Legal Question in Real Estate Law in Pennsylvania
Transfer of Title
I have a three unit building that is investment property. Currently the title is in my name. I would like to transfer the title and all associated liabilities into a limited partnership.
How do I do this?
1 Answer from Attorneys
Re: Transfer of Title
There are a lot of questions that have to be answered before the transfer can take place. I suggest you consult with legal counsel. Some of the issues are: you have to form a Limited Liability Company, second if you have a mortgage you will need the consent of the mortgage company and related paperwork might have to be executed, possible transfer tax of two percent of the value of the property might have to be paid, etc. The concerns that I have addressed are only a few. The entire matter has to be reviewed by an attorney.
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