Transferring Property from LLC to Personal Name

[Dandruff]

Hello All,

I need to transfer a rental property owned by single member llc (s-corp) (kansas) into our personal name.

a) Will a simple 1-2 page notarized Quit Claim Deed be sufficient that I can record with the county clerk?

b) this is to get a 30 yr mortage thru our bank that has told us that it is requirement of the FNMA / Secondary Market that the property should be in our personal name for atleast 6 months … any way to bypass this requirement??

c) anybody has a sample Quit Claim Deed they can share? Thanks.

Any issues later when selling the property / titlework etc.?

Thanks in advance, S.

[BLL11]

@Dandruff post:1

a) Will a simple 1-2 page notarized Quit Claim Deed be sufficient that I can record with the county clerk?

Yes

@Dandruff post:1

b) this is to get a 30 yr mortage thru our bank that has told us that it is requirement of the FNMA / Secondary Market that the property should be in our personal name for atleast 6 months … any way to bypass this requirement??

Don’t use an FNMA lender.

@Dandruff post:1

c) anybody has a sample Quit Claim Deed they can share? Thanks.

Just copy the deed that was used to transfer the property when you purchased it.

@Dandruff post:1

Any issues later when selling the property / titlework etc.?

The quit claim will void your title insurance.