What to do when financing property from LLC to own name

[Yaping Zhang]

Hi All,

Recently I'm refinancing a property from my LLC to my own name. There's a tenant in the property. What should I do about this?

Basically, I'm using the same property management company for the property before and after refinancing. My property manager told me that I cannot change the lease when the lease is still in effect. But lender requires my home owner insurance to be under my own name instead of LLC. If I don't change the lease(still with llc's name on it), will my home owner insurance still protect me from liability?

In addition, do I need to notify the tenant about the ownership change? Since for them, nothing is changed, they still stay in the property and send the rent to the same place.

Thanks a lot!

[Yaping Zhang]

Thanks a lot, @Steve Vaughan.