Quit claim deed help

[Robert Buck]

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?

[Robert Buck]

Property is in Washington County Maryland btw

[Rich Baer]

@Robert Buck

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.

[Robert Buck]

That is exactly what everyone is telling me but the title company seems lost and it's making me nervous. I've used them for three closings this year but going to call around. This seems simple enough to me but they seem lost, even told me if I transferred one investment property to my llc I'd have to transfer all of my properties to it. I was amazed and replied ummmmm no!! Any recommendations for title companies around Hagerstown MD.

[John Garruto]

We just use this law firm and were impressed. Roger did our closing.

Schlossberg, Mastro & Scanlan
18421 Henson Blvd., Ste. 201
Hagerstown, MD 21742

[Wayne Brooks]

The person you're talking to at the title co. seems lost, since you said they said you'd have to transfer all your properties to your LLC.....just nuts. Talk to someone higher up in the title co. I don't know VA laws, the double transfer tax may be valid, or not. BTW, the Fannie REO restrictions used be not only can you not transfer title/encumber for more than 120% of your purchase price within 90 days.....but you can do NO transfer for the first 30 days....verify if this is still in effect. Of course, this is supposed to be a title restriction, contained in the deed you receive, but many times they forget to include that.

[Rich Baer]

@Robert Buck

I have Title Companies that I would recommend to you. If you so desire, send me a PM an I will share the info.

[Robert Buck]

Thanks everyone for the replies the information came from the owner/lead attorney at the title company so I did call a couple others and am using a different title company.

I was pretty sure when they told me I'd have to transfer all my investment properties to the llc that I was moving things elsewhere and that's what ended up happening.

[Jay Hinrichs]

@Wayne Brooks  just brain storming here..

how about he takes title in his personal name and LLC name as tenants in common.. maybe the bank will go for that.. then he simply QC his peronsal name off at later date ?

[Wayne Brooks]

@Jay Hinrichs Yes, except this a Fannie REO, and he has to take title in the name on his purchase contract.....then do whatever.

[Jay Hinrichs]

@Wayne Brooks I wonder if they will accept a tenant in common buyer.. IE LLC and personal name up front.... I get it you have to have that on your original offer. and I am all about that. and the a large EM keeps the riff raff wholesalers out of our deals.

[Robert Buck]

So went to a new title company and they said no problem doing this the deed restriction says I can't sell the property with in 90 days for more than $114k which is not a problem.
So the new title company says this is easy and no problem, I don't even have to quit claim just a simple transfer with no additional transfer fees because im the principal owner of the LLc they have it all figured out and will have it ready at closing. Thanks everyone for the help.

One note is they also restricted the deed that I can not finance more than $114k on the property for 90 days with a purchase price if 95k not sure how they expect me to rehab it but we are working through that easy enough.

Thanks again everyone

R. Buck