QUESTION

Hi, How do I transfer a mortgaged property from a family member''s LLC to my own LLC?

Asked on Jan 11th, 2012 on Business Law - Washington
More details to this question:
My mother and brother equally own an LLC in Anchorage, AK. The LLC owns three mortgaged buildings. My mother wants to leave the LLC (and retire). We want transfer one of the mortgaged buildings from the LLC to my own LLC (in WA) with a new (or assumed) mortgage under my name, while my brother retains the two remaining mortgaged buildings under his own LLC. She doesn''t want to take any profits from the transfer of the mortgaged building to me as well - she wants to gift me the equity. Any advice to get this done in a simple way would be appreciated. Josh
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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This is actually relatively simple for an attorney to accomplish but quite involved for a layman. It is not challenging to transfer a piece of real estate subject to an existing mortgage, nor is it complicated for a property to be refinanced in a new entity. A real estate attorney can assist you in this process.
Answered on Jan 11th, 2012 at 7:09 PM

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