Posted on: 28th Jun, 2007 12:47 pm
I have recently formed an LLC (on line) for my real estate. (I own 6 rental properties). I want to quit claim that property into my LLC to remove myself, to protect my personal property from liability in case I was sued by a tenat etc. Since I'm the grantor and as the owner of the LLC the grantee, is this possible and how do I go about it?
Thank you
Paul
Thank you
Paul
hi paul,
welcome to mortgagefit discussion board.
there should not be any problem in transferring these 6 rental properties into the llc you have formed. for the transfer on the quit claim deed you will be named as the grantor and the name of the llc will be entered as the grantee. after the deed is notarized and recorded properties will be in the name of llc instead of yours.
do let me know if you have any other questions.
thanks
blue
welcome to mortgagefit discussion board.
there should not be any problem in transferring these 6 rental properties into the llc you have formed. for the transfer on the quit claim deed you will be named as the grantor and the name of the llc will be entered as the grantee. after the deed is notarized and recorded properties will be in the name of llc instead of yours.
do let me know if you have any other questions.
thanks
blue
"Since I'm the grantor and as the owner of the LLC the grantee, is this possible and how do I go about it? "
LLC is separate from you and that is why any lawsuit against you cannot affect the property that is part of the LLC. LLC will be the grantee.
Miller
LLC is separate from you and that is why any lawsuit against you cannot affect the property that is part of the LLC. LLC will be the grantee.
Miller
The steps would be; fill the deed form, get it notarized and after that recorded with recorder's office. Take help of an attorney in correctly filling the form so that there are no mistakes. After these steps are completed properties will be in the name of your LLC.
Hi Paul,
You can very well transfer your 6 rental properties through the quitclaim deed. It will protect your assets from any liability. But it is not you, but the LLC who becomes the owner of the property after its transfer through the deed.
You can very well transfer your 6 rental properties through the quitclaim deed. It will protect your assets from any liability. But it is not you, but the LLC who becomes the owner of the property after its transfer through the deed.
Assuming at least of few of the properties are not free and clear, you might want to check the "due on sale" clause in any mortgage.