My partner and I acquired a property in Lee's Summit and would like to transfer the title from our LLC to his personal name (so we can get a FNMA conventional on it). The title company that helped us close the transaction said, "they only do sales" and that in order to transfer a title we need an attorney. This leads me to a few questions:
- Is this true? Can you not handle a simple title transfer through a title company in Missouri with a quitclaim deed?
- If it's not true, does anyone have a good KCMO title company recommendation?
- If it is true, does anyone have a good real estate attorney recommendation?
Alex, I would recommend retaining an attorney on this transaction. Your situation contains two issues and requires analysis with regard to the company’s operating agreement in addition to the title transfer. Will you receive anything for your interest in the property before your partner takes title?
In full disclosure, I’m a Missouri real estate attorney.
Thanks for the response @John Spurlock . The situation is not that complicated. I will retain 50% ownership. My partner is one of my closest friends for a very long time so trust factor is not an issue.
I can give you a referral to who I just closed with, they caught a issue w/ one of my titles and were proactive about getting it fixed so it didn't tank my deal. But I really don't deal w/ title companies that often so I have limited experience with them.
@Alex V. - I can only speak to Platte County but it is very simple. Go to the county, file a quitclaim deed for about $25 and the next day title name is changed.
That being said = due on sale clause? Loss of entity protection? Is the LLC jointly owned? How will it be owned? You and your partner definitely need to sit down and talk with a good attorney. Not so much for the changing of the title but to ensure you are protected in the future and understand the future legal ramifications.
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