Transferring My Property To LLC ?
Ok folks, I have been doing a lot of reading and it appears that in order to transfer my home, which I have a mortgage on and a line of credit, I would have to file a warranty deed or a quit claim deed. My questions are :
1. Given my situation what is better Quit or Warranty deed?
2. What happens to the loan and credit line - who does that get transfered to or does it stay in my name?
3. If infact I am the one that holds the loans, however the property is held by the LLC, then if a creditor where to come after me and sees that I am the guarntor on the loans - how can the LLC protect my house from being taken away?
Thanks
RD
SO a whole bunch of people have read this question and no one has an answer? Common folks - just a little guidance please
I use a quit claim deed in NJ, but I'm not sure why... My lawyer recommended it!!
Good Luck!
[addsig]
I have found this subject to be a little tricky. If you don't do this right, it may be illigal or may trigger the Due on Sale clause.
To do this right, I would pay to have a Real Estate Lawyer set this up.
Let other people do what they do best!
Thank you!