World's Largest Mortgage Community

quit claim

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Phx Guest	Posted: Fri Nov 06, 2009 1:52 pm    Post subject: quit claim 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: 3738 Location: Alaska 561.45 Dollars($)	Posted: Fri Nov 06, 2009 8:02 pm    Post subject: 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

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0