Legal Question in Real Estate Law in District of Columbia

Quick Claim Deed

I have an LLC that I would like to purchase properties under. However, the mortage broker said that it would be less expensive to purchase the property in my name and then quick deed it to the business. Are there any ramifications for doing this? Can I be suied for my personal assets at any time for puchasing properties like this? Are there any risks? If so, what are they?


Asked on 5/14/05, 9:28 am

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Quick Claim Deed

Why, exactly, according to the mortgage broker would it be less expensive(not to mention how much less expensive?) for you to follow his suggestion? Until you have a credible and persuasive answer to this question, I would avoid this method of purchase. (There can be problems with quitclaim conveyances.)

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Answered on 5/15/05, 6:39 am
Tiziana Ventimiglia Tiziana Ventimiglia, Attorney at Law

Re: Quick Claim Deed

I would be more curious to see these extra charges that you would incur buying as a company versus as an individual. YOu are an investor, and therefore the investor guidelines would apply for the mortgage anyway.... you definitely never ever want to lie and say that you are purchasing any of these properties as your primary or you second or your vacation home if you are not!!! it is more cumbersome to purchase in the name of the company because the title company needs to review your corporation documents and you may need a corporate resolution if there are many partners and only one wants to go and sign the loan docs,... but that's all. If at all possible I would avoid the transfer... just do things right from the beginning.

tiziana ventimiglia

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Answered on 5/15/05, 12:28 pm


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