Are there any mortgages on the properties? If yes then you should take permission from the lender before quitclaiming the properties to LLC. Otherwise the may call the loan due according to the Due on Sale Clause.
If he gives permission for that you can also refinance the mortgage on the name of LLC.
Feel free to ask if you have any further questions.
Posted: Mon Mar 24, 2008 10:46 pm Post subject: quit claim into LLC
Hello,
I have seveal questions regarding Quit Claims
I own 20% of a property in NV and would like to quit claim the property into an newly formed LLC. All the other investors are on the existing title and loan. Do all the investors need to sign the quit claim?
Does the Quit claim form need to be notarized in the state (NV,AZ)that the property exists or can I get the quit claims notorized in the state I live (CA)? Will I be exemt from transfer taxes in this situation?
The main reason to Quit claim is for asset protection.
Posted: Tue Mar 25, 2008 4:12 am Post subject: RE: quitclaim to LLC for asset protection
Hi Benny,
Welcome to our community forums.
If the investors are on the title, then they should sign on the deed. The deed should be notarized in the state of NV where the property is located. Also, you need to use a quitclaim form approved by the state where the property is located. But get the form reviewed by an attorney just in case you'd like to make changes on the deed regarding the language etc.
Since you are in NV, you will have to pay real property transfer tax which is usually imposed on transfer of property exceeding a value of $100.
larry
