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Can I change my deed to or from an LLC?
Many people who own investment property would like to change the title from an individual to a Limited Liability Company ("LLC") or from an LLC to an individual name. People who own property in their individual name often prefer to hold title in the LLC name for liability protection. Alternatively, often title held in the LLC name needs to be changed from the LLC to the individual name. The later change is often prompted by financing requirements. Unfortunately, changing your deed is somewhat more complicated with the government offices than it might seem it should be. In order to change a deed, a new deed needs to be prepared and recorded in the land records. Transfer and Recordation Taxes could be due in either scenario if proper exemption procedures are not followed.
How do I change the name on the deed from my individual name to an LLC?
A new deed needs to be prepared. The current owners of the property will need to sign the deed and have their signatures notarized. The original notarized deed then needs to be recorded in the land records in the jurisdiction where the property is located.
How do I change the name on the deed from an LLC to my individual name?
A new deed needs to be prepared. The current owners of the LLC will need to sign the deed and have their signatures notarized. The original notarized deed then needs to be recorded in the land records in the jurisdiction where the property is located.
Will I have to pay transfer taxes to record my deed from an individual to the LLC?
Like many aspects in real estate, it depends. The standard answer is that a deed from an individual to an LLC is a taxable deed. Transfer tax and recordation tax rates vary by county, but suffice it to say, it is extremely expensive just to change the name on the deed from yourself to an LLC owned by yourself. The good news is that there is a limited exemption to transfer and recordation taxes if the deed is prepared correctly.
Will I have to pay transfer taxes to record my deed from the LLC to an individual that owns the LLC
Like many aspects in real estate, it depends. The standard answer is that a deed from an LLC to an individual is a taxable deed. Transfer tax and recordation tax rates vary by county, but suffice it to say, it is extremely expensive just to change the name on the deed from an LLC owned by you to yourself. The good news is that there is a limited exemption to transfer and recordation taxes if the deed is prepared correctly.
