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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45676
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I own about 30 rental properties outright, and they are currently

Customer Question

I own about 30 rental properties outright, and they are currently in my name. I recently met with my insurance agent to renew my personal umbrella, and she informed me that she's having difficulty finding an underwriter for my personal umbrella because I have so many rentals in my personal name. She recommended I quit-claim the properties without liens over to my LLC.
To do this, I would just need to complete a quit-claim deed for each of the properties, correct? If I recall, I did this one time before and just bought a quit-claim template at an office supply store and did the work myself, versus paying my attorney to draft 30 quit-claims. Is this feasible and/or advisable? Thank you.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Yes, a quit claim deed can be easily completed without the need for an attorney. You simply complete each deed with you as the grantor and the LLC as the grantee, sign it, have it witnessed and notarized, and then record it in the real property records of the city/county in which the property is located. I can provide you a template for the quit claim deed if you like. One other suggest I would make is to have multiple LLC's...one for each property so that a problem with one property does not contaminate the others.


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Customer: replied 1 year ago.

Thank you! Yes, please provide a template if you can.


 


I've considered separate LLCs, and will probably get there at some point, but due to the complexity and my current schedule, I'm not able to properly manage that at this time. Instead, I've insured each property with a $1MM liability policy. Hopefully that will be okay for the time being?

Expert:  Richard replied 1 year ago.
I have provided the template below. I understand..the umbrella policy will be fine in all likelihood! :)



STATE OF _______________ )
) QUIT-CLAIM DEED
COUNTY OF __________ )


KNOW ALL MEN BY THESE PRESENTS that ________________________., (hereinafter "Grantor") in consideration of the sum of One Dollar ($1.00) to the Grantor in hand paid at and before the sealing of these presents by _________________________________ (hereinafter called "Grantees"), the receipt of which is hereby acknowledged, has granted, conveyed, remised, released, and forever quit-claimed, and by these presents does grant, convey, remise, release and forever quit-claim unto Grantees, their heirs and assigns, all of its right, title and interest including any remainder interest, in the following described property:

[Property Description]


Together with all and singular the rights, hereditaments and appurtenances to said premises belonging or in anywise incident or appertaining; to have and to hold all and singular the premises before mentioned unto the Grantees, and the Grantees’ heirs and assigns forever, so that neither the said Grantor nor Grantor's successors and assigns, nor any other person or persons claiming under Grantor shall at any time hereafter by any way or means, have, claim or demand any right or title to the aforesaid premises or appurtenances, or any part or parcel thereof, forever.
WITNESS the Grantor's hand and seal this _____ day of ________________, 20__.


{Signatures appear on following page} 

Signed, sealed and delivered in the [Grantor Signature Block]
presence of the following witnesses:


_______________________________


_______________________________


STATE OF ________________ )
) A C K N O W L E D G M E N T
COUNTY OF ___________ )


Subscribed, sworn to and acknowledged before me by ____________________, Grantor, this ________ day of ____________________, 20__.


(L.S.)
Notary Public for _____________
My commission expires:


Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 45676
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 14 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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