Land contract question

[David Ptak]

Hi folks any advice on this topic is greatly appreciated. I purchased a property with seller financing in the form of a land contract. This means that the legal title remains in the name of the seller until the loan has been paid in full. The agreement is currently in my name. However everything you read says to put the property in an LLC. From what I understand the best I can do is assign the loan to the LLC with the approval of the seller. This might be hard to get so I’m trying to weigh the benefits of doing this. Anyone out there with a background in this stuff that has an opinion? Many thanks!

[Tom Gimer]

Is there a reason to do this now? Tax, legal, etc. You can have the seller convey to the LLC at settlement if you wish.