Want to transfer real estate to my LLC.

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Icon Mini Profile mdean63




Joined: 23 Aug 2009

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PostPosted: Fri Nov 13, 2009 4:35 am    Post subject: Want to transfer real estate to my LLC.

Hi,

I would like to transfer my primary residence to my llc which I am the owner of as well for estate planning purposes and asset protection. Will this cause a problem and can I still pay the property taxes in my name and keep the home owner's insurance in my name as well?
Icon Mini Profile raymond
raymond
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Joined: 03 Jul 2009

Posts: 850
Location: Orange County, CA
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PostPosted: Sat Nov 14, 2009 9:08 am    Post subject:

Everything will have to be in the name of your LLC, because the LLC holds Title to the property.

>>which I am the owner of

I own my home too, and I have a first and second mortgage. Do you mean the home is paid for? Or does a mortgage exist?

If you currently have a mortgage on the property, it will become due and payable. Mortgages are residential loans and an LLC is commercial, and the two aren't compatible.

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Raymond
www.ResponsibleReverseMortgages.com
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