Posted on: 10th May, 2010 07:18 am
I got together with two good friends and formed an LLC for the purpose of renting residential homes. We purchased three rental properties and would like to Quitclaim them to the LLC for liability purposes. The properties all have loans on them. Do we need to notify the current lender of the Quitclaim given that it doesn't really impact the financial liability of the loans? Thanks for your help in this matter.
Hi rrodenburg!
Welcome to forums!
As there would be a transfer of property, it would be better if you could inform your lender about the same. If the lender has any objections he would let you know about it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As there would be a transfer of property, it would be better if you could inform your lender about the same. If the lender has any objections he would let you know about it.
Feel free to ask if you've further queries.
Sussane