Form a LLC after you purchased the property?

[Adil Oghlan]

Hi All 

Here is the situation: I have spotted a potential deal and looking for equity partner, my uncle showed great interest and agreeing to partner with me on this deal, however due to the time limit we didn't file a LLC before we submit the offer. So the question is can we get the house under our names first then form an LLC and transfer the title? Or is there any better way to go about it? Any suggestion is welcomed! Thanks a million!

Adil

[Stephen Chittenden]

Originally posted by @Adil Oghlan:

Hi All 

Here is the situation: I have spotted a potential deal and looking for equity partner, my uncle showed great interest and agreeing to partner with me on this deal, however due to the time limit we didn't file a LLC before we submit the offer. So the question is can we get the house under our names first then form an LLC and transfer the title? Or is there any better way to go about it? Any suggestion is welcomed! Thanks a million!

Adil

 You can do that as long as you don't have a mortgage on the property.  You might also incur a second set of transfer taxes, depending upon your local laws in the state you live in.