LLC not approve before my purchase
Hello, thanks in advance for any and all advice.
If I buy a Mulitfamily (2) and pay cash and my LLC is not approved yet, is it easy and is there a large cost associated with the process of putting the property into the LLC after the purchase goes through?
Thank you
LA
Hi Lisa,
The process of moving the property from your name to the name of an LLC is fairly simple. You would generally just need to create a Deed from yourself to the LLC and have that Deed recorded in the record for the property. You can contact a title company or an attorney to assist you with this, because there are generally State and local requirements that the Deed must include. Additionally, a title company or an attorney would be able to let you know if a transfer tax will be applicable when you move the property from your name to the LLC.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
It will cost you a few hundred dollars, this, of course, depends on where you are located.
Are you saying you settled in the name of a buyer LLC that did not exist when the deed was executed?
That's a much different issue than simply transferring a property acquired in your own name to a newly formed LLC.
