Legal Question in Real Estate Law in New York

Transfer property from business to personal

I want to transfer Real Estate property with mortgage from a LLC to myself. What do I need to do?


Asked on 9/26/07, 3:25 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Transfer property from business to personal

Although you may transfer property from an LLC to yourself, the mortgage still is a lien on the property. Furthermore, you may be in default under the bank's mortgage and note if you transfer the property and dissolve the company.

Mike.

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Answered on 9/26/07, 4:16 pm


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