I meant refinance in the general sense of any encumbrance post transfer deed.

In fact we had owned it free and clear till we recently took a HELOC to help buy an apartment and basically transferred the equity to the apartment and will pay off the HELOC and then will have it available to do again if we wish.

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Such as a job transfer to a different city.

The reason I say this is you already have the property in an LLC and you can easily create a mortgage with what is currently owed even if you choose to pay it off.You can loan your LLC the money to pay it off and it can pay you interest; however, if your LLC is treated as a disregarded entity and is on your Schedule E of your tax return there is no point in charging it interest.There is no point unless the LLC holding the property is taxed as a C-corporation.A Quit claim deed is for transferring a property from one name to another.

So, while I don't think this would be a bad deal, and it is tempting because it would be fairly uncomplicated, since it would just basically involve a transfer of title and then renting it out, I think there are probably better deals to be had.

I'm not seeing how this arrangement does not transfer an equitable interest in a property, but maybe I don't understand enoungh of the details of this deal.Bill GulleyJust a minor clarification: "Another issue is that many talk about using an Option to lock up a property thinking it can't be sold.

There is no warranty and hence no recourse for you if the deal sours afterwards.A private money deal may be difficult to have as you would be transferring all of your risk to the lender as a clouded title makes for poor collateral

Was wondering how much time and money did it take to transfer that property?

An estoppel letter is typically used in a transfer or conveyance of real property before the Closing transaction.It is a document sent to a bank (or other lender), from a homeowners' association (or condo association), to a city/municipality, or a tenant requesting a payoff of a mortgage, assessments or taxes due, or rental amounts due on a lease, to incorporate these amounts into the Settlement Statement for the buyer and seller of the real estate.