I have a few rental properties in new york can anyone give me any information, details on how to transfer them to my llc or give me any recommendations. Thanks|||Hello Princess,
You can sell, trade, gift or donate your land through deeds of trust to your LLC but make certain with your County Tax Assessor provides you any paperwork necessary to treat your transfer as an inter-party transfer between entities controlled or owned by the same individual. This needs to be clear to be certain your transfer avoids any transfer taxes, costs, assessments that otherwise apply to 3rd party transfer situations.|||check with a knowledgable real estate attorney to see if the LLCs are really providing any substantial liability protection on this anymore. I have heard that its not particularly effective when the only thing you are doing is rentals.
Assuming it is effective, your bank can give you the procedure for handling the transfer of ownership with respect to the loan if you have one.|||You can sell them to the LLC for fair market value.
You can trade them to the LLC in exchange for shares of stock.|||Sell them to your business.
Then, those rental contracts will be the property of your LLC.|||simply by Deed from you (and any co-owner or spouse) over to your LLC. Then record with the County land records.
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