Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Real Estate (https://www.askmehelpdesk.com/forumdisplay.php?f=276)
-   -   Transfer of ownership of the house (https://www.askmehelpdesk.com/showthread.php?t=415399)

  • Nov 12, 2009, 01:09 PM
    xindus
    Transfer of ownership of the house
    6 of us partners bought 3 houses under an umbrella LLC. Now, that 2 of us want to split from the company. We are going to get a house. Do we just need a title transfer or do we have to go through all the closing costs?
  • Nov 12, 2009, 01:12 PM
    LisaB4657
    You can just do a transfer from the LLC to the individuals who will own the house. The only closing costs should be the cost of recording the deed and any transfer taxes that your state requires. However if you ever plan on financing the house in the future you're going to need a title insurance policy. If the LLC purchased title insurance at the time the house was purchased than you can just get a copy of the policy. If title insurance was never purchased then I strongly recommend that you purchase a policy before taking individual title.

  • All times are GMT -7. The time now is 04:35 AM.