All Forum Posts by: Michael Anderson
Michael Anderson has started 1 posts and replied 4 times.
Post: Do we need to update existing leaseto an LLC if we move rental property to an LLC?
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Quote from @Nathan Gesner:
Quote from @Michael Anderson:
It is recommended that you change everything over to the LLC. You can do this with a simple, one-page addendum, or even a written statement added to the existing lease and signed by you and the tenant.
Example:
This lease agreement is hereby amended to reflect the change in ownership of the rental property located at 123 Straight Street, Cody, WY 82414. Effective December 1, 2024, ownership of the property has been transferred from Michael Anderson to Electric Sage Brush, a limited liability company.
All terms and conditions of this lease agreement remain in full effect, and all payments, notices, and correspondence should henceforth be directed to Electric Sage Brush LLC at the following address:
2001 Space Odyssey Dr, Cody, WY 82414
This change in ownership does not affect the tenant’s rights or obligations under the lease agreement.
All parties sign to confirm the change. Future documents will only name the LLC.
Thank you @Nathan Gesner, this is helpful, but I am not sure Tenants are so friendly and sign another document but can give a try, if they refuse to sign, what are my options? and there will be no change in any of the lease terms that's against tenants, just moving from my name to the LLC.Thank you!
Post: Do we need to update existing leaseto an LLC if we move rental property to an LLC?
- Posts 4
- Votes 0
Quote from @Drew Sygit:
@Michael Anderson you have two options:
1) Create an Assignment of Lease from you to LLC
2) Have tenant sign new Lease with LLC.
Really only an issue if eviction or some other court issue.
Thank you
Post: Do we need to update existing leaseto an LLC if we move rental property to an LLC?
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@Adam Bartomeo, Thank you, so is it not necessary to inform the tenant? I am not sure the Tenant is so friendly, my property manager deals with them.
Post: Do we need to update existing leaseto an LLC if we move rental property to an LLC?
- Posts 4
- Votes 0
Hello, I have my rental property lease agreement with my name as a landlord. Now, I want to open an LLC and move the title to that LLC. My question is, do I need to update my name to LLc in the rental agreement and inform the tenants and property manager or continue as is with my name in the lease? Please advise. Thank you!