Posted on: 07th Nov, 2007 05:09 pm
My wife and I have made our first rental property. we don't want to leave the deed in our personal names because of possible liability issues with personal assetes. We of course still have a mortgage on the property through our bank. We would like to transfer ownership to our LLC with a quitclaim deed. Are we allowed to do this while the mortgage with the bank is still in our name?
Hi ETBINC,
You have mortgage on the property. So generally it is your duty to let the mortgage company know about your quitclaim. Otherwise many problems may happen regarding this. So I think it will be better if you inform the mortgage company.
Thanks,
Larry
You have mortgage on the property. So generally it is your duty to let the mortgage company know about your quitclaim. Otherwise many problems may happen regarding this. So I think it will be better if you inform the mortgage company.
Thanks,
Larry
Hello Etbinc,
You may transfer the ownership to your LLC with the help of a quit claim but you have to take your lender's consent before doing that. Since the loan is in your personal name, you will have to take the bank's approval.
You may transfer the ownership to your LLC with the help of a quit claim but you have to take your lender's consent before doing that. Since the loan is in your personal name, you will have to take the bank's approval.