Legal Question in Real Estate Law in New Jersey

Transferring my personal property to my LLC

I have a condo which I now rent out, I formed an LLC to help with protecting my personal assets. What is the next step in seperating that property from me personally to my LLC?


Asked on 1/25/09, 3:28 pm

3 Answers from Attorneys
Richard Vallario Richard W. Vallario Law Office

Re: Transferring my personal property to my LLC

As others stated, a Deed is the way to transfer ownership. If you have a mortgage and do not get the approval of the lender they can call the mortgage and demand payment in full or start foreclosure.

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Answered on 1/27/09, 10:51 pm
John Corbett Corbett Law Firm LLC

Re: Transferring my personal property to my LLC

If you own the condo free and clear, your lawyer may advise you to sell it to the LLC or designate it as capital for the LLC. If there is a mortgage on the condo and not much equity, it is unlikely that your lender will permit you to do that unless you refinance the loan and offer a personal guarantee at least for some time. Either way you should consult your lawyer for assistance.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 1/25/09, 6:18 pm
Savyon Grant Law Office of Savy Grant

Re: Transferring my personal property to my LLC

You need to have a deed with aff of consideration. Lawyers should charge no more than 350. I can be reached at 201\646\9600.

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Answered on 1/26/09, 2:30 pm


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