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Updated almost 4 years ago,

User Stats

14
Posts
1
Votes
Shehan Omantha
1
Votes |
14
Posts

Personal Liability Until Deed is Transferred to LLC

Shehan Omantha
Posted

I formed a fresh LLC to enter into rental business. As per my lender's advice purchased my first property under my name with the hope of transferring the deed to LLC . That property already had a tenant. Lease terms ends in another 8 moths and I have to honor thr lease.

Deed is recorded under my name and I have to wait till that process to over transfer it under LLC. According to my understanding this would take 8-12 weeks in this city.

How should I handle the lease contract during this transition period? Should I sign the lease agreement with tenant by myself and edit it when the deed is transferred to LLC?

OR should I sign and agreement wit the LLC to transfer risk and rewards of the property to LLC and sign the contract with the tenant through LLC? (Then transfer the deed to LLC when available)

Thank you in advance for your help...