Using a Quick Claim Deed or Warranty Deed to Transfer property from Personal to LLC

[Ed Hoffman]

I was told that if you purchase a property using a conventional loan (mortgage in your name), that within a month or so after you purchase the property, you can use a Quick Claim Deed or Warranty Deed to transfer the name on the Deed of the property to your LLC. My main reason for wanting to do this is for liability purposes. Any advice on the steps to do this is appreciated. Also, the costs involved. Thanks in advance.

[Greg Scott]

Warranty Deed - No

Quit Claim Deed - You could do this, but there are many good reasons not to do so. I've also heard some lawyers argue that having the deed in the LLC but the mortgage in your name pierces the corporate veil. If that were true, the LLC is invalidated.

You may want to explore better insurance first.