Moving Title into an LLC
My partner and I have owned a multi family home for a couple years. We setup an LLC to shield us from personal liability. How do we go about transferring the prpoerty into an LLC? Does just the deed need to be transferred or does the mortgage as well?
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In most states you simply use a quitclaim deed granting the property from you to the LLC. You remain personally liable under the mortgage.
That' correct. I know in Pennsylvania, the property must be held for at least a year in one's own name and only after 1 year can the deed be transferred into an LLC. The mortgage will remain in your personal name(s). Hope this helps.