I have my LLC set up in my home state. I now want to transfer a rental I own out of state to the LLC.
I was told to use a warranty deed. Is there a good place to get one?
Do I need to record it - if so in which state?
I will also let my insurance co know.
Is there anyting else I need to do?
Thanks
Val
you can find basic warranty deeds online tailored for you state. sometimes at office depot-type stores.
you should record it in the county where the property is located.
Thanks Mark - you are very helpful!
I did find a cheap one at findlegalforms.com - it is a general warranty deed for indiana.
I was just advised to deed the property to a land trust with the benneficiary my LLC.
Is there somewhere to get a land trust form - I can’t seam to find one.
This is my understanding - can you tell me if I am missing something?
I set up the land trust - my friend is trustee - my husband and I are grantors and our LLC is the beneficiary.
I sign the warranty deed giving the deed to the land trust - the trustee sign docs on behalf of the trust - get notorized.
Record deed in Indiana transferring title to the trust.
Call insurance co and have policy changed to Land Trust and my llc is named as additoinaly insured.
Am I missing something?
Thanks for anyinsight you can give.
Val
I thought of another issue.
How can I let the LLC run the property - ie. hire local management co. pay repairs, taxes mortgage etc. so that the trustess does not have to get involved in every little detail.
I think I remember somone along the line saying that the trustee can have a managment agreement with the LLC to run the day to day operations for the property. Is this true?
Thank You
Val
the beneficary, or “beneficial owner” controls (runs) the property, and is entitled to all revenues, expenses, deductions, etc. the trustee just owns it.
trust documents are a little harder to come by. something about practicing law without a license. I’d suggest you get the first one from an atty for $750 or so, and then you have the form forever.