{"id":10337,"date":"2021-02-10T07:44:10","date_gmt":"2021-02-10T12:44:10","guid":{"rendered":"http:\/\/privacyfight.io\/?p=10337"},"modified":"2023-06-23T05:44:39","modified_gmt":"2023-06-23T09:44:39","slug":"p5-how-to-prepare-a-quit-claim-deed","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/p5-how-to-prepare-a-quit-claim-deed\/","title":{"rendered":"P17 &#8211; How to Prepare a Quit Claim Deed"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10337\" class=\"elementor elementor-10337\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-637178b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"637178b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8593576\" data-id=\"8593576\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8fb846d elementor-widget elementor-widget-text-editor\" data-id=\"8fb846d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vidseo_wrapper\" style=\"width: 100%;\">\r\n\r\n    \r\n    \r\n        <div class=\"vidseo_vimeo\">\r\n\r\n            <iframe title=\"vimeo-player\" src=\"https:\/\/player.vimeo.com\/video\/733233204\/?\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\r\n\r\n        <\/div>\r\n\r\n    \r\n    \r\n    <div class=\"vidseo_collapse\" style=\"\">\r\n        <div class=\"vidseo_btn\" style=\"\">\r\n            P17 \u2013 How to Prepare a Quit Claim Deed\r\n0:01\r\nHi, everybody.\r\n0:02\r\nThis is John Jay Singleton, and I wanted to do record this instruction as a, let\u2019s say a second part to the video I did on Equity Stripping, where we recorded a trustee or mortgage with a promissory Note to encumber equity in re&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>P17 \u2013 How to Prepare a Quit Claim Deed<br \/>\n0:01<br \/>\nHi, everybody.<br \/>\n0:02<br \/>\nThis is John Jay Singleton, and I wanted to do record this instruction as a, let\u2019s say a second part to the video I did on Equity Stripping, where we recorded a trustee or mortgage with a promissory Note to encumber equity in real estate.<br \/>\n0:20<br \/>\nAnd I\u2019m talking about, um, a home where someone lives, or it could be a rental property.<br \/>\n0:25<br \/>\nSo I just want to go over a couple of issues here that that deal with actually conveying the title and not just putting a lien on it.<br \/>\n0:31<br \/>\nWhen you convey the title.<br \/>\n0:33<br \/>\nTypically, if you\u2019re the homeowner and you want to do some estate planning, like, you want to protect the equity, you want to take something out of your name and this is a sure way to do it. You want to do it quickly, indeed.<br \/>\n0:46<br \/>\nA quitclaim D, that means you\u2019re quitting the claim.<br \/>\n0:49<br \/>\nQ U I T?<br \/>\n0:50<br \/>\nOK, and it\u2019s ideal to do.<br \/>\n0:52<br \/>\nIf you can do it before, there\u2019s a claim against the property, OK, or a claim against your name, that would be against the property, if you were the recorded owner of record at that time.<br \/>\n1:03<br \/>\nSo, so a quick claim deed is going to going to remove your ownership interests and conveyed over to another party and I recommend that you not conveyed over to a friend or a spouse or something because that really doesn\u2019t protect you.<br \/>\n1:16<br \/>\nYou want it conveyed over to something that only does one thing, hold title to your property.<br \/>\n1:21<br \/>\nThe ideal structure is a registered limited liability company. You can do an unregistered one. I\u2019ll explain about that in a minute.<br \/>\n1:30<br \/>\nUm, the reason being, as a limited liability company, is very easy to recognize. It\u2019s it\u2019s very strong, very stable.<br \/>\n1:37<br \/>\nNo one\u2019s going to challenge its existence, even if your charter has been dissolved or revoked.<br \/>\n1:41<br \/>\nNo one\u2019s going to try and pick apart your structure, because the articles are already accepted by the state.<br \/>\n1:48<br \/>\nSo there\u2019s nothing really to, to question about the structure of the ownership. It\u2019s just establish, It\u2019s very simple.<br \/>\n1:55<br \/>\nPacket statutory, It\u2019s very simple.<br \/>\n1:57<br \/>\nSo if I were to use a trust, someone could pull the trust documents and subpoena them, criticize the trust, and say that it\u2019s not really no valid or whatever it\u2019s subject to being, uh, attack, let\u2019s say.<br \/>\n2:14<br \/>\nAnd if I really like the trust, for some reason, if I want to use a trust, I would just simply make the trust the owner of the LLC, then I would transfer the property over to the LLC name.<br \/>\n2:27<br \/>\nSo, the thing to keep in mind is if this is a rental property somewhere, where you are, not, you haven\u2019t told the bank that you\u2019re going to live there primarily.<br \/>\n2:36<br \/>\nAnd you\u2019ve got, you still got your financing, OK?<br \/>\n2:38<br \/>\nIf that\u2019s the case, then it\u2019s not going to have Homestead exemption, and in many states, you won\u2019t have a homestead exemption or a big break in your property taxes either either way.<br \/>\n2:49<br \/>\nBut just keep this in mind.<br \/>\n2:50<br \/>\nIf it\u2019s truly a rental property, and you got financing as a rental property, not by tricking the bank and saying I\u2019m going to live there, but you\u2019re actually just renting it out, or you live there for Awhile. Meant, decided to rent it out and didn\u2019t change your mortgage terms.<br \/>\n3:05<br \/>\nJust make sure it truly is rental.<br \/>\n3:09<br \/>\nAnd it\u2019s not considered your homestead or principal place of abode.<br \/>\n3:13<br \/>\nAs they say, you can simply change the title. Quitclaim deed it over, no considerations, it won\u2019t matter. It doesn\u2019t even matter if there\u2019s a judgement lien against the title. Or there\u2019s even a public record of there being an IRS Federal Income Tax Lien, or even a state income tax name, or state tax of any kind.<br \/>\n3:29<br \/>\nYou can convey the title while there\u2019s a lien file.<br \/>\n3:32<br \/>\nThe benefit, though, of conveying it before a lien is public record, is that you avoid the lease, the property value is not encumbered by the lien, so you want to do this as early as possible, but just realize that you can\u2019t do it, let\u2019s say you\u2019re you\u2019re getting sued by two creditors and Last week the first creditor recorded a judgement against you, and you are the owner of your house, and so that lien encumbers the equity whatever equity is available at whatever time you go to sell the property.<br \/>\n4:03<br \/>\nBut you still have another case out there that may result in a judgement. You can convey the title to an LLC, and prevent that second lien holder from recording a judgement against the title or against your interest in the property. If you conveyed it over, you can do that. You just want to avoid that firstly because it\u2019s already been recorded before you conveyed the title.<br \/>\n4:21<br \/>\nAnd no one\u2019s going to say it\u2019s a fraudulent conveyance because the lien still attaches.<br \/>\n4:25<br \/>\nThere is no claim for fraud, because no one\u2019s been defrauded.<br \/>\n4:29<br \/>\nEven if that was your intent, is that the public records or are very clear on that, if you and the case law is very clear. If you, if you can bait title to real estate that\u2019s already encumbered, bylines, those lean still attached.<br \/>\n4:40<br \/>\nSo what we\u2019re really concerned about, and this is what one of the things I look at when I\u2019m gonna do this for somebody is, I will convey the title. If it\u2019s necessary.<br \/>\n4:50<br \/>\ntwo, and usually it is, if there\u2019s an IRS like issue, OK.<br \/>\n4:54<br \/>\nIris Lean situation.<br \/>\n4:58<br \/>\nJust putting another mortgage on the property won\u2019t protect against the IRS interests, because the IRS lien has a priority over a mortgage.<br \/>\n5:08<br \/>\nand secondly, and a third leen and so forth, ironically, though, an IRS lane does not have priority over state tax liens, So that\u2019s interesting, something to look into if you want to. I\u2019m not going to cover that right here.<br \/>\n5:19<br \/>\nSo, um, first consideration is am I going to lose homestead exemption property tax? Usually it\u2019s around 25%.<br \/>\n5:26<br \/>\nSometimes it\u2019s worth it to lose your exemption, because of the money involved, or the timing, Maybe you\u2019re going to sell it a couple of years, so no, these are things to consider.<br \/>\n5:38<br \/>\nSometimes you don\u2019t need to convey the title. Let\u2019s say, for example, you just bought the house, let\u2019s say eight years ago, and you have no plans, you\u2019re very happy there, and people come and tsui and put a lien on the property.<br \/>\n5:50<br \/>\nThey\u2019re not going to foreclosing the property.<br \/>\n5:51<br \/>\nThese are unsecured lanes It\u2019s not mortgage lanes, You gotta mortgage or happily paying the mortgage, OK, you\u2019re getting doing that just fine. There\u2019s a lien from the IRS that comes along.<br \/>\n6:00<br \/>\nAnd all that, it does slaps against a property, right. But so what, because your objective is you want to keep that house for, let\u2019s say, 50 years.<br \/>\n6:09<br \/>\nWhat do you care about a 20 year lane? That\u2019s nothing to you. That\u2019s not even a lien, it doesn\u2019t affect you at all.<br \/>\n6:15<br \/>\nSo don\u2019t be so concerned about a lien on the property, if you\u2019re not going to dispose of the property to a third party. If you\u2019re not going to sell it, then it doesn\u2019t really matter.<br \/>\n6:26<br \/>\nBut, if you just have to, or if you want to prevent lanes in the future or prevent the need to defend against a claim that you might, you know, if you have a personal liability of some kind of like debt or something or guarantee of some kind, You can convey the title for estate planning purposes.<br \/>\n6:40<br \/>\nAnd in many jurisdictions, you can, if there\u2019s a, if there\u2019s a property tax benefit for holding the title in your name, You can still get that benefit if you can pay the property to an LLC provided that the beneficial interests remain identical.<br \/>\n7:00<br \/>\nSo, like if John and Mary Smith, where the property owners and they conveyed the property to, let\u2019s say, 123 M Street LLC.<br \/>\n7:08<br \/>\nOK, I gave the LLC the name of the property address, just because that\u2019s simple.<br \/>\n7:13<br \/>\nAs long as John and Mary Smith are the owners of the LLC of record, when we register the LLC and their names came up, if you go search on the articles, you\u2019ll see John and Mary Smith as the owners. The members will then, the beneficial interests are exactly the same. If they added somebody to the membership, well, then that would change, and then it wouldn\u2019t qualify, and you might have problems.<br \/>\n7:34<br \/>\nBut, if John and Mary Smith remain a beneficial owners only, just like they were only owners at the time, they held the title, then you should not have any problem with property tax exemptions under the Homestead Statute. So, you have to look that up.<br \/>\n7:48<br \/>\nI\u2019m going to show you right now real quick on them.<br \/>\n7:51<br \/>\nOn the homestead thing, let\u2019s switch over.<br \/>\n7:54<br \/>\nI\u2019m going to, I\u2019m going to switch the view here, too.<br \/>\n8:00<br \/>\nThis is in California, I\u2019m going to show you here. California has a quick claim Deed form.<br \/>\n8:05<br \/>\nBut here\u2019s what it looks like.<br \/>\n8:06<br \/>\nSo if I do.<br \/>\n8:11<br \/>\nIf I do a change of ownership in California, this is an example of the form. How would you see this change of ownership statement?<br \/>\n8:20<br \/>\nBasically, you would just tell the County Recorder\u2019s office.<br \/>\n8:25<br \/>\nThat all these conditions are present.<br \/>\n8:30<br \/>\nNone of these apply, see this, A through whatever L, None of these conditions apply.<br \/>\n8:35<br \/>\nI went and I checked all these boxes, I did this for somebody.<br \/>\n8:38<br \/>\nThen Line M, OK, we\u2019re telling the county, Hey, this is a transfer between parties in which proportional interests of the transfer.<br \/>\n8:46<br \/>\nand transfer E in each.<br \/>\n8:50<br \/>\nAnd every parcel being transferred Remain exactly the same, OK, Remain exactly the same, and I\u2019ll say this again Remain exactly the same as long as that, or they remain exactly the same.<br \/>\n9:05<br \/>\nUm, you\u2019re going to have an exemption from You\u2019re going to, you should be able to retain your homestead exemption, and you\u2019ll have an exemption from another type of tax, which is A It\u2019s a tax that\u2019s assessed against a transaction, right?<br \/>\n9:19<br \/>\nSo, if I convey the property to a third party other than for estate planning purposes, I may have to pay, especially in California and Florida, a document tere stamp tax.<br \/>\n9:31<br \/>\nThis is a percent against the value of the property.<br \/>\n9:33<br \/>\nIt\u2019s a one-time tax for conveying the title, as if I sold it, But if I convey the title for estate planning purposes, and I retain, the beneficial interests, were I used to be the owner, then, this item here, M applies, and I get a 100% exemption from the documentary stamp tax. So, you\u2019ll have to check with your state as to whether or not there\u2019s, you know, such a, such a document I think there is for every state. I know in Florida, California, there, there are, but you\u2019ll see here on NLP. Now this stuff applies.<br \/>\n10:04<br \/>\nAnd if you go through here, it\u2019s going to ask me to explain, right? So I\u2019m going to restate it again.<br \/>\n10:10<br \/>\nBut basically I took and which is the true condition of this conveyance.<br \/>\n10:15<br \/>\nAnd I went here and I explained it. It\u2019s a conveyance solely for estate planning purposes, right?<br \/>\n10:20<br \/>\nWhere the beneficial interests remain the same, All right.<br \/>\n10:25<br \/>\nAnd then the rest of the stuff, you know, self explanatory.<br \/>\n10:29<br \/>\nYou can fill out part three, I don\u2019t really care about that.<br \/>\n10:33<br \/>\nUm, again, you know, part three doesn\u2019t really apply, because if it\u2019s for estate planning purposes, you\u2019re not selling it to yourself, right?<br \/>\n10:40<br \/>\nSo, now, this applies.<br \/>\n10:41<br \/>\nThat\u2019s why you\u2019re getting the exemption because none of this applies, et cetera. And then you come down here, and you make your certification.<br \/>\n10:49<br \/>\nAnd there\u2019s some instruction now.<br \/>\n10:53<br \/>\nYeah, I mean, instruction is not that you don\u2019t even need it, but, notice, here.<br \/>\n11:00<br \/>\nI\u2019m going to try to find what was it, OK, What I had to do, in this case.<br \/>\n11:05<br \/>\nThis is for a county in California, Now, if you want to search on the internet, you can look for this.<br \/>\n11:10<br \/>\nNumber four, this phrase here, for California, County Marine, if you want, or county or whatever, whatever county you\u2019re in, you\u2019ll find this.<br \/>\n11:20<br \/>\nIt\u2019s usually a PDF file in your state, too. You can find something similar to this.<br \/>\n11:25<br \/>\nYou can also ask your county clerk for this type of document asked for the waiver or fee waiver or exemption form for transferring or conveying real estate titles, so that you don\u2019t have to pay the stamp tax.<br \/>\n11:40<br \/>\nAll right, Now, this is just an addendum to your quitclaim deed and I haven\u2019t covered the quitclaim deed yet. I\u2019m going to, I\u2019m going to switch over here to the actual quitclaim deed that I\u2019ve used for California.<br \/>\n11:54<br \/>\nSee?<br \/>\n11:57<br \/>\nYes.<br \/>\n12:02<br \/>\nAll right.<br \/>\n12:03<br \/>\nLet\u2019s go into another one.<br \/>\n12:10<br \/>\nNow, I\u2019m not saying you have to use this.<br \/>\n12:16<br \/>\nBut this is an example of the one that you would use for California.<br \/>\n12:21<br \/>\nSo here\u2019s the California quitclaim deed.<br \/>\n12:25<br \/>\nAnd you can see here that it wants your parcel number. It\u2019s nice to have that.<br \/>\n12:30<br \/>\nYou list the current title holder and then the new owner, which is going to be your LLC and its address.<br \/>\n12:35<br \/>\nIt can be any anything the name of the city and the name of the county. Now, notice up here.<br \/>\n12:43<br \/>\nThere is no tax, right? Because the exemption R and T code, usually these guys have a code, there\u2019s all kinds of codes. I had to look this up.<br \/>\n12:51<br \/>\nI don\u2019t remember where it was and it\u2019s going to be different for every county state, for every state I should say.<br \/>\n12:56<br \/>\nBut in this case, there was a tax exemption code, 1125 That specifies conveyance is done for estate planning purposes. So, there\u2019s no tax. And the explanation is, I just copy this from the statute or the code.<br \/>\n13:11<br \/>\nThe grand tours and grantees are comprised at the same parties, and their proportional interests remain the same, or, yeah, remain the same immediately following the transfer.<br \/>\n13:21<br \/>\nOK, I didn\u2019t put on that, didn\u2019t appear on the second line, but that\u2019s OK.<br \/>\n13:28<br \/>\nSo that\u2019s the idea, and you\u2019ll just have it notarized. You can actually just do this document here. But let me go over to the one. I have the generic one that I want to share with you, because you can get this anywhere, and I just, you can use it for California.<br \/>\n13:39<br \/>\nI mean, maybe your State might want to use it. Have you use its form? But it doesn\u2019t matter.<br \/>\n13:46<br \/>\nI\u2019ve never had a problem. So let me go back over here.<br \/>\n13:51<br \/>\nOK.<br \/>\n13:56<br \/>\nSo here\u2019s the format I wanted to share with you.<br \/>\n13:59<br \/>\nPassed all this, all right.<br \/>\n14:01<br \/>\nSo we\u2019re back to the standard, generic Quitclaim form and we covered this, the considerations on the estate planning purposes and the due on sale.<br \/>\n14:12<br \/>\nNow, let\u2019s cover the due on sale to do on sale has to do with when you can pay title.<br \/>\n14:17<br \/>\nThat it is viewed by the lender possibly as a sale, whether or not it\u2019s a third party.<br \/>\n14:23<br \/>\nBut you have to tell the bank the lender are all the lenders that this conveyances done again for estate planning purposes and the title holder retains the same exact beneficial interests as before the conveyance.<br \/>\n14:36<br \/>\nAnd that would have avoided due on sale issue.<br \/>\n14:39<br \/>\nAll right.<br \/>\n14:40<br \/>\nI\u2019ll pull up that letter here in just a second.<br \/>\n14:42<br \/>\nI\u2019m gonna go with that language with you but let\u2019s go over here and look at the quitclaim deed.<br \/>\n14:47<br \/>\nHere, you would just, it\u2019s very simple, just self explanatory.<br \/>\n14:51<br \/>\nJust put in the name and address of the person preparing this, it could be the people that own the property.<br \/>\n14:57<br \/>\nSame thing here, when it\u2019s all done being recorded, send it to the same people, if you want.<br \/>\n15:02<br \/>\nI mean, you can change this, of course, Very simple.<br \/>\n15:05<br \/>\nMake sure you have the right state.<br \/>\n15:08<br \/>\nYou can do a global search and replace for yours.<br \/>\n15:11<br \/>\nYour, your state and then your county. Make sure you remove the brackets to don\u2019t leave the brackets.<br \/>\n15:17<br \/>\nSo, do a global search and replace explain how the consideration is being made.<br \/>\n15:22<br \/>\nIt\u2019s for zero dollars in the in the example of estate planning, right?<br \/>\n15:27<br \/>\nSo you have to reword this a little bit, but, basically, it\u2019s from the current owners, which may be a married couple, or it could be a single woman, a single man doesn\u2019t matter.<br \/>\n15:36<br \/>\nResiding at whatever address in whatever county, in whatever state.<br \/>\n15:42<br \/>\nBut, that information in there, will be very careful, read through this, slowly, Take your time.<br \/>\n15:47<br \/>\nThese people, the current titleholders, or the grand tour\u2019s, and they do, or he does singular or plural, so be careful about that.<br \/>\n15:57<br \/>\nQuitclaim, two, and the name of the LLC, in this case, the LLC is going to be, called a 123 \u2026, LLC. I do that a lot, means sometimes you don\u2019t have that. You can name it whatever you want.<br \/>\n16:08<br \/>\nAnd by the way, the LLC can be registered in any state, or even unregistered, that\u2019s what goes here, the name of the new owner.<br \/>\n16:16<br \/>\nIt\u2019s a limited liability company. You want to say what kind of state. Like if it\u2019s in Nevada, New York, Florida, it doesn\u2019t matter.<br \/>\n16:24<br \/>\nIt could be anywhere, the property that you\u2019re conveying title to, it can be situated anywhere as well.<br \/>\n16:33<br \/>\nAnd your LLC is organized in the state of whatever state it is, right, and that becomes the grantee, that\u2019s the one receiving the title.<br \/>\n16:42<br \/>\nAnd then all the rights and title and everything transfers over there and then picture county and so forth.<br \/>\n16:48<br \/>\nAnd then just, you know, look carefully here and make sure all this works is correct or accurate.<br \/>\n16:53<br \/>\nAnd then, again, here\u2019s John Smith and here\u2019s Mary Smith then this this is called the Jeer At, by the way, OK.<br \/>\n17:02<br \/>\nThis is where the notary affixes, his seal, dates it. And here, again, should be the people whose signature is being witnessed.<br \/>\n17:09<br \/>\nSo both names, you should have John and Mary Smith here and then they should individually type out their names here and sign here, OK?<br \/>\n17:19<br \/>\nAnd then put the address.<br \/>\n17:20<br \/>\nAgain, this addresses probably be the same as here.<br \/>\n17:23<br \/>\nAll right?<br \/>\n17:25<br \/>\nNow over here the County Recorder\u2019s office is going to use this area of the document and affix a seal or stamp a receipt showing that the fee has been paid.<br \/>\n17:37<br \/>\nThere shouldn\u2019t be a taxpaying page. If you can\u2019t get around for some reason, it looks like you can\u2019t get around having to pay some documentary stamp tax.<br \/>\n17:46<br \/>\nProbably the language in here is incorrect. Or your addendum is incorrect, or you incorrectly identified the exemption. So just check that out.<br \/>\n17:54<br \/>\nNow, if you just hang up for one second, I\u2019m gonna, I\u2019m gonna grab a document here that some.<br \/>\n18:02<br \/>\nSee how this looks here?<br \/>\n18:06<br \/>\nLetter to the bank.<br \/>\n18:11<br \/>\nThat explains how you\u2019re just doing this for estate planning purposes. And there\u2019s no need to invoke the due on sale clause.<br \/>\n18:22<br \/>\nI\u2019m not going to make you wait, OK.<br \/>\n18:24<br \/>\nLet\u2019s see here for a second.<br \/>\n18:37<br \/>\nOK, so, here\u2019s an example, a letter you would send to the mortgage lender.<br \/>\n18:45<br \/>\nI mean, I would do this before our, at least get an acknowledgement before I record the conveyance right before I record the quitclaim deed just to make sure that you\u2019re not going to have any wacky responses.<br \/>\n18:58<br \/>\nSo, again, just, you know, adjust your address and name the title holder and all this sort of thing.<br \/>\n19:03<br \/>\nThen you\u2019re gonna have an account number with your mortgage. I\u2019m sure you can find that.<br \/>\n19:07<br \/>\nSometimes you have to send it to the servicer.<br \/>\n19:09<br \/>\nSo, just be sure, you know, what address to send us to so, doesn\u2019t get lost.<br \/>\n19:16<br \/>\nUm, so I just kinda generically told you X X X X mortgage company, I would put the data on there.<br \/>\n19:23<br \/>\nI would say this by first class mail, you could do by certified mail, but I think first class mail be just fine.<br \/>\n19:29<br \/>\nIf you don\u2019t get a response, and I would do certified mail, and I would call to confirm and see what\u2019s a good address for written communications, OK, And explain your, the borrower.<br \/>\n19:39<br \/>\nYou\u2019re the mortgage or for the mortgage dated, and then use the date that shows on shows up on your trust deed or your mortgage.<br \/>\n19:46<br \/>\nAnd that\u2019s account number, of course, and then I would have a clue include a copy of the first few pages, the mortgage of the trustee, just for reference, Then you\u2019re going to explain what you\u2019re doing.<br \/>\n19:56<br \/>\nI\u2019m conveying this title for state planning purposes and the grantee is going to be a what limited liability company in this state or another state, basically the name of the state, where you register the LLC, or where it\u2019s going to be registered.<br \/>\n20:11<br \/>\nAnd then, this is the language explaining what you\u2019re doing, OK, And, of course, the Titleholders should sign, and here\u2019s the legal reference, so you guys can look this up, all right, so, this should be a good letter.<br \/>\n20:23<br \/>\nI mean, you could do this without an attorney, but, uh, that\u2019s an example.<br \/>\n20:28<br \/>\nI\u2019m gonna, I\u2019m gonna include this with the, that the video here, so that you\u2019ll have it better.<br \/>\n20:34<br \/>\nThat\u2019s as simple as it gets. I\u2019m gonna go back to the deed here real quick.<br \/>\n20:45<br \/>\nAlright, so here\u2019s the deal that we just covered all this. So, we just fill out this, the missing information, go through and have it notarized, and then take it to your County Recorder\u2019s office. You can also mail it.<br \/>\n20:55<br \/>\nI mean, you could do this anywhere in the world.<br \/>\n20:57<br \/>\nAs long as you can deliver the document to the County Recorder and have it recorded and pay the fee and the tax should be like 10 bucks.<br \/>\n21:04<br \/>\nThat\u2019s not the conveyance tax, though. Hopefully, you\u2019ve got an exemption to that. So, but, yeah, there should be some kind of feel, like 10 bucks, 20 bucks, I don\u2019t think it should be over $100. I mean, I don\u2019t know what your, your cat or accounting state is doing.<br \/>\n21:19<br \/>\nIt should be a reasonable amount, so you have to decide, if it\u2019s something worth doing.<br \/>\n21:24<br \/>\nSo this is the other side of, I mean, really Equity stripping. You want to take the equity out of your name, in this case.<br \/>\n21:31<br \/>\nYou\u2019re actually taking the title of the property or the ownership of the property out of your name, where before we were just taking the equity out of your name using a lien.<br \/>\n21:41<br \/>\nThis way, we\u2019re actually deeding over the title using a quit claim deed.<br \/>\n21:47<br \/>\nAll right. Well, I hope that clears it up for you.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a219637 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a219637\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-281e890\" data-id=\"281e890\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b82a1e elementor-widget elementor-widget-spacer\" data-id=\"7b82a1e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec93430 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ec93430\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f63466a\" data-id=\"f63466a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4dd411 elementor-widget elementor-widget-text-editor\" data-id=\"e4dd411\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Summary<\/strong><\/p><p style=\"padding-left: 40px;\">1. John Jay Singleton provides instructions on preparing a Quit Claim Deed as a part of estate planning and protecting equity in real estate.<br \/>2. A quitclaim deed, used for conveying the title of a property, means that the owner is &#8216;quitting the claim&#8217; on the property. It is beneficial to do this before any claims arise against the property.<br \/>3. Conveying the title with a quick claim deed removes your ownership interests and transfers them to another party, Singleton suggests transferring to a registered limited liability company (LLC) rather than to an individual.<br \/>4. The advantages of transferring to an LLC are that it&#8217;s easy to recognize, stable, and unlikely to be challenged, even if the charter is dissolved or revoked.<br \/>5. A rental property can be easily transferred with a quitclaim deed, regardless of existing liens or tax records. However, it&#8217;s beneficial to do this before a lien becomes public record to preserve the property&#8217;s value.<br \/>6. Conveying the title to an LLC can help prevent a second lien holder from recording a judgement against your property.<br \/>7. Conveying the title doesn&#8217;t qualify as fraudulent conveyance since the lien still attaches to the property; there is no claim for fraud as no one is being defrauded.<br \/>8. Estate planning considerations may lead to a loss of homestead exemption property tax, which is usually around 25%. Whether this is acceptable depends on individual circumstances such as the timing or amount of money involved.<br \/>9. Singleton suggests that the property title does not always need to be conveyed, particularly if there is no intent to sell the property or no need to protect against future liens.<br \/>10. The document called the quitclaim deed is prepared with self-explanatory fields like the name and address of the person preparing it and the current titleholders. The name of the LLC is then written down as the receiver of the quit claim. After completing it, it should be sent to the county recorder&#8217;s office for recording.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ca4871f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ca4871f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c00b75\" data-id=\"1c00b75\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>P17 &#8211; How to Prepare a Quit Claim Deed<\/p>\n","protected":false},"author":131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[124],"tags":[],"_links":{"self":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/10337"}],"collection":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/comments?post=10337"}],"version-history":[{"count":6,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/10337\/revisions"}],"predecessor-version":[{"id":24980,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/10337\/revisions\/24980"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=10337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=10337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=10337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}