Conflicting Advice From 2 Lawyers
Today, I received conflicting advice from 2 lawyers. The question is regarding a quit claim deed at closing to transfer a property to an LLC.
One lawyer said that you can file a quit claim deed at closing o transfer a property to an LLC, but that there is a 4 year lookback, meaning that for the next 4 years, the LLC does not protect me at all, and that I could be sued personally arising out of disputes regarding my property and LLC. After the 4-year lookback, he said that the LLC would provide me protection.
The second lawyer strongly advised not to quit claim deed at closing to transfer a property to an LLC, since it violates the loan by transferring the property to another entity other than myself. He also sad that there is no such thing as a lookback for an LLC and property.
I am confused. 2 competent (or at least I think so) professionals gave me very different and conflicting advise. Is this common, and if so, how do I find out the real facts about the lookback.
Get a third opinion from a lawyer in your state.