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Updated over 5 years ago,
Transferring property to LLC/ Due on sale clause
Hey guys. Just had an offer accepted on my first property. This property is going to be in my partner and I's personal names, as we don't have an LLC as of yet. We've been advised to close in our name, and then transfer the deed into an LLC via Quit Claim deed.
Here’s my question:
How concerned should I be with the"Due on Sale clause"? Is it better to simply close in our names, and refinance into the LLC in a few months? It seems putting a property into an LLC is much more complicated than I originally thought.