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Updated about 7 years ago on . Most recent reply presented by

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6
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Allan Lim
  • North Aurora, IL
0
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6
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Personal to entity property ownership

Allan Lim
  • North Aurora, IL
Posted

I am in the process of acquiring a property in Texas and the loan will be under my name and my wife's name. I wanted to take out a loan under my entity but because the entity doesn't have any credit history it will not get approved.

Question- how can an entity (Corp or LLC) become the legal owner of a property if the loan is under my name and my wife's name? Is ownership based on the parties responsible for the loan or property ownership can be transferred by a deed from an individual to an entity?

I ask this because I wanted to protect ourselves since this will be a rental property.

Thank you.

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