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How do you transfer a house deed from an individual to our LLC?
Wiki User
∙ 15y ago
First you must make certain your LLC is property registered with the state. The Certificate of LLC should state the name of the person who is authorized to deal with the real estate. The grantee on the deed should be recited as "Main Street Realty, LLC, a limited liability company duly established under the laws of Massachusetts (or your own particular state)". The grantors on the deed should be every person who presently owns any interest in the property. The Certificate of LLC should be attached to the deed or recorded as a separate document immediately following the deed. The recording of the certificate will avoid any problems that may arise later when the property is conveyed by the LLC and the purchaser questions the authority of the person signing the deed of conveyance.
Wiki User
∙ 15y ago
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How do you quitclaim deed from an individual to LLC?
The quick claim deed must be filled out by the individual owner. The individual owner must be a shareholder in the limited liability corporation.
How can you transfer an existing mortgage out of your own name and into the name of an LLC?
You cannot transfer a mortgage since the mortgage is owned by the bank. The bank is unlikely to remove the obligation from you to an LLC. You would need to pay off the existing mortgage, transfer the property to the LLC, and then refinance under the LLC . . . if the bank will allow the transfer of title and new mortgage.
If you have an LLC and file chapter 7 can they take your part of the LLC?
== == The answer to your question depends upon the law in your state. If an individual files for bankruptcy most assets of the individual may be sold or otherwise disposed of in a Chapter 7 bankruptcy in to partially satisfy the debts of the individual. While an interest in an LLC is an asset of the individual, many states have statutes within their LLC Act which provide that an LLC interest may not be taken outright by a creditor, but rather a charging order will be issued. Typically this means that the individual who is the holder of the LLC interest will continue to be a member of the LLC and will continue to vote the LLC interest; however, any distributions which are made by the LLC to the individual would be paid to the creditor or creditors rather than to the individual due to the charging order.
How do you transfer real estate from an individual to a limited liability company?
With a deed. No, seriously, an LLC is a legal "person" that the state has given the power to hold real estate. If the organization documents (or state laws) restrict such ownership, then you'll need expert local advice to solve the problem (vote of members, or whatever). However, if the LLC is simply receiving property as a capital asset, and is legally permitted to hold such property, then it has its name entered as a "grantee" of a deed, in the proper form, signed by the "grantor", and properly notarized, stamped, sealed, delivered, and recorded, according to local conveyancing practices.
Would it be better to use a Quit Claim or Warranty Deed to transfer a property to an LLC and would my bank have a problem with it?
If there is a mortgage on the property there is most likely a clause that will trigger a demand for payment in full if the property is transferred. You should check your mortgage document.
Which type of business is owned by a individual?
An individual can own an LLC. im sure there are other types an individual can own....
How does personal bankruptcy affect your LLC?
A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
How do you sell an LLC?
Ebay or through specialized companies that transfer title of companies.
If you owe the IRS money--can you open an llc with someone else and can the IRS touch it?
The IRS can go after anything that could be construed as a fraudulent transfer to evade taxes. And even if it could not establish that the transfer was fraudulent, the IRS could go after your ownership interest in the LLC and take the LLC away from you to satisfy your tax debt.
Is roman abramovic the owner of the known house investment LLC?
No, Roman Abramovich is not the owner of Known House Investment LLC. Known House Investment LLC is a real estate investment company based in the United States. Roman Abramovich is a Russian billionaire and owner of the English football club Chelsea FC.
If property is not sold but transferred to LLC corp in wifes name is title ins still in force?
Title insurance is non-transferrable, meaning, if the deed changes, the Owner's Coverage from a PRIOR Policy does not cover the new owner. It doesn't matter whether it has been "sold" as consideration for a transfer can be anything each party agrees is of value. Many years ago, you would find deed vesting as folllows: "for the consideration of love", meaning a property had been transferred with no monetary value. If the property has a lien (mortgage on it) in the origial owner's name, you may want to also check the terms of your mortgage for "transfers" (ie sales). Most mortgages have a "due on sale" clause that means the loan must be paid in full at time of transfer to the new owner. The LLC may have to go get a new mortgage under its business entity, since the bank with the original loan had terms and conditions of making a loan to an individual, not a business/LLC. When transferring property, under a sales contract, agreement for sales or a Quit Claim Deed, it is advisable to check the terms of the current mortgage and also be aware that title insurance as an Owner's Policy, ONLY insures the owner who originally took out the Policy. Once the property is no longer owned by that individual(s), the Policy expires, regardless of what means the property was transferred by.
What is fcc as custodian?
First Clearing LLC, is the clearing house for your IRA.
