Transferring condo to LLC

5 Replies

Guys,

What is the process involved in transferring an existing condo to an LLC?

Thanks

Chai

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A good place to start would be consulting your attorney and CPA. There are several tax issues that could arise with a transfer as well as getting your insurance switched over. Switching over may possibly raise the taxes due to a reassessment due to the transfer, and depending on if the home has a mortgage you may need to consult the lender. It can be done and there are many reasons to do so. Without further information it is hard to say what may be involved for you. A cheaper alternative then an attorney would be do a property search and find homes in the area owned by an LLC and see if they bought as LLC or if it was transferred. You get what you pay for, save yourself the time and possibly more money later on by consulting someone qualified to speak to you. Good luck.

In most areas you pay transfer tax to move a property from one owner to another. However there may be an exception if you are moving it from your own name to a company you own. Talk to a CPA or a title company.