LLC Transfers

Can someone please tell me what the steps are to have property transfered into an LLC:

  1. At closing
  2. After closing (property is already in my name and want it in an LLC)

Also, what are the issues with the banks and insurance companies in doing so?



Howdy JoeDC:

The steps are easy: Form a LLC at Sec of State where you live or where you want the LLC and then get a deed and put LLC as Grantee and you as grantor and file at the county courthouse. Why tell the banks and insurance companies?


What if he is using the LLC to remove the property tradeline from his personal credit. Wouldn’t he/she need to refi under the name of the LLC?

removing the loan (mortgage) form his credit will not happen until the laon is refi’ed or paid in full. However, if the purpose is to show a new lender that the person is no longer responsible for the mortgage, you can transfer the property to a trust or llc and then supply the lender with the HUD statement for the transfer. this scenario is similar to purchasing a house “subject to existing loans”. the seller will get a hud 1 outlining the transfer.

But wouldn’t this tradeline still appear in your credit report…affecting your current “ratios” in order to secure another mortgage… and would a new lender just accept a HUD statement to show that you are no longer responsible? …and I know there penty of questions regarding this topic but I am still not very clear to me whether or not the so called “Due on Sale” clause does in fact take effect when this happens or if one can just transfer this property free and clear, from one’s name and into the an LLC therefore making this aliability for an LLC…???

Please go to a good asset protection attorney or get Pat Tarrs course Armor & Camo and she will guide you thru it for 6 months.