Quitclaim Deed to LLC - Posted by Rick

Real Estate Investing Real Estate Law
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Posted by csh on August 19, 2003 at 12:02:10:

I am not a lawner, but I have some experience in this. You have to call the lender to get their OK to quit claim the deed into company name. Get in in writing, referencing the loan number, or they can accelerate the due on sale clause. If the answer is no, you can still get the tax benefits of the property, but with the loan in your name, the liability issue of the company is worthless. The best way to protect yourself with the liability is to get a commercial loan in the company name.

Just a few notes from my own experience, anyone else have more experience with this issue?

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Quitclaim Deed to LLC - Posted by Rick

Posted by Rick on August 13, 2003 at 18:50:44:

I had purchased 2 rental properties (both under Me and my Wife’s name)I also had established an LLC, My question is
that Im planning to Quitclaim both of the property into the LLC, is this going to be OK? will the bank require me to pay off both mortgages? any advice would be greatly appreciated.

Rick,MN