New Title Insurance Policy??

General Real Estate Investing
1

I refinanced one of my rental properties into an LLC and now I have everything titled in the name of the company including all closing documents, warranty deed, security deed and homeowners insurance policy.

The original property was titled jointly in my name and my wife’s name. The LLC’s only members are my wife and myself, each with 50% ownership. The closing attorney was neutral on whether we needed a new owners title insurance policy. I have about 10 days left to decide if I want a new one.

Do I need a new title insurance policy in the LLC’s name, or does the existing one in my name and my wife’s name cover us??

2

ask your title insurance provider how they want to handle the situation.

I have had them transfer the policy under similiar circumstances.

also, ask for a “re-issue” rate. it is usually 40% below the regular rate.