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Darlene S.'s profile image
Darlene S.'s profile image
Darlene S.
  • Investor
  • from Northern Colorado, CO
  • Member since Apr 18, 2016

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Darlene S.'s profile image
Darlene S.'s profile image
Darlene S.
  • Investor
  • from Northern Colorado, CO
  • Member since Apr 18, 2016
Darlene S.
  • Investor
  • Northern Colorado, CO
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Insurance

Owner Title Insurance and Quit Claim to LLC

Darlene S.
  • Investor
  • Northern Colorado, CO
Posted

First post here. Have been learning a lot from your questions and answers. I am purchasing a property meant to be short term rental. On the loan estimate it mentions Owner's title policy as optional. Should I purchase this? What happens when I quit claim the property to my LLC? Thank you.

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Tom Gimer
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Tom Gimer
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Replied
Originally posted by @Account Closed:
Originally posted by @Darlene S.:

First post here. Have been learning a lot from your questions and answers. I am purchasing a property meant to be short term rental. On the loan estimate it mentions Owner's title policy as optional. Should I purchase this? What happens when I quit claim the property to my LLC? Thank you.

Using a Quit Claim Deed invalidates Title Insurance. Talk to your Title Company before you do anything. Definitely have Title Insurance. If you Quit Claim to an LLC, you could be in violation of your loan's Due on Sale clause. That may or may not be a big deal depending on how you feel about things.

Regarding  title insurance, this is simply not accurate.

I've posted the defintion of "the Insured" under the standard ALTA owners policy several times on BP. Many LLC transfers do not invalidate TI. It has nothing to do with the type of deed used.

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