Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Can commercial property be quick claim deed over out of a C…

Customer Question
Can commercial property be...

Can commercial property be quick claim deed over out of a C corporation and what would be the tax liability to the person receiving it? This property is located in Southern California San Diego County

Lawyer's Assistant: Has any paperwork been filed?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I'm just trying to decide if this is a viable option to get out of the corporation

Submitted: 6 months ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 5 minutes by:
11/26/2017
Real Estate Lawyer: P. Simmons, Lawyer replied 6 months ago
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,258
Experience: 12+ yrs. of experience including real estate law.
Verified

Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: P. Simmons, Lawyer replied 6 months ago

You ask about a "quick claim" transfer...I am not familiar with this...did you, perhaps, mean "quit claim"?

Ask Your Own Real Estate Law Question
Customer reply replied 6 months ago
Sorry, yes quit claim.
Real Estate Lawyer: P. Simmons, Lawyer replied 6 months ago

THanks

That is possible...that is, it IS possible for the owner (in this case the C Corp) to transfer the title, via quit claim deed, to an individual.

Taxes? The corporation would have to pay a "gift tax" on the value of the gift, in excess of $14K (the federal gift tax exemption is $14K...so gifts over this amount are taxed to the donor, at their effective rate)

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: P. Simmons, Lawyer replied 6 months ago

Hi
Experts on this site (myself) are compensated ONLY if the customer (yourself) "rate" or "accept" the answer.

Do you have more questions regarding this?

Thanks for your understanding
Phil

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask P. Simmons Your Own Question
P. Simmons
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,258
37,258 Satisfied Customers
Experience: 12+ yrs. of experience including real estate law.

P. Simmons is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

11,960 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,254 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,097 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

37,258 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
How fast can a landlord evict you as a commercial property
How fast can a landlord evict you as a commercial property renter in pinellas county Florida … read more
Lori
Lori
Juris Doctor
1,574 satisfied customers
I am holding a mortgage on a commercial property. I am the
I am holding a mortgage on a commercial property. I am the mortgahgee, the lender. if the buyer places a second mortgage on the property ( this is in violation of the terms of our agreement) - if I fo… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,254 satisfied customers
I am subleasing a commercial property in California. I paid
Hi, I am subleasing a commercial property in California. I paid for ALL the tenant improvements myself. My landlord's lease agreement with the owner states that when they vacate the building, all impr… read more
Lori
Lori
Juris Doctor
1,574 satisfied customers
Can a landlord chain the door on a commercial property
Can a landlord chain the door on a commercial property without filings paperwork … read more
Jessica B
Jessica B
Juris Doctor
1,291 satisfied customers
Can a commercial property in Los Angeles County be sold if
Can a commercial property in Los Angeles County be sold if there is no heating for workers and no hot water in a bathroom? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,960 satisfied customers
We have a commercial property which is currently under
We have a commercial property which is currently under contract. The contract has both confidentiality and exclusivity agreements in it. Unsolicited, I have received a written inquiry from another int… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,818 satisfied customers
I sold commercial property a month 2 months ago. The bank
I sold commercial property a month 2 months ago. The bank accepted buyout for less than what was owed. How much leverage do I have on dealing with the bank on terms of remaining balance. I have no wri… read more
Lori
Lori
Juris Doctor
1,574 satisfied customers
I am co owner of a residential/commercial property. My
I am co owner of a residential/commercial property. My partner is getting a divorce but nothing has been filed yet. I was told we need to do a Quit Claim deed to protect my interest. The property is o… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,254 satisfied customers
We are selling our commercial property and have two very
We are selling our commercial property and have two very interested buyers who just heard by word of mouth. Both are very interested, even before hearing the asking price. We had an appraisal done to … read more
Ray
Ray
Lawyer
Doctoral Degree
8,097 satisfied customers
I'm in ND. I have a commercial property that is supposed to
I'm in ND. I have a commercial property that is supposed to close on Thursday. It is two lots. Somehow one lot is in my name and my husband's name jointly, and the other lot was only in his name. Howe… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,818 satisfied customers
I have been locked out of commercial property and have only
I have been locked out of commercial property and have only been late with rent. … read more
Loren
Loren
566 satisfied customers
I just bought a commercial property and the city shortly
I just bought a commercial property and the city shortly after must have been months did not advise us that they changed the classification to residential … read more
Expert
Expert
Managing Partner
Doctoral Degree
9 satisfied customers
I own a commercial property in Connecticut that was
I own a commercial property in Connecticut that was constructed in 1893. It used to be on the same title with a three-family residential house up until the house and the commercial property were separ… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
I am leasing a commercial property from someone and just
I am leasing a commercial property from someone and just found out that my landlord's daughter's house right behind me has her water tied into mine. So, I have been paying her water bill with mine sin… read more
Lori
Lori
Juris Doctor
1,574 satisfied customers
I currently own a piece of commercial property 13 acres. I
Hello, i currently own a piece of commercial property 13 acres. I have 30 plus pecan trees on the property. Is there a company that i can hire to execute this for me? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
I have a commercial property in St Barth that is in
I have a commercial property in St Barth that is in redressement judiciare in Guadeloupe. I am a partner (owner) and I have an hipoteque on the property called "Convention de Blocage du Compte Courent… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
I rented a property (house) as a commercial property. Per
Hello, I rented a property (house) as a commercial property . Per the lease agreement, the tenant was required to assess all local regulatory requirements and apply for any applicable permits. The ten… read more
Loren
Loren
566 satisfied customers
Recently sold commercial property in Texas. And there was a
yes and there was a recorded easement as part of the sales agreement where a cell phone tower stands granting seller lease rights and lease extension rights … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x