Posted on: 28th Jan, 2008 04:42 pm
If I file a quick claim deed to transfer my duplex to a LLC do I have to pay real estate transfer fees??
Hi Scnimmer,
Welcome to the forum.
Is it a mortgaged property? If so then you can't quitclaim it without taking approval from your lender. If you quitclaim it with taking approval from the lender, it will accelerate your mortgage.
You will have to pay real estate transfer fees even on a transfer to your own single member LLC.
Feel free to ask if you have any further questions.
Thanks,
Larry
Welcome to the forum.
Is it a mortgaged property? If so then you can't quitclaim it without taking approval from your lender. If you quitclaim it with taking approval from the lender, it will accelerate your mortgage.
You will have to pay real estate transfer fees even on a transfer to your own single member LLC.
Feel free to ask if you have any further questions.
Thanks,
Larry
Yeah, you have to pay the transfer fees. it varies from state to state. For eg, for Florida, it is $0.70 for each $100 of consideration including obligations already discharged and other liens.