Quit Claim Deed to LLC

[Brandon Redfern]

I have recently purchased a few rental properties with a partner. One property is in his name and the other two in my name. We just submitted the paperwork for our LLC. I've read on here and have been told the best thing to do is a Quit Claim Deed. Any issues other than the mortgage company calling the mortgage? What's the easiest/least expensive way to do a Quit Claim Deed?

[Jerry W.]

There is no real reason to use a Quitclaim over a Warranty Deed, but I see no drawbacks either. The forms for deeds are extremely simple. You can usually use the exact deed you gained title in and just change the names. For an LLC you usually list the state of incorporation as well as the principal place of business. Many states have forms for deeds in their legal section of their statutes or Secretary of state sites. Again if you have little time it may be cheaper to have a title insurance company or even an attorney draft your deeds. As long as your lender is on board it should be good. The lender may insist on a new mortgage lenders title policy if they decide they do not want to call the loan. Good luck. I think doing an LLC for a joint venture is a good idea. Pay attention to getting a good operating agreement that clearly spells out the agreement between you and the other party.