Legal Question in Real Estate Law in Idaho
quit claim and/or warranty deed needed in Idaho?
My S Corp (I am sole owner) bought land that I want to transfer ownership to myself and spouse as husband and wife. The reason to do so is because I am closing my S Corp. Is it enough to Quit Claim? (Because the land and improvements were paid for with cash, and there have never been any liens since S Corp purchased and improved property).
Would it be wise or necessary to also issue Warranty Deed?
(I don't see the need...am I missing something?)
1 Answer from Attorneys
Re: quit claim and/or warranty deed needed in Idaho?
You can transfer title with a quit claim deed. However, you may be subject to Idaho transfer taxes. Check with the State of Idaho. It may be cheaper to leave it in the SCorp as the sole asset. When you eventually sell it, then pay transfer tax only once.
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