Transferring Deeds in Indiana Properties to LLC

[Jin Park]

Hi BP Forum!

I now have 5 properties in Indiana under my personal name and want to start transferring the deeds to the LLC I created in Indiana. Can I do this myself or do I have to hire an attorney specifically in Indiana to process this? If I do have to hire an attorney, do I have to hire someone in Indiana or can it be in Georgia (I'm physically located in Georgia. Would like to hire someone local if possible).

[Greg Scott]

I do not believe you need to be an attorney to do this, but for few bucks it is probably worth the peace of mind that the paperwork was done correctly. Who set up your Indiana LLC? Normally, that attorney would be a great place to start as they probably have done deed transfers.

Before you transfer all those properties, you should be aware of some business implications of doing so.  First, it will limit your refinance options later.  You will either need to get a commercial loan (with worse terms) or you will need to transfer the properties back into your name and wait 6 months before you can refi with a conventional mortgage. 

It is also critical that you know how to maintain the corporate formalities and to faithfully execute them. According to Garret Sutton, 50% of the LLCs get thrown out in court for not doing these correctly. Clearly many people have set up LLCs hoping it provides them some protection, but in reality they just wasted time and money.