Q: My brother and I own some rental property in Florida and have set up a limited liability company (LLC). We need to do a quit claim deed transferring our personal interest into the LLC.
I have a blank quit claim deed form but have no idea how to fill it out properly so that it’s legal and I haven’t found an attorney in Florida who will do it for us. Is there someplace I can go to see an example of a properly written quit claim deed?
A: It’s surprising that you can’t find an attorney to help you out. But you’re right: While the form itself isn’t that difficult, you want to make sure you get it right.
If you had an attorney help you set up the LLC, you can ask her for some advice. If you did it yourself and still can’t find an attorney to help you, you should call a local title company and see if a title officer can offer a referral to a local real estate attorney.
Another question you might want to ask the title company is about your title insurance. Be aware that transferring title to the LLC, you may lose any coverage you had on the title insurance policy you received when you purchased the property.
Your conveyance of title using a quit claim deed may eliminate any coverage under the title insurance policy. The new LLC will be considered a new buyer not covered under your existing policy.
So you might want to consider transferring title to the new LLC and have the title company issue a new policy to cover the LLC as the owner of the property. Along the way, the title company may also offer to help out in finding somebody to complete the documentation for you.
May 14, 2007.