I currently own four investment properties that are under my personal name. Eventually, I would like to transfer those homes into an LLC that I have already created to protect my personal assets. With that being said, I do not want to activate you due on sale clauses on any of current mortgages. Also, I need a lawyer on retainer to assist me with eviction matters if necessary. I'm looking for someone in my area that specializes in real estate investments.
I believe you have come to the right place. Use Avvo's "Find a Lawyer" feature and search for both real estate lawyers and corporation/LLC lawyers in the Richmond area. You would benefit best from a lawyer with experience and current, regular engagements in real property, corporation and estate planning matters. Whether the type of transactions you contemplate would trigger due on sale clauses depends largely on (1) the mortgage/deed of trust instrument, (2) your ownership percentage of your LLC, and (3) your written operating agreement for the LLC. A lawyer with the skill sets I described would and should synthesize these three factors in order to provide you holistic legal perspectives for what you are trying to accomplish. Start here with the search, then select a few prospects for an initial consultation on this matter. I hope that your flourish and succeed in your investments and business endeavors. Best regards.
There is no easy way to handle this other than contacting your lender and gaining approval for the transfer of the promissory note and deed-of-trust to the LLC. You will be bound by the lender's requirements and the possible addition of new terms, if the mortgagee approves the LLC's assumption of the mortgage.
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If the due on sale clauses are like most in the industry, then you are thinking about doing exactly what triggers the clauses - transferring any part of the property. One of the reasons these clauses are used is so that the lender can demand payment after they cannot foreclose without additional steps - a situation created by the new owner(s). Take care.
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