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Updated almost 5 years ago,
Transferring title to LLC-does lease need to be renewed/updated?
Hello Guys,
I had a question concerning a current lease in place with a tenant I have residing in a townhouse I am renting out in Tampa, FL. The lease was written under my name and my boyfriend's name as the title of the property is under our names (as is HOI). However, we are in the process of transferring the title on to an LLC we established. The current lease with the tenant is 3 months and then monthly afterwards. My question is if the lease now needs to be updated or changed once the property title is legally transferred off our names to the LLC? From listening to some blogs, it does not appear as if we need to formulate a new or update the current lease. And they advise the tenant to just make the rent payments to the LLC name instead of our names. I just wanted to clarify if this is in fact true to unforeseen liability issues if this is not done correctly. Thank you.