Updated about 7 years ago on . Most recent reply
Transferring property to LLC without invoking "due on transfer"
Hi all, I know this has been covered several time, but I think this is somewhat unique so I created a new topic. I'm in the process of buying a multi-family (3 unit) property. I'm taking title to the property in my name, but when I initially spoke to the bank that's financing this property, I told them that I have an existing LLC, and would like to transfer the property to the LLC at closing. I also mentioned that I would like some sort of confirmation from the bank that doing so will not invoke the due on transfer clause. Of course the bank told me that shouldn't be a problem but as the closing date draws near, I still don't have anything from them confirming it. I've asked for it several times, and at this point I feel like I'm getting the run around from them. The loan officer says her office is passing it through their corporate attorney to see if they'll allow the letter. I won't really feel comfortable unless I have that confirmation from the bank. Any suggestions?