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Updated almost 9 years ago,

User Stats

10
Posts
2
Votes
GR Pachmayr
  • Investor
  • Avon, IN
2
Votes |
10
Posts

Quitclaim to LLC

GR Pachmayr
  • Investor
  • Avon, IN
Posted

I am getting close to closing a deal on a duplex. When I approached the lender I am using, I indicated that I wanted the loan through my LLC, he said that I could just quitclaim it to the LLC after it closed and the mortgage was recorded. I asked him about the due on sale clause, and he said that preventing such a transfer wasn't the purpose of the clause. My instinct tells me not to try to quitclaim it, despite his statement. So, would you quitclaim it to the LLC, or keep it in your personal name? If I do quitclaim it, and the mortgage company calls the loan, will I have an opportunity to quitclaim it back to my name?

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