I have a LLC set up for real estate that we own. I purchased a house in Bonner County Idaho last February. How do I get the house into this LLC? When I purchased it, they put the deed under my personal name and the mortgage is under my personal name and I would like it to be listed as my LLC I set up and not have my personal name on the property.
Thanks for the question. If the deed to you is in your personal name, then that will be on the title, and you'll need to move the prorepty into your LLC via a new deed (i.e., from you to your LLC). However, this will likely cause issues with your lender, since they likely relied on your personal credit to extend the loan. Your loan also likely has a "due on sale" clause, which means that the total amount of your loan may come due when you transfer your property. I would recommend approaching your lender first and telling them that you want to move your property into an LLC. They may agree to the transfer.
Then call a lawyer to help you draft and record a deed to your LLC.
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