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Updated 6 months ago,
Changing Name in Lease from Trust to Rental LLC
Hello Community:
I have currently rented a property to a tenant and signed the rental agreement in the name of Trust. The Trust is the on the Grant Deed (Title) as well.
We have recently created a rental LLC and I am in the process of re-deeding the property to the Rental LLC. In addition, I will be assigning the rental LLC to the Trust, so Trust owns the LLC as well.
Question ins regarding the lease itself since we are still in the middle of it. Here are some of the options I read:
1. Create a simple lease amendment notifying the tenant of the Landlord Ownership change and that nothing else in the lease changes.
Get this amendment signed by all parties
2. Do nothing: The Trust ultimately owns the LLC and therefore even if the property is re-deeded to the LLC, trust has ownership right too
3. Send tenants an notice of ownership change that you no longer own the property but now the LLC does
The tenant will be making payment to the Rental LLC account that was specified in the lease. so that's not an issue.
Which of the options above are the best? Google search isn't giving me an authoritative answer.
Any expert advice will be helpful. For context, property is located in Southern California.
Many Thanks in advance