Updated over 8 years ago on . Most recent reply
LLC Structure and Title change via Quit claim
I am totally new to this website and liking the detailed responses. I need exact same info what William asked for. Sorry about the long question .. but I hope it will help others as well..
My Situation: I have formed two LLCs. 1St: Property Holding LLC and 2. LLC that will contract with my actual property mgmt company and the Tenant lease.
Set up as below:
"Holding " LLC--> "Contracting" LLC"
--> External Property Mgmt Company--> Tenant
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Currently the properties are in mine and my wife's name. I want to move them to a LLC for liability protection. I called my Title company and they said they can file a Quit claim and change the ownership to an LLC and no need to notify mortgage lender. They can even revert it back to my name in case of issues..
Questions:
1. Has anyone structured their LLCs in this way?
2. Should I go ahead and QUIT claim the Title to an LLC?
3. For Trust- Would LLC go in Trust or First I need to form a Trust? (we would like to form trust so our kids get the assets smoothly)
Regards,
Ric