OfflineHello....I have do some research with smoe local banks and noe of them are willing to write a mortgage under my LLC, they all do it under my name. So, how do I transfer my house from my name to my LLC name.
Thank you,
D
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Don't Wish the Past, Create the Future! - DH
I believe all you need to do is file a "quit claim deed" with the state to transfer the name on the deed/title to your company. I'm sure all states vary to a degree, so do a search online for: yourstate quit claim deed
The quit claim deed is to transfer the home you already own to your LLC, correct? Now, what about buying a home (even a forclosed home)? How would I go about getting banks or mortgage companies to allow me to purchase under my LLC's name and not my own (personal name)?
I believe the process is the same as buying it personally. The same risk assessment applies, meaning your LLC must have assets and credit worthy of the loan/risk the bank is taking on. A LLC with no standing in terms of assets or credit is like a person with no credit history. You have to move assets, liquid or otherwise into the LLC, and hopefully establish business credit, through business equipment, leases, credit cards, etc.
Contact your closing attorney before the closing and let him know that you have started an LLC and you would like to quit claim the property after the closing into the LLC. You can either choose to do it after the banker leaves or let the bank know what your doing ahead of time. They may ask you to personally guarantee the loan which is no big deal just as long as they let you remove the personal guarantee after you have made several on time payments. Too many personal guarantees could affect your personal credit score. Every payment you make on that loan is helping improve your companies credit and it won't be long before you won't have to transfer property an longer!
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