Putting Rental Property into LLC Grant - Deed wording

Member since 2019 · 21 posts · 1 vote

when transferring rental property into LLC the grant deed should say
"grantor and grantee are the same party" to avoid tax reassessment however
any better choice of wording I can use to be more anonymous ? ?

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Tom GimerBusiness Member

DMV · Member since 2017 · 3k+ posts · 3k+ votes

If the grantor is an individual (or individuals) and the grantee is an entity, they are not the same party.

If the goal is to avoid transfer taxes, research local statutes on exemptions and use the precise language required to fit within the exemption (if one exists).

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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
7y
If the grantor is an individual (or individuals) and the grantee is an entity, they are not the same party.
If the goal is to avoid transfer taxes, research local statutes on exemptions and use the precise language required to fit within the exemption (if one exists).
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Matthew McNeil
Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes
7y
As @Tom Gimer wrote, they are not the same party. A simplified sample;
Joe and Jane Smith, husband and wife, as Grantors, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, do hereby grant, bargain, and convey unto XYZ LLC, a two member (state) limited liability company owned and controlled by Joe and Jane Smith, whose address of record is xxxxx, as Grantee, and to Grantee's successors and assigns forever, any and all property interests owned or possessed in that certain property located at xxxxx which is more particularly described as follows:
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Brent Crude
OP
Member since 2019 · 21 posts · 1 vote
7y
sounds like good advice, but 2 title companies have said differently,
Im trying to grant to my LLC but not reveal that I personally own it !
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Brent Crude
OP
Member since 2019 · 21 posts · 1 vote
7y
maybe thats where a Land Trust comes in ?
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Ryan Seib
Attorney and Real Estate Broker · Madison, WI · Member since 2016 · 265 posts · 100 votes
7y
At the end of the day who do you want on title? That person/persons/entity/entities is the grantee. The grantor is whomever is currently on title as owner. At no point do you need to reveal on the deed itself who owns what portion of the entity you are transferring property to.
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