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Updated almost 8 years ago on . Most recent reply

User Stats

132
Posts
170
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Spencer Hilligoss
  • Investor
  • Alameda, CA
170
Votes |
132
Posts

DEEDS - What type to use for an LLC transfer? ... cost?

Spencer Hilligoss
  • Investor
  • Alameda, CA
Posted

We just closed on our first investment acquisition - a cashflow-positive duplex! Now that the deal is closed, property manager is hired and lender has approved an LLC transfer.... it's time to tackle the LLC transfer, itself.

I was hoping that some of you thoughtful BP.com investors out there could help advise on these two questions: 

1) What type of Deed should we use to transfer the property to our own multi-member LLC?

  • Special Warranty Deed? (seems like the right choice, if not slightly on the "overkill" side, and it can't cost anything incremental, right?)
  • Warranty Deed?
  • Quitclaim Deed?

2) What methods are out there to do a property transfer one's own California LLC... legally, quickly and frugally?

  • Context: We are already actively speaking with a lawyer, and I have walked through the online legal service providers out there. In either case, it seems like you end up paying a couple hundred dollars to complete a relatively simple process. Am I missing something? 


Thanks for reading/advising!

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