Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 6 months ago,

User Stats

4
Posts
0
Votes
Harshal Gaikwad
0
Votes |
4
Posts

Changing Name in Lease from Trust to Rental LLC

Harshal Gaikwad
Posted

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

Loading replies...