Posted by PBoone on April 28, 2000 at 20:01:12:
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How do I get duplexes titled in LLC’s name? - Posted by Kent_OR
Posted by Kent_OR on April 28, 2000 at 18:36:18:
Hi everyone,
Although this may be a basic question, at what point in the closing process and to whom do I tell that I want the properties that I’m buying transferred into the name of my LLC instead of myself personally? The point I’m at in the process now is the loan officer submitting the loan package to different companies.
warmly,
Kent from Oregon
Problem… - Posted by Nate
Posted by Nate on May 02, 2000 at 01:33:08:
Hi Kent–
Sounds like you’re buying this property through a lender.
If that’s the case, I’m sure you’ll be forced to qualify personally. You’ll be required to title the property in your own name.
After you close the loan, and they record the title in your name, you’ll have to re-title the property in a land trust.
You then make the LLC the beneficiary of the Trust.
The lender will be notified of the change on the title, but will not care. They are not allowed to call the loan due (DOS clause) because of a transfer into a trust. As far as they know, it’s just an estate planning move.
Not exactly as easy as just “calling somebody”, but it get’s the job done.
Of course you’ll still be obligated personally on the loan.
Good to see you’re doing well.
Nate