Straight from Modern Real Estate Practices(the newest edition)
"When a person purchases real state that has an outstanding mortgage or deed of trust the buyer may take the property in one of two ways. The property maybe purchased "subject to" the mortgage or deed of trust, or by assumption of mortgage, in which the buyer assumes the mortgage or deed of trust and agrees to pay the debt. The tactical distinction becomes important if the buyer defaults in the mortgage or deed of trust is foreclosed.
When the property is sold subject to the mortgage, the buyer is not personally obligated to pay the debt in full. The buyer takes title to the real estate knowing that she must make payments on the existing loan. Upon default, the lender forecloses in the property is sold by the court ordered to pay the debt. If the sale does not pay off the entire debt, the purchaser is not liable for the difference. In some circumstances, however, the original seller might continue to be liable.
In contrast, a buyer who purchases a property in assumes the sellers that becomes personally obligated for the payment of the entire debt. If a seller wants to be completely free of the original mortgage loan the seller sellers, fires, and the lender must execute a novation agreement in writing. The novation makes the buyer solely responsible for any default on the loan. The original borrower is freed of any liability for the loan.
The existence of a lien does not prevent the transfer of property; however, when I secured loan is assumed, the mortgage or beneficiary airy must approve the assumption and any release of liability of the original mortgagor or trustor. Because a loan may not be assumed without lender approval the lending institution would require the assumer to qualify financially, and many lending institutions charge a transfer fee to cover the cost of changing the records. Discharge can't be paid by either the buyer or the seller"
Alienation clause- The lender may want to prevent a future purchaser of the property from being able to assume the loan, particularly if the original interest rate is low. For this reason, most lenders including alienation clause in the note. And alienation clause provides that when the property is sold, the lender may either declare the entire debt due immediately or permit the buyer to assume the loan at an interest rate acceptable to the lender. Land contract that involve a due on sale clause also limit the assumption of the contract. "
Now I know you're looking at more info about an llc owning the property. And state laws differ so contact a real estate lawyer and ask them if you could have your llc assume the debt, granted you have financial capacity in your llc to purchase the property from yourself.
