Posible Recording Problem ???

General Real Estate Investing
1

I have a friend who recently purchased a couple of homes in his own name not knowing otherwise. However, recently he has set up LLC for each home. Question is? How dose he go about changing his name on the records to his LLC’s name???

And once the name on the property is changed is he safe from the eyes of attornies in the event of a lawsuit??

Thanks, in advance. Joe

2

Joe, It might be better if he considers putting them into a Land Trust. This will get his name off public record as owning the property and wont bring his LLC into view either.

3

Is he safe from a lawsuit? No, definitely not.

If a lawsuit arises out of his business activity, however, the LLC may help LIMIT his LIABILITY exposure to only the assets owned by the LLC.

4

Dave,

Thanks for the reply. That’s what I kinda thought. Is there a way for him to have the LLC on the recording at this point or is that just a waist of time. If not, what are the benefits and how would he go about doing it?

Thanks, Joe.

5

Have your friend see his lawyer to draw up quit claim deeds which transfer title to the respective LLCs.