How to Transfer Property to an LLC - All Up In Yo' Business

How to transfer real estate or real property to an LLC
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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[PlayYourSongz]

Thank you for such accurate information, I just bought my first rental property and have been wondering how to go about putting the property in an LLC.

[ShesGotHerOWNNetwork]

Additional steps you should keep in mind if you decide to transfer personal assets to an LLC include:

Change Any Property Leases: If your property is being rented out, and you’re already under contract with a tenant, then you need to make sure you change all legal documents and leases to note who now owns the property (the LLC). In fact, you may want to just get brand new leases signed that are in the name of your LLC instead of yourself.

Notify Your Lender: If you have a mortgage on the property then it is likely that you have some language in your agreement that stipulates a requirement of you notifying them when ownership changes. This could cause a rate increase, but you always want to make sure you’re being compliant with previous agreements.

Obtain a Tax ID Number: You may not have to obtain a tax id number, but chances are that if you’re wanting to move property into an LLC then you’re likely doing something that requires this to happen. If your LLC has more than one owner, if you have employees, or if you meet other requirements that vary by state then you’ll need to get this tax ID number when you create your LLC.

Open a Business Bank Account: Opening a business bank account will help you further separate your personal assets from the assets in your LLC. If you move personal assets into an LLC to protect yourself legally then you won’t want to put that at risk by mingling your personal and business funds into a single account. Instead, open a business bank account to keep it all separate and keep your other personal assets safe from anything that happens with the LLC.

[beycam]

I love watching the beginning of every video of yours, sometimes I finish the whole tape, thank you for all the great advice

[thesinghhh]

Yes, there are ways to transfer the property from your name to LLCs name by different types of deeds BUT how do banks take this transfer - "DUE ON SALE" Clause - How to get around that - Can you please talk about that- Thanks a ton.

[LynnLaceyLLWW]

Hey Aiden - good info for property but how about physical assets. I just formed a LLC for my woodworking business. I have all of these woodworking tools that were personal purchases. Should I transfer them to the LLC as assets, and how is that accomplished?

Thanks

[Raysmobileonsite]

I want you to talk about anything! Lol. Seriously ... just keep dishing out information and I"ll try to absorb as much as I can. Great channel!

[artoflaw]

Great video! And a future analysis of the types of deed would be extremely helpful. Keep up the AUIYB!

[papanewtree]

Yes please. More info. LOVE your videos.

[argonaut]

Very good information on transfers into an LLC. But how do you handle associated fees (are there transfer fees?). Also how is the property basis treated -- is there capital gain taxes? Can you loan or rent a property from yourself to a LLC that is also owned by the same person (single member, member-managed, no S-corp)? What steps are the most advised in order to pay the least taxes (if any)? Thanks for the great info already given by you.

[monicac]

I know this is relatively new in relation to law, however I am curious if this would also apply to "internet property", specifically domain names? I have a rather large portfolio which I would like to transfer into the care of my LLC before I move forward with any sales. BTW, I love your videos! Your fun and light hearted approach when explaining law makes it much easier to understand and you always look so beautiful and put together while doing so! THANK YOU AIDEN :-)

[Positivelycool]

I love the the way to encourage research when you inform us. Thanks

[Veganphobic]

I love the internet
Wow
There's no excuse to not know basic stuff

[allphaselandscape]

Thank you for this! Does it complicate anything if there is an outstanding mortgage on the property in our personal name? Also, if we have 2 small investment properties I assume we could place both in the LLC to protect us personally although both would be at risk if there was an issue at one. Is this correct?

[AkSonya]

I would love to see you do a trust LLC setup. I flip properties and I have rental properties. I have my business LLC and I want to put my rental properties in separate LLCs but I haven't exactly figured out how to do it. I have seen a diagram a few years ago on how to do it and I still have that diagram. I did my original S-Corporation LLC set with your advice three years ago successfully thanks to your incredible advice. Thank you. :-)

[joeycmore]

How will this deed transfer effect the mortgage? Should I notify my lender? Thanks for the informative videos. Cheers!

[Therwb]

Good info, as always. An explanation of the different types of deeds would be very interesting!

[iwin]

If I wanted to do a quitclaim deed to put my rental property in my LLC does it matter if I'm still paying a mortgage?

[guzman]

you should specify in more detail cause how can you have a mortgage on the property in your name like john smith and then "deed' the property into an llc? dont they have to both be the same?

[gobucs]

Missed the land trust part. You need this if you have a mortgage or your loan can be called in.

[DPIII]

thank you, YES...please talk more about it!!!