I have done enough research to know that closing on a property in the name of a LLC is the better option if available. But what about the other option of closing in my personal name and then transerring the Warranty Deed (Georgia) into a LLC. Ignore the whole issue of DOS violation for the purpose of this example. Now, this would need to be followed by repurchasing title insurance and homeowners insurance in the LLC name. At this point, only the Security Deed (lien) is in my personal name. Where does this leave my individual liability when everything is in the LLC’s name, except for the lien??
obviously not as good as the first option. better than nothing. assign the mortgage, too, to avoid comingling.
Thanks for the response. What exactly would the process be for transferring, or assigning, the mortgage (Security Deed) over to the LLC?? I was not aware that this was an option…
form: Assumption Agreement of Deed of Trust and Release of Original Mortgagors
although the original loan probably doesn’t allow for assumption, in practice, as long as they’re getting regular payments, they’ll probably never know.