Posted by PBoone on November 04, 1998 at 08:47:28:
Cognac,
We still to this day take title (deed) in our name which is a requirement of most of the lenders we have done business through.
The first time transferring title we went to our escrow officer she showed us which documents pertained to our state and transferred the first 5 charging us only filing fees.
I would suggest for the first few go to your attorney or escrow officer, this should take care of any legal requirements of your state.
Pat
HELP - HOW TO TRANSFER TITLE TO CORP/LLC ?? - Posted by Cognac
Posted by Cognac on November 04, 1998 at 08:21:08:
Hello All,
I’m seeking specific advice on a topic that I’ve heard William Bronchick speak on but can not remember the specifics… I currently own several properties, small and large. I need to transfer them into a LLC/Corporation (or land trust or all)?! That’s the problem I’m unsure as to the logistics of what needs to be done. For all properties I originally took title in my own name and now know the folly of my deeds (excuse the pun! wink). What specifically do I need to do in order to protect each of my investment properties from the money grubbing tenants that may file frivolous law suits and find senile judges willing to lend a sympathetic (pathetic!) hear?
Re: HELP - HOW TO TRANSFER TITLE TO CORP/LLC ?? - Posted by Bronchick
Posted by Bronchick on November 04, 1998 at 12:56:24:
You transfer title with a deed. If you have a due on sale provision in your mortgages, ask your lender to waive the the requirement or simply transfer title by quitclaim deed to a trust wherein you are the beneficiary, then assign your beneficial interest to your LLC.
This is covered in detail in the course, as well as a sample quitclaim deed (check local filing requirement for deeds).