Rentals in 75098>Question Details

WTB, Home Buyer in Saltaire, AL

How do I transfer my rental property to my Texas LLC?

Asked by WTB, Saltaire, AL Mon Feb 15, 2010

My wife and I own (free and clear) rental property in Texas. We want to transfer it to our Texas LLC. Where do we need to start?

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Before you convey title to a corporation you need to consult with two other people.
First, your insurance agent needs to help you with coverage. Many rental properties are covered under extensions of liability from the homeowner's policy. You may want not only fire insurance protection but also protection for liability claims, such as medical or other injuries. Your insurance agent can explain how to protect yourself as officers of the corporation as well as protect the asset of the corporation from such claims.
Second, your tax advisor needs to explain to you the consequences of earning income through the corporation, which depends on how the corporation is structured and whether you have elected subchapter S treatment (or if you can).
Third, once you understand these parts of the resulting conveyance, a title attorney can easily draw up documents to effect the transfer, but don't wind up with a situation where you must file tax returns you weren't aware of or have a lawsuit filed against you personally with no protection or the corporation with no liability protection, unless you so choose.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Tue Feb 23, 2010
Contact a title company due to name change, since there is no mortgage should be fairly simple to do.

If any problems contact a real estate attorney

Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 16, 2010
WTB,
I would recommend that you call Commonwealth Title in Wylie at 972-442-3541. They can let you know what documents will be required, the fees, and the timeframe for getting it done. It should be a fairly quick and simple process for you.

If you have any questions at all, please feel free to call 214-418-0180 and I would be happy to help.
Melissa Hailey
North Texas Top Team Realtors
Coldwell Banker Jane Henry Realtors - Wylie, TX
214-418-0180
Melissa.Hailey@ColdwellBanker.com
0 votes Thank Flag Link Mon Feb 15, 2010
Just go to one of your local title companies. If I remember right there is perhaps a $75 charge if that.
Very quick and easy to do.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Feb 15, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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