We live in Texas. Earlier this year we transferred commercial property out of our (husband and my) names and into a holding company's name.
The existing building (dims or other specifics) were not specifically mentioned on the Quit Claim Deed other than "tenements, hereditaments, and appurtenances thereto belonging, or in anywise appertaining, to said premises"
For tax and liability reasons, we want the building to also be property of the holding company, and not just the land it sits on.
How iron clad is a quitclaim deed (with the above general terms yet no specific description, to prove that neither the land or the building are in our personal names anymore?
Generally, anything that is permanently attached is considered real property and would be included.
So, a building or tree = yes.
A mobile home, vehicle, or piece of furniture = no.
Tenements, hereditaments, and appurtenances is "used to describe all types of "immovable" real estate, including land, buildings, and rights; the complete ownership of the bundle of rights in a property" (http://www.investorwords.com/14439/land_tenements_and_hereditaments.html.
Note - this is not intended to convey legal advice and does not address the adequacy of your quit-claim deed. You should consult an attorney or title agent if you have questions or doubts about the conveyance of your deed.
Hope that helps!
Thank you Jeff - I think I'll start with a title agent. I hadn't thought of going that route.
The building in question is a 2300sqft immobile structure and was there well before the transfer, we are looking to make sure that the building is legally owned by the holding company.
For liability reasons, we want to make sure the building is undeniably property of the holding company.
For tax reasons, we want to make sure the holding company is able to have write offs for improvements etc.
When you purchased the property, was the building on a separate deed from the land?
originally prop was my inlaws and in 02 property was transferred to my husband and me. During that transfer a survey was done. I need to go back and see if the building was on that survey. The building was built (out in country so we built slowly using personal finances) over time and for sure this year when we did quit claim, the building existed during time of transfer from personal to holdings.
I don't quite remember if the building was there in 02 or not
There is no separate deed for buildings. Jeff is correct and your mission to convey as you intended is accomplished so long as the Quit Claim Deed is valid, which I'm sure it would be if your title company did it for you. :)
Thank you Bill - I very much appreciate your reply
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