maschmeyer the last few times I've done quit claims.  I highly recommend him (but I'm a bit biased since he sponsors CrestCore's Memphis podcast with @Dean Harris and me).


       Thanks! And appreciate your transparency!

      1Reply
  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 914 votes
    1y

    No. This is a filing fee if anything. However, one thing to be concerned about is making sure that your lender is okay with this because they can technically call your loan due if you don’t. But in most instances, they won’t—as long as proper communication and understanding is established, and payments for your mortgage continue to remain on time. Thank you.

    Malabute & Company CPAs527 Reviews
    WebsiteView Page
    0Reply
  • Eli Jump
    Member since 2025 · 4 posts · 1 vote
    1y

    I would just be aware that TN does have a transfer tax on realty which is based on consideration given. 

    However, the tax would be based on the FMV of the property when the language in a quitclaim deed document shows intent to convey the property itself, or gives warranty, rather than a mere chance of title - language such as "to have and to hold" or "in fee simple".

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free