Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Legal & Legislation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

8
Posts
1
Votes
Steve Diercks
  • Investor
  • Birmingham, AL
1
Votes |
8
Posts

Transfer home from deceased Mother to LLC

Steve Diercks
  • Investor
  • Birmingham, AL
Posted

Hello! My mother-in-law passed away 8 years ago and left us (wife and her brother) a house at the beach.  She did not leave a will and my brother-in-law was named executor of her estate.  He has left the property in her name and paid the mortgage since she passed.  We are now all in the process of restoring/rehabbing the property with goal of renting as Airbnb.  We’d like to 

1) Move title to our joint LLC (Currently in deceased mother-in-laws name)

2) Refinance the house to recoup repair cost  

Is this the order we should proceed? Are there any legal issues we need to handle to make this move to our new family LLC? How can we line up financing (30 LTV) to pay-off small mortgage that currently exist. Looking for help on how to pull off this move legally and with lowest cost and complications?

Most Popular Reply

User Stats

3,474
Posts
3,424
Votes
Tom Gimer
  • DMV
3,424
Votes |
3,474
Posts
Tom Gimer
  • DMV
Replied

Sounds like transferring record title from the estate to heir/heirs which should have occurred would have subjected the property to immediate attachment (and may have regardless of the inaction).

This problem scenario cannot and should not be solved in an online forum.

  • Tom Gimer
business profile image
Gimer Law

Loading replies...