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