QUESTION
Can I quit claim for $100 (or less) transfer of rental properties from personal (my name) to LLC(3 member) then back to personal (my name only)?. l
Asked on Nov 19th, 2014 on Real Estate - Florida
More details to this question:
I own 3 rental properties in my name alone with no mortgages. I also am part of an LLC ( with my parents) and want to deed the homes under this exisitng LLC for protection. However, I may want to deed it back to my name at a later date , but can I quit claim the deed for 100 ,insead of the real value, to the LLC? and can the LLC quit claim it back to me the same way, instead of listing the real value? I live in florida.
1 ANSWER
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Sure... at least technically. I would emphasize focus on the fact that the LLC is not owned only by you. So, if the other members (your parents) decide they don't want the properties in the LLC name, or, perhaps worse, that they don't want to transfer them out of the LLC's name later, you're gonna be in a big mess. Asset protection is a smart move... and with rental properties, I generally advise limiting personal liability as much as possible. So, I would advise seeking the counsel of an attorney. You may not need to hire one to get everything done, but I bet the consultation will help get you in the right direction. That said, give some thought into the investment in an attorney on the front end as to what savings you'll have in the long run.
Answered on Nov 19th, 2014 at 9:08 AM