Story County Quitclaim Deed (Partnership or Limited Partnership Grantor) Form

A quitclaim deed promises nothing about the title it moves. Out of an Iowa partnership it carries one promise, the signer's: Iowa Code section 558.72 attaches a warranty to the individual who executes an entity's transfer instrument. This deed leaves that warranty standing, and recites one grantor: a partnership, limited liability partnership, limited partnership, or limited liability limited partnership.

The promise the signer makes when a partnership conveys

Section 558.72 reaches the chapter 486A partnerships and the chapter 488 limited partnerships, foreign ones included. An instrument transferring Iowa real estate by such an entity carries a warranty from the person executing it: that the entity exists, that it duly authorized the signer, that the signer has legal capacity, and that the signer knows of no facts or claims that might impair the transfer's validity. An instrument may provide to the contrary only clearly and conspicuously, so Section 10 settles it: title is not warranted, and the section 558.72 warranty is neither limited nor negated. Iowa Code section 614.14A adds the clock: an adverse claim is barred two years after recording, except a claim that the entity transferred more than it legally could, the question a quitclaim leaves open.

Two partnership acts, two answers to the signature question

Section 4 records the authority behind the conveyance, and its source moves with the partnership type. Iowa Code section 486A.302 lets property held in the partnership name be transferred by an instrument executed by a partner in that name, subject to a statement of partnership authority. Under Iowa Code section 486A.303 a recorded certified copy of that filing makes a grant of such authority conclusive in favor of a person who gives value without knowledge to the contrary. A limited partnership answers to another chapter: section 488.402 makes each general partner its agent, section 488.302 denies a limited partner any power as such to bind it, and chapter 488 has no statement of authority filing.

One partnership, one signature, one certificate

Exactly one grantor is recited, with the type of partnership and the jurisdiction of organization on their own lines. One signature line follows, for the partner, general partner, or other authorized person signing in the partnership name, above a printed name and a title line. One certificate closes the deed, the representative capacity short form of Iowa Code section 9B.16, naming the signer, the authority, and the party on whose behalf the record was executed. No spousal relinquishment block prints: section 561.13 conditions a married owner's homestead conveyance on the spouse's execution, and a partnership has neither. Two partnerships, an individual grantor, a corporation, a limited liability company, a fiduciary signer, and a parcel held of record in individual partners' names fall outside it. Records in this shape appear when a farm limited partnership sells ground at the end of its term, and when partners who bought each other out clear the partnership name from title.

What passes, and the exceptions written for partnerships

The operative words follow Iowa Code section 558.19, whose verb is quitclaim and whose scope is all of the grantor's interest. A quit claim deed, or partnership quitclaim deed as it is also searched, says nothing about title quality: mortgages, easements, and unpaid taxes ride along. Section 11 is the statement Iowa Code section 428A.4 recognizes when an excepted deed records without payment, and two grounds in section 428A.2 name partnerships: instruments resulting from a merger, consolidation, or reorganization, stated on the instrument's face, and deeds between a family partnership and its partners on organization or dissolution. The example travels the taxable road: $88,500.00 of consideration yields $140.80 of tax.

A first page laid out to the recorder's list

Iowa Code section 331.606B keeps the top three inches of page one for the recording stamp and lists what follows: the preparer with a telephone number, the taxpayer name and complete mailing address, the return address, the title, the grantors' names, the grantees' names, and the legal description. Each has its place on page one of this deed, with the no condition groundwater sentence of Iowa Code section 558.69 under the title; the legal description itself begins page two under a reference stated on page one, the overflow rule of section 331.606B(3).

Three files come with the purchase: the fillable blank deed, a completed example prepared as a Cerro Gordo County sale by an Iowa limited partnership, and a plain language guide to the sections, the signing, and the recording. The materials are informational and are not legal advice.