2007-01-16 08:28:52 · 6 answers · asked by jasper 1 in Business & Finance ➔ Renting & Real Estate
I wanted to know also, good answers.
2007-01-16 08:47:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have to transfer title from yourself to your company via a deed. You shoulde consult an attorney to draft up the deed and get it recorded. You can sell it to the LLC or just give it to them however if the properties mortgage is in your name then you will have to change re-mortgage the property to put the financial liability on the company. I personally would give it to the LLC to avoid transfer taxes and re-mortgage the property to the LLC.
2007-01-16 16:45:22 · answer #2 · answered by tianaramal 4 · 2⤊ 0⤋
You should be able to do this at a local title company, by quit claiming the property out of your name and into the LLC. However, this greatly depends on your lender, and you must find out if it is allowed per their criteria.
2007-01-16 16:35:46 · answer #3 · answered by Justin 3 · 2⤊ 0⤋
I believe that you would have to sell the properties to the LLC at an arm's length price.
2007-01-16 16:36:04 · answer #4 · answered by united9198 7 · 1⤊ 0⤋
If you own them outright, you can quitclaim the interst from you to the LLC, though their may be excise tax required for this.
If you owe money on them, you'd have to get a loan in the LLC's name and "buy" it from yourself. the current mortgage woudl ahve been qualifed for based on YOUR credit/income, so this has to be redone.
2007-01-16 17:15:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
for what state? talk with settlement/real estate attorney
2007-01-16 18:05:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋