Updated about 9 years ago on . Most recent reply
Quit claim deed help
Need quit claim deed advise. So I got a property under contract that we are going to flip. We did not have all of our paper work ready for the LLC at the time of sales contract so I put it in my personal name. It's a Fannie Mae Owned REO so I can't assign the contract I'm told. Doing a hard money loan which needs to lend to the llc, they are fine with me simply doing a quit claim deed at my original closing and transfer to the llc. The closing/title company seems a bit lost with this, not a new firm by any means. Anyone know the best route for me to accomplish this and am I going to get hit with double transfer fees etc?
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Your scenario seems simple enough. The deed from the Bank goes to you individually. The loan is signed by both you individually and you as member of your new LLC. You do a transfer to the new LLC. In Maryland there would not be additional transfer costs on the second deed. The title Company should not be confused by this.