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Deed out (1 viewing) (1) Guest
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TOPIC: Deed out
#915
Sumo (User)
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Deed out 7 Months, 3 Weeks ago Karma: 5  
I have a client that wants to quit claim a piece of property he just bought to an LLC for liability purposes, are there any issues I should consider here? The mortgage is in his name, and the property is a vacant piece of land. Thoughts?
 
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#917
Samantha (User)
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Re:Deed out 7 Months, 3 Weeks ago Karma: 2  
because the mortgage is in the person's name, if you transfer the property then the bank will call the mortgage under the due on sale clause.

so, I'd be careful transferring the property to the LLC. Is it resident or commercial property?
 
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#919
Jacob (User)
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Re:Deed out 7 Months, 3 Weeks ago Karma: 2  
I would have it transfered to an LLC whether it was residential or commerical property so that you protect your personal assets from suits.
 
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#921
Sumo (User)
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Re:Deed out 7 Months, 3 Weeks ago Karma: 5  
Yeah, but its my understanding that if you have a vacant pieced of land, you homeowners policy would cover any incidents you may have on the land? What additional protection does an LLC really provide?
 
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