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Updated 30 days ago, 11/28/2024
Transfer to LLC [Prevent Liability] without "Due on Sale Clause"
I have a multifamily property that I closed - residential investment loan.
My real estate planner suggested creating
1. Create a Limited Liability Corp [LLC in my state] and recording the deed into Commonwealth.
2. Since the property is under mortgage, just transferring to LLC will most likely trigger the "due on sale clause".
3. Add "Continuity of Obligation" between the note bearer [Me] and the mortgage company to prevent "Due on Sale Clause"
Suggestions?