Posted on: 20th Jun, 2009 06:16 pm
My wife and I own a rental property with a mortgage on it. If I set up a LLC (only with my name), and I want to transfer the ownership of the rental property to LLC. My question is:
1. Is this possible? Does the LLC has to have both our names?
2. If possible, what may happen to our mortgage and title insurance?
Thanks.
Dennis
1. Is this possible? Does the LLC has to have both our names?
2. If possible, what may happen to our mortgage and title insurance?
Thanks.
Dennis
Hi Dennis,
Trasferring the ownership of the property to the LLC is quite possible. You and your wife needs to sign a quit claim deed to transfer the title to the LLC. You and your wife would be the grantors and the LLC would be the grantee. The LLC does not necessarily have to be in both of your names. You will have to inform your mortgage and title insurance company about this change in ownership.
Trasferring the ownership of the property to the LLC is quite possible. You and your wife needs to sign a quit claim deed to transfer the title to the LLC. You and your wife would be the grantors and the LLC would be the grantee. The LLC does not necessarily have to be in both of your names. You will have to inform your mortgage and title insurance company about this change in ownership.
jxj4538,
this is one of the good option to transfer the property on the other person's name but what i will recommend you in this regard that instead of transferring the property you should setup first a LLC and then purchase any new property on the LLc's name.But if you are transferring the property in order to avoid any foreclosure or short sell then it will not fulfill its original purpose. Court and lender will surely find it out about the original ownership of the home property .
I am just hypothetically stating about the situation , you may not even have the said purpose behind your action.
keep in touch................
:arrow: :arrow: :arrow:
this is one of the good option to transfer the property on the other person's name but what i will recommend you in this regard that instead of transferring the property you should setup first a LLC and then purchase any new property on the LLc's name.But if you are transferring the property in order to avoid any foreclosure or short sell then it will not fulfill its original purpose. Court and lender will surely find it out about the original ownership of the home property .
I am just hypothetically stating about the situation , you may not even have the said purpose behind your action.
keep in touch................
:arrow: :arrow: :arrow: