[AZ] How do I transfer a jointly owned commercial property from an S-corp to an LLC?
Two entities purchased a commercial property. One owns 78%, the other 22%. The 22% owner wants to transfer the deed from their S-corp to their LLC. Can we do a quitclaim deed? Do we refer to both current owners as grantors and the 78% with the new 22% owner as grantees?
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Hi there! My name is Seth, and I am a licensed attorney. Please know that my responses are for general information only and do not constitute legal advice.
Generally speaking, only the party transferring its interest (the S-corp) needs to be listed as a grantor. The other existing owner (the 78% holder) typically does not need to transfer anything because they are not giving up or changing their interest. Make sure to get your quitclaim deed notarized (A.R.S. § 33-402).
Please let me know if this answers your question. I am happy to clarify anything you need to be clarified.
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Two entities purchased a commercial property. One owns 78%, the other 22%. The 22% owner wants to transfer the deed from their S-corp to their LLC. Can we do a quitclaim deed? Do we refer to both current owners as grantors and the 78% with the new 22% owner as grantees?
Lexi, Chatbot
I understand the situation with the ownership percentages and the desire to transfer the deed. Have both parties agreed on this transfer?
Yes. The 78% is me and my husband. The 22% is our daughter and her husband.
Lexi, Chatbot
Are there any specific restrictions or agreements in place regarding the transfer of ownership interests in the commercial property?
No.
Lexi, Chatbot
Is there anything else the real estate lawyer should know before I connect you? Rest assured they'll be able to help with your deed transfer.
An Arizona limited liability company has an undivided seventy-eight percent (78%) interest, and a California corporation has an undivided twenty-two percent (22%) interest, as tenants-in-common.
Seth
Hi there! My name is Seth, and I am a licensed attorney. Please know that my responses are for general information only and do not constitute legal advice.
Generally speaking, only the party transferring its interest (the S-corp) needs to be listed as a grantor. The other existing owner (the 78% holder) typically does not need to transfer anything because they are not giving up or changing their interest. Make sure to get your quitclaim deed notarized (A.R.S. § 33-402).
Please let me know if this answers your question. I am happy to clarify anything you need to be clarified.
That should do it. After the quitclaim deed is filed, will the deed show the 78% owner and the new 22% owner?
Seth
Yes, if the deed is drafted in the usual way, then the newly recorded deed will reflect the current ownership after the transfer. In other words, it will show the 78% owner (unchanged) and the new 22% owner (the LLC) as co-owners.
Does that answer your question today?
Yes. Thanks.
Seth
Thank you for using AskaLawyer. It has been a pleasure being able to assist you.
Seth
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