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Updated about 4 years ago,
Transfer title to LLC without triggering due on sale clause
I'm closing on a house in GA. I want the house to be in an LLC but I will have to secure the conventional mortgage. My lender and his main underwriter are swearing up and down that they close loans all the time for investors who quit claim the deed to the LLC and while it does technically enable the due on sale clause the banks never call the loan. I have the ability to close the deal cash but I don't want to run into a situation years down the road where the bank decides to call it because they can make more interest after rates rise. Is this really as commonplace as they make it sound to quit claim the deed and not get called on the loan? For what it is worth I am the sole member on the mortgage and the sole member of the LLC. Thanks