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Manjohn, Home Buyer in 19147

Deed Transfer to LLC in Philly

Asked by Manjohn, 19147 Mon Jul 7, 2008

I own 4 rental properties (no mortgage) and I would like to tranfer the deeds to 4 LLC's of which I'm the sole member. Since I have 4 to do I was hoping to do this myself to reduce cost. What's the process and are there any transfer tax implications? Any advice is greatly appreciated. Thx.

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3
Manjohn,
If you need to ask this question, you probably ought to get expert advice, either from a good tax accountant or an attorney or both. Yes, you will have to pay for that advice-- they spent a good many dollars and a lot of hours of their time gaining that knowledge and ought to be fairly compensated.
My accountant saves me more $$ than she 'costs' me year after year, because she knows thnigs that I don't! I consider it money well spent and a wise investment.
If you watch & listen carefully to all that is done maybe you can do one for yourself next time, if laws and tax codes don't change too much.
Hope that helps.
0 votes Thank Flag Link Mon Jul 7, 2008
You'd have to check with a lawyer in Philly to determine if there are any transfer tax implications. In many/most areas of the country, there aren't. However, there are some exceptions. (I've heard that Baltimore City, for instance, assesses a transfer tax in such cases. And I've heard of others. I don't know about Philly.)

I'd also recommend having a lawyer give you the right process. It shouldn't be difficult, and you probably shouldn't need the lawyer to do it for you. I know investors in the D.C. area who do that thing all the time. But you do want to make sure it's done properly.

Hope that helps.
0 votes Thank Flag Link Mon Jul 7, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I believe you need to go thru the title company. http://www.lynn911.com if so it should not be that expensive all would be completed correctly.
0 votes Thank Flag Link Mon Jul 7, 2008
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