Updated almost 2 years ago on . Most recent reply
Transferring property to LLC
I live in WV and I just purchased my first rental property - a duplex in Florida. I would like to transfer this property from my personal name to my LLC. I have been assured by the lender that there will be no due on sale enforcement. Do I need to hire a real estate attorney to assist me with this?
Most Popular Reply
Hi John,
Congrats!
No, especially if they told you it would be okay. Make sure you have that in writing.
It is typically a simple quit claim deed. I am in Illinois, and here they are pretty easy to file.
I have transferred properties without getting the bank's permission. I don't recommend doing that, however if you just got the loan, chances are the interest rate is in the 7s, so they probably aren't going to be trying to call it in anytime soon!
make sure you indicate when you're signing for the company verse when you're signing in your personal capacity. You sign for both The Grantor and the grantee.
At the end of the day, this is one of those things where it's probably as simple as filling out the form and mailing it in with the fee, and that's all a lawyer will do for you as well, other than send a bill. Dm me if you would like I can send you the template I have used in my state as an example.