Posted on: 04th May, 2012 11:28 am
My spouse and I are the sole owner of a rental property in Utah, still with a mortgage. We are establishing an LLC for the rental property, the LLC will be solely owned by my spouse and me. Can we just use a quitclaim deed to make the LLC own the rental property? or how should we do it? thanks.
Welcome Joan,
As far as I know, you can use a quitclaim deed in order to transfer the property to an LLC. Nevertheless, you can contact a real estate attorney and take his opinion in order to find out how you can transfer your property to an LLC.
As far as I know, you can use a quitclaim deed in order to transfer the property to an LLC. Nevertheless, you can contact a real estate attorney and take his opinion in order to find out how you can transfer your property to an LLC.
Hi Joan!
Welcome to forums!
I agree with Adonis that it will be a better option to contact a real estate attorney and take his help in drafting the deed to get the rental property transferred into a LLC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Adonis that it will be a better option to contact a real estate attorney and take his help in drafting the deed to get the rental property transferred into a LLC.
Feel free to ask if you've further queries.
Sussane
Use a quitclaim deed to transfer the property to the LLC. You can easily download forms from the internet. Make sure it is notarized and recorded with the county recorder where the property is located.
Also check your mortgage, you may need to get permission from the mortgage holder before transferring the property. Mine would not give me permission, but I did it anyway and they have not said anything. Transferring the property using a quitclaim does not impair their mortgage, so they are in no worse position.
Also check your mortgage, you may need to get permission from the mortgage holder before transferring the property. Mine would not give me permission, but I did it anyway and they have not said anything. Transferring the property using a quitclaim does not impair their mortgage, so they are in no worse position.
