Quit Claim Deed Georgia - Personal to LLC

9 Replies

Hey BPers - I have a rental property for which the loan is in my name. However, I would like to transfer the loan to my LLC. I've been trying to Google the process for GA but the internet has been a little vague.

Has anyone done this in Georgia and is it as painful as it seems?

There is a box on the PT-61 to check for related party transaction. That exempts it from transfer tax and property tax reassessment based on sale. The only fee is recording charged by the Clerk of Courts

I had a Real Estate Investor advise me to put my properties into my LLC, and told me why, but I have forgotten. What are some reasons you move your property from your name into the name of your LLC? I was successful in doing so, but when I was meeting with an attorney and he asked me why I did this, I had no answer.

Originally posted by @Lear R. :

I had a Real Estate Investor advise me to put my properties into my LLC, and told me why, but I have forgotten. What are some reasons you move your property from your name into the name of your LLC? I was successful in doing so, but when I was meeting with an attorney and he asked me why I did this, I had no answer.

LLC can protect your personal asset if a tenant tries to sue you. I don't think its worth the hassle to create a LLC if you have less than 10 properties. Reason being is the cost and structuring it the right way is such a headache. Landlord insurance on each property and an umbrella policy will cover the issue if you get sued. Having one LLC doesn't really help much; a good lawyer can trace it back to you.

Thank you Ezekiel, I am building up to 10 I currently have 4, and it cost 600.00 bucks. Also does landlord insurance cover for vacancy? I don't have landlord insurance I always thought it was a myth, and a lot of insurance companies don't carry it. Who do you recommend?