Transferring a property title to an LLC is a fairly simple process that requires a few legal documents. Any transfer of property requires a deed of transfer, and the transfer of a property title to an LLC requires a special kind of deed called a quitclaim deed. Those looking to transfer a title can use a template quitclaim deed, although they are advised to consult an attorney in drawing up any type of transfer deed. In the state of Florida, the quitclaim deed must then be submitted to the county office to ensure that the title transfer is completed legally and without error.
Contact your county office in Florida to find out what they require for the transfer. To complete a title transfer in Florida, you will need the original title, as well as a Declaration of Value (or appraisal) of the property, to indicate the value of the property.
Contact an attorney to advise you in preparing or drawing up the correct documents. Transferring the title of property to an LLC is not necessarily difficult to do, but it is essential that it is done properly. Failing to complete the transfer legally can result in the original owner retaining ownership (and thus liability) without realizing it.
Contact the lender if the property is still under a mortgage. When a property has a mortgage, the resident or owner cannot transfer that property without letting the lender know. In some cases, the lender will require that the balance of the loan be paid off first. If the property does not have a mortgage and you officially own it, you do not need to worry about this.
Draw up and complete a quitclaim deed to indicate the transfer of the title to an LLC. As the name suggests, the quitclaim deed allows the owner of the property to quit his or her claim to the title and transfer the ownership of the property (through the transfer of the title) to another. In the quitclaim deed, the owner of the property will be designated the “grantor,” and the LLC will be designated the “grantee.” Have the deed notarized once it is completed.
Submit the new deed, with the title and the Declaration of Value, to the county office where the property is located in Florida. Once the submission is completed and registered, the title will officially be in the name of the LLC.
Kristie Lorette started writing professionally in 1996. She earned her Bachelor of Science degree in marketing and multinational business from Florida State University and a Master of Business Administration from Nova Southeastern University. Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan.