Quit deed claim

[Tobey Porter]

We recently purchased our first 2 investment properties. I'm trying to get the properties switched from our names to our LLC's name. I know I have to do a quit deed claim and have that ready to file with the appropriate entity. My question in about the mortgage. I understand the point in the LLC is to provide some asset protection. If I file a quit deed form with the county, do we need to do anything with the mortgage, i.e. get it transferred to our LLC as well (I know many banks aren't keen on this, which is why we had to close on the properties under our names).

Thanks in advance for any advice.

[Matthew Kreitzer]

You really shouldn't do this without the help of an attorney. Failure to adequately involve the mortgage company could result in an acceleration of your financing depending on the terms you agreed to. Find a Business Attorney soon to determine what your options are.