How To Transfer Ownership Of Properties To An LLC?
I am not sure if anybody already posted this subject---I couldn't find one.
Basically, can anybody give me the "general" steps on how to transfer rental properties from my own name to my new LLC? Also, on new properties that I am about to close on, should I tell the closing attorney that I want the property transferred to my LLC during the closing or before I even get to the closing---or should I have told my mortgage broker this right from the beginning?
[ Edited by rcpggp on Date 06/04/2004 ][ Edited by rcpggp on Date 06/04/2004 ]
Check out the operate agree and local restriction.
but in essence this is what my attorney said:
There's an LLC resolution to get property
you quit claim the deed and other docs to the LLC
your share in the LLC is increased
as for purchase, see if the purchase agreement is assignable, and if so you can assign it the purchase cantract to the LLC. The mortgage is a different issue. Will they fund the loan in the name of the LLC? Ask, if the simple question.
here is a list of various resolution I found on the net. It's my preference to pay an attorney to give me a boiler plate version the 1st time, and then reuse it, rather than free or $20 forms on the net.
Resolution for Election of Officers and Directors
Resolution to Issue General Release
Resolution (General) with Shareholder Approval
Resolution to Acquire Assets of a Business
Resolution to Adopt a Trade Name
Resolution to Borrow Money from a Bank
Resolution to Authorize a Contract
Resolution to Borrow Money from a Bank (Form 2)
Resolution to Defend a Lawsuit
Resolution to Indemnify and Hold Harmless
Resolution to Issue a General Release
Resolution to Issue a Guaranty
Resolution to Lease Equipment
Resolution to Lease Automobiles
Resolution to Lease Real Estate/Office
Resolution to Mortgage Real Estate
Resolution to Issue Company Credit Card
Resolution to Issue a License
Resolution to Open a Bank Account
Resolution to Purchase Equipment
Resolution to Purchase Motor Vehicles
Resolution to Purchase Real Estate
Resolution to Qualify as a Foreign Corporation
Resolution to Approve Action of Officers and Directors
Resolution to Retain Accountant/Professional
Resolution to Retain Consultants
Resolution to Sell Assets of Corporation
Resolution to Sell Equipment
Resolution to Sell Motor Vehicle
Resolution to Sell Real Estate
Resolution to Terminate Employee