Transfer to LLC after closing on replacement property
Hi, I will be closing on a replacement property next week. My initial property title had mine and my spouses name, I am buying replacement property with mine and my spouses name as well. Immediately after closing, I want to transfer the title to a LLC . LLC is owned by me and my spouse.
Question is will there be any transfer fee when I transfer the title from our names to LLC ?
Note that, The replacement property is in state of Maryland which is NOT a
"community spouse" state, therefore I must close with me and my spouses name and not close with LLC name. Please advise. thank you
Most Popular Reply
I am 99% sure you will need to pay the transfer taxes as well. Question I always ask people is why are they transferring to the LLC? What protections are they getting that are better than an umbrella insurance?
- Chris Seveney