Transfer Of Deed, Indiv. To LLC
My partner and I have formed an LLC and are ready to purchase our first property. However, I have been informed by a variety of lenders and lawyers that I cannot get a loan in the name of an LLC without making a huge downpayment etc. They suggest that I purchase it as an individual, have my partner sign a note making him liable during the interim, and then transfer the deed to the LLC. My questions is 1) Is this the best way? )How long does the deed transfer take? 3) what are the chances that the mortgage company will find out about the transfer and if they do how likely is it that they will call the loan in? One final note, my attorney says that a simple deed can be drafted in a few days but that the title must be clear, which could take 6 weeks. We plan to have the property up for sale in on month. Any help would be appreciated.
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