When I do a quit claim where I am one of three people on the deed, but I am deeding my interest to an LLC I own, do all three owners have to sign the quit claim or can i simply quit claim just my interest without getting the other's involved. None of the parties is married.
Lawsuit / Dispute Attorney
Depends on the interests of the other owners (signers do the deed). Normally yes, but I would not chance it without more information.
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Scott A. Mac Leod is licensed to practice law in Arizona. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.
Real Estate Attorney
The short answer is yes, you can. Executing a quit claim deed simply transfers any interest you have in the property to whoever you deed your interest to. There may be other ramifications of executing the deed, however. For example if the property is subject to a HOA, it may assess a transfer fee; if you have insurance, you may not be covered after the transfer; and it may affect licensing, just to name a few.
3 lawyers agree
Real Estate Attorney
Yes you may depending on how title is held. If the property is held as joint tenants or tenants in common then ther should be no issue with this as long as the property isn't governed by some other rules such as homeowners associations or condominium rules. A quit claim deed simply states that whatever your interest in a property is you are transferring, even if that interest is no interst. The only time the others would need to sign is if there were rights of survivorship involved or some sort of partnership, joint venture or shareholder,agreement involved.
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Estate Planning Attorney
As long as there is no agreement among the three owners restricting your ability to transfer your respective interests, then you can execute a quitclaim deed or other deed to transfer your interest in the real property to the limited liability company. When you record the quitclaim deed, you'll be required to submit an affidavit of real property value. The property tax assessment for all owners could be impacted by the disclosure you make on the affidavit of real property value. Note that the affidavit form was revised recently.