Posted on: 06th Nov, 2009 12:52 pm
we are thinking of forming an LLC for our seasonal rental property. Do we need to notify the mortgage holder and what are the consequences of forming an LLC with a mortgage on the property? Also,
should we transfer the property via a quit claim to the LLC or just form the LLC as a business entity without that asset? If we do not quit claim does that relieve us of personal liability for claims?
should we transfer the property via a quit claim to the LLC or just form the LLC as a business entity without that asset? If we do not quit claim does that relieve us of personal liability for claims?
Hi Phx!
Welcome to forums!
As far as I know, you will have to notify the mortgage holder about the LLC. There are chances that the lender may not allow you to include the property in a LLC. You can use a quitclaim deed to transfer the property into an LLC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you will have to notify the mortgage holder about the LLC. There are chances that the lender may not allow you to include the property in a LLC. You can use a quitclaim deed to transfer the property into an LLC.
Feel free to ask if you've further queries.
Sussane