Transfer property to LLC - Posted by HT

Real Estate Investing
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Posted by William Bronchick on March 09, 2000 at 14:44:14:

See the article on this site called “Dealing with the due on sale” for a complete description, since transferring title directly to your LLC may alert the lender and cause them to enforce the due on sale provision of your mortgage.

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Transfer property to LLC - Posted by HT

Posted by HT on March 09, 2000 at 12:47:39:

I am heading to the courthouse to fill out documentation to form an LLC. Can anyone provide, in detail, the next steps in transfering my property out of my name and into my LLC?

I’ve seen threads regarding this before, but they seemed to lack some “exact” detail that I think many readers may have been looking for.

For example, " Do I contact the mortgage company to transfer to the LLC or do I need to have an attorney draw up a document to proceed?"

Answers to detailed questions such as the above are what I am requesting assistance.

As always thanks in advance for any and all feedback. This site has been a great and profitable find.

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Re: Transfer property to LLC - Posted by AndyA

Posted by AndyA on March 09, 2000 at 13:54:04:

I have transferred 4 properties into my LLC, all with mortgages, and the procedure was the same. I called my attorney and instructed him to prepare and record the documents. Cost for each one was $125. Money well spent. I try to concentrant on making deals, and use my attorney and accountant for “checks and balances”.

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Re: Transfer property to LLC - Posted by TRandle

Posted by TRandle on March 09, 2000 at 13:13:35:

Or alternatively, you could transfer title to a land trust with your LLC as beneficial interest. This will accomplish the same objective and provide more privacy.

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Re: Transfer property to LLC - Posted by charles

Posted by charles on March 09, 2000 at 12:59:41:

I used my attorney. Maybe a $100. Has to be recorded. Plus a small transfer tax must be paid ( in Delaware ).

If the property is in your name then transferred to your LLC, I think they transfer it at a value of $1 in order to avoid full real estate transfer tax, etc.

For a $100, I’d just pay the attorney.

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Re: Transfer property to LLC - Posted by HT

Posted by HT on March 09, 2000 at 13:33:51:

Thanks for the feedback everyone.

What is the procedure to do this if I decide to use this method?