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    xindus's Avatar
    xindus Posts: 1, Reputation: 1
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    #1

    Nov 12, 2009, 01:09 PM
    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?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    Nov 12, 2009, 01:12 PM
    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.
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