How to quit claim property from indiviual to s corporation

Asked about 1 year ago - Lombard, IL

i want to know the process to quit claim property from my name to s corp. Can this be achieved without an attorney?

Attorney answers (5)

  1. Judy A. Goldstein

    Contributor Level 20

    2

    Lawyers agree

    Answered . Preparation and recording of a deed without the minimal expense of an attorney is unwise. For your peace of mind as well as the peace of mind of the corporation, you should at the very least consult with an attorney. You mention a quit claim deed but giving up your asset may not mean you have relinquished your financial responsibility for the property. Please do yourself a favor and protect yourself by seeing an attorney. You will not regret it.

  2. Matthew Allan Quick

    Contributor Level 13

    2

    Lawyers agree

    Answered . I agree with my colleagues and would add that a corporation probably should not hold real estate over an LLC or a partnership for tax reasons. Do yourself a favor and find an attorney to help you. It may be that an attorney could help you achieve your goal and save you much in the way of unintended consequences in the process.

    Check out the website below for more on why a S Corp should not own real estate.

  3. Roger William Stelk

    Contributor Level 12

    1

    Lawyer agrees

    Answered . You sign a quit claim deed transferring title and have it recorded. If you know how to prepare one, you don't need an attorney. But make sure you know how to prepare one. Better yet, spend the few hundred dollars on an attorney to make sure it is done correctly.

  4. Adam J. Lysinski

    Pro

    Contributor Level 9

    1

    Lawyer agrees

    Answered . I agree. Not only do you have to get the formalities correct, but there are other consideration, such as taxes, and insurance. Please see an attorney. Good luck.

  5. Stephen Samuel Messutta

    Contributor Level 16

    Answered . It is just a quitclaim deed to the corporation but you also need the correct transfer declarations and possibly additional documents.

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