- Rental Property Investor
- Escondido, CA
- Votes |
Not sure if this is possible: I am looking for ideas on how to legally add someone (or an LLC) to the title of a property without necessarily having to obtain a new loan.
The background: My partner currently owns a property in his name and is the sole person on title. Going forward, we have arrangements to run the property as a 50/50 partnership. We would most likely hold title in an LLC which we are 50/50 owners of.
Since the terms of the loan my partner already has are good, we are investigating if there is a way to add me to the title (or put the property under the LLC) without obtaining a new loan.
From my limited knowledge and initial reading, it seems like adding a non-family member to title can initiate the acceleration clause where the loan would be due.
Any input is appreciated.