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Updated over 7 years ago on . Most recent reply

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8
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2
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Erin Kilrain
  • Philadelphia, PA
2
Votes |
8
Posts

Transferring property ownership to LLCs

Erin Kilrain
  • Philadelphia, PA
Posted

Hi,

I'm very new to investing and wanted to find out info about if and how I can transfer my existing property (of which I still have about 90% left to pay on the mortgage) to an LLC.

I'm pretty sure I will have to pay closing costs but not sure how it works with the remaining mortgage. I'm pretty sure my bank won't allow me to transfer the balance of the mortgage under the same terms to the LLC, so is it possible? Or even just point me to the best person (i.e. lawyer, accountant, etc) to get this info from.

Thanks! (This is my first post so please be nice)

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