Bellevue, WA · Member since 2015 · 59 posts · 13 votes
I have many investment properties with separate partners, Now I`m planning to quit claim them to LLC. now here is hard part,
I`m not sure if I can quit my share to my LLC and they can quit claim their share to their own LLC. or there needs to be one LLCs and all parties has to quit claim to this single LLC ?
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
9y
Short answer is yes you can.
Also using a Quit Claim from you to LLC you own will not interupt a warrantable chain of title. I create and use QC deeds that I create for myself all the time. I only do this for myself to prevent being seen as practicing law. If your not familiar with the process have an attorney do this for you.
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
9y
that is the nature of a quit claim you can quit claim any interest you have in a property to another entity .The proper way to do it is to use a title company or attorney and great an warrantable chain of title
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
9y
Short answer is yes you can.
Also using a Quit Claim from you to LLC you own will not interupt a warrantable chain of title. I create and use QC deeds that I create for myself all the time. I only do this for myself to prevent being seen as practicing law. If your not familiar with the process have an attorney do this for you.
Lender · Ladera Ranch, CA · Member since 2014 · 1k+ posts · 1k+ votes
9y
@Pradeep Tiwari I did this last year to dissolve a partnership for two condos. My partner, as an individual, and I, as my LLC, were on title, 50/50. I quitclaimed my 50% on one property to him and he quitclaimed his 50% to my LLC on the other. We did it through a title company at the same time we sold one of the properties. My partner held on to the other property as 100% owner and I got cashed out when the first property sold. We made a side agreement (cash exchange) to make everything equitable. Worked out great.