Quit Claim From Personal To LLC
a few questions?
1. can this only be done immediately after purchase or can this be done at anytime down the line (months years later)
2. do you / should you / are you required to let the bank know that you have done this?
3. will this activate the Due on Sale clause?
4. What happens if this does activate it do you have to sell the property in 30 days?
Thank You in advance!!!
Thanks alot ITBInvestor. i already have 2 properties in my name from before i had my single member LLC. i want to change these to my LLC, so i was wondering if this could be done & would it be a problem.
Once i do this should i refi into a comm. mort. or would it be ok to leave it as is in my personal name?
Sorry for all the questions?
If i may ask what was the purpose for the DODI from LLC to personal back to LLC.
Once i do this should i refi into a comm. mort.
it seems these days commercial is hard to get than residential.
The closing attorney prepared two deeds back to back so the underwriter sees them both. They are "de facto" approved in writing and IDed in the closing packet instructions.
The Deed Out is required for the personal guarantee required by the underwriter. They would not accept a personal signature with the property in the LLC. The Deed In kept the accounting unchanged (no distribution).