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quit claim

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Phx Guest	Posted: Fri Nov 06, 2009 1:52 pm    Post subject: quit claim Like 0 Dislike 0 we are thinking of forming an LLC for our seasonal rental property. Do we need to notify the mortgage holder and what are the consequences of forming an LLC with a mortgage on the property? Also, should we transfer the property via a quit claim to the LLC or just form the LLC as a business entity without that asset? If we do not quit claim does that relieve us of personal liability for claims?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Fri Nov 06, 2009 8:02 pm    Post subject: Like 0 Dislike 0 Hi Phx! Welcome to forums! As far as I know, you will have to notify the mortgage holder about the LLC. There are chances that the lender may not allow you to include the property in a LLC. You can use a quitclaim deed to transfer the property into an LLC. Feel free to ask if you've further queries. Sussane

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