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Updated about 3 years ago on . Most recent reply

Clay Couvillon's profile image
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Clay Couvillon
  • Member since Nov 4, 2019
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Clay Couvillon's profile image
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Clay Couvillon
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Clay Couvillon
3
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30
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Buying & Selling Real Estate

Transitioning Rental property to an LLC

Clay Couvillon
Posted

Do I have to have the property for a certain amount of time to transition out of my name, and into an LLC, are there any penalties ? Is this an easy transition? How long does the process take?

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Mike Davis's profile image
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Mike Davis
  • Lender
  • from Annapolis, MD
  • Member since Feb 16, 2022
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Mike Davis's profile image
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Mike Davis
  • Lender
  • from Annapolis, MD
  • Member since Feb 16, 2022
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Mike Davis
  • Lender
  • Annapolis, MD
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Mike Davis
  • Lender
  • Annapolis, MD
Replied

@Clay Couvillon if you're the sole owner in the LLC, shouldn't be a problem. If there are other owners in the LLC, a Form 107.9 endorsement may be needed to name the additional insured(s) on the title policy.

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