Quitclaim question

[Carlos S.]

Property was quick claimed a few years ago to a corporation "ABC company" ,"John" and "Jimmy" owns the corporation 50/50 ...Now property will be Quick claimed to "Mike".....In the Quick claim who is the Grantor?

1- ABC company
2- john and Jimmy
3- Just John
4- ABC Company + John + Jimmy

and should John and Jimmy both sign the deed or just one signature will be enough.?

[Account Closed]

There will be tax consequences here. The property is titled in the corporate name, so ABC company would have to grant this distribution. It is only necessary for an authorized representative of ABC company to sign the quit claim. You will also want to verify that this is allowed in the articles of incorporation.

Mike will be getting a property distribution not unlike a dividend. Part of it would be considered a return of capital and part of it may be considered income.

I would talk to a local RE attorney before proceeding.