Investor · Upper Marlboro, MD · Member since 2014 · 4 posts · 0 votes
I have a LLC.
I want to assign a property to the LLC at closing.
Do I just sign the name of the LLC on the multitude of pages where my signature should go?
Multi-family Investor · Anchorage, AK · Member since 2013 · 36 posts · 10 votes
12y
Is the LLC the purchaser of the property? If you are purchasing the property under your name you can quit claim the deed ,for whatever interest you have , over to the LLC after closing. If the financing is in your name you will have to put the property in your name initially. An LLC is it's own entity and is used to create a wall of separation between you and the LLC's liabilities. If you're using traditional financing the bank won't allow you to assign the liability to an LLC since they need to be able to come after your assets should you default.
Simply put you can't guarentee a loan with your assets and income and then transfer that responsibility to an LLC (abdicating yourself of responsibility).
Fisher, IL · Member since 2013 · 18 posts · 6 votes
12y
I know there are differing opinions on this subject. But being that there are yearly fees with a LLC. He recommended using that money to increase my liability insurance instead.