Can I transfer primary residence for sale to LLC? The house has an offer from prospective buyer.
1 attorney answer
Yes, you can. You can sign and record a quitclaim deed to the LLC. However, you should have a fundamental reason for doing this. You will lose your homestead exemption for the primary residence and may be at risk for an uncapping of the property tax assessed valuation. If you were moving to a new home and keeping this as a rental, then there would be a business reason (insulate yourself from personal liability). If y ou are selling and attempting to limit personal liability, that might be a rationale for doing this, but in that case you need to be absolutely sure the sale will close before you transfer title. Otherwise, consult with an attorney to think this through.
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