How do you transfer prop to your LLC? - Posted by chan

import · July 9, 2003, 3:39pm

Posted by chan on July 09, 2003 at 21:21:15:

Thank you Brian

import · July 9, 2003, 3:39pm

Posted by chan on July 09, 2003 at 15:39:15:

Hello,

I have several houses bought under my name.
I just have an LLC setup.

Now, how do you transfer these properties into
the LLC? It’s a 2 member LLC. I’m one of the member.

Will quit claiming it to the LLC sufficient enough?
If so, should I inform the lender about these changes?

Any input will appreciated…thanks!

import · July 9, 2003, 9:09pm

With a deed - Posted by B.L.Renfrow

Posted by B.L.Renfrow on July 09, 2003 at 21:09:00:

You just deed it to the LLC. Whether you should use a warranty deed or a quit claim deed is something you should probably ask your attorney.

Tell the lender? Why? I wouldn’t see any need to confuse them. Just keep making the payments as usual and it probably won’t be an issue. But if you’re worried about DOSC violation, using a land trust would provide an extra layer of shielding.

Brian (NY)

import · July 10, 2003, 11:09am

Re: With a deed - Posted by John McDonald (Phoenix)

Posted by John McDonald (Phoenix) on July 10, 2003 at 11:09:30:

If you use a Quit Claim deed you will void title insurance.

import · July 10, 2003, 12:09am

Re: With a deed - Posted by Alex F. (CA)

Posted by Alex F. (CA) on July 10, 2003 at 24:09:11:

Chan,

If you decide to tell the lender, tell them that for “estate planning” purposes you need the title to be vested in the name of LLC. Most banks/lenders will understand this and appreciate that many of their customers are sophisticated individuals with estate planning goals. That is all…

Good luck,

Alex F. (CA)