Seller wants to Quitclaim from LLC to Self before closing?

[Michael C.]

Im under contract with an LLC on a rental property in North Carolina. The seller owns a property in an LLC but has a loan in their personal name. In the past the quitclaimed it to the LLC right after financing. Now I'm under contract with the LLC and the want to quitclaim it back to themselves before closing with me.

This is an active rental property and the lease lists the personal name not the LLC.

I believe they have good intentions, but I want to make sure to protect myself. I'm thinking about asking for all contracts, amendments and disclosures be redone in their personal name and asking for a lien waiver from the LLC. What else am I missing in this situation to protect myself? Should I just force them to sell from the LLC?

[Wayne Brooks]

Agreed, the owner likely just Thinks he needs to do this....no mtg, legal or tax savings reason for doing it. If he insists, talk to your title co. about specifics.

@Gloria Sheridan It’s to have to do this in your situation, a refi where you Have to own/finance in your personal name, for a conventional loan.  No real need in doing it for a straight sale though.