Newbie - How Do I Quit Claim Deed?
I'm about to jump into my first deal - great fixer that should bring me a nice cash flow as a rental. My question is about transferring the title. . . when we made our offer, my husband and I did it in our names. We now have an LLC and would like to put the property into it for liability reasons. There is no mortgage or loan - all cash.
Oh - and here's where it gets interesting. We have partners on this deal that want to own 25% of the property. Can we do a simple quit claim deed and put the property 75% into our LLC and 25% in the partner's name? Anyone know how I'd go about doing this? As you can tell, I'm a true newbie. 
Thanks!
Megan
Might be simplest to form new LLC, have the partners own 25% of units, you own 75%.
This new LLC would then take a QCD to the property, and your operating agreement, signed by all, would give you 3 votes, partner 1 vote. YOU would be the manager since you hold 3/4 of units and votes.
Any bus. lawyer could draft the op. agreement for you quickly.
[addsig]
A Quit-claim Deed is a deed that operates to release any interest in a property that a person may have, without a representation that he or she actually has a right in that property.
Because you received the property through a quit-claim deed, when you sell the property you will owe taxes on the difference between the price your customer paid and the sales price, which could be a lot more.
The way you calculate the gain is a bit different because you acquired the property through quit-claim deed rather than through a sale.
To help you understand how to fill one out simply go to your court house and pull one up. You now have an example of how to fill one out. Be sure to have it notarized. Be sure it was done with considerations. Pay the filing fee and you are done.
Go to any office supply company and you can buy a standard form quick claim deed. Then deed 25%, with whatever stipulations you need.