LLC / due on sale clause help

[Ryan Keenan]

Hi BP, trying to change the title of my rental property out of my name and into my LLC. The bank said that it was fine however they will still report to my personal SS# and the insurance must stay in my name not the LLC.. My question is this providing any benefits or protection for myself other then gaining buisness credit?

Thanks!

Ryan

[Charles Carillo]

@Ryan Keenan

Make sure you get that in writing from the bank that they will not accelerate the loan payments if ownership changes. Speak to your real estate attorney for the correct wording and process but this is a problem I have run into before. Every time I called the bank, I got a different answer so when my attorney told me to get it in writing; the truth came out, that you cannot change ownership (I guess I could have if I wanted to reapply for the loan - but that is not a probable solution).