Legal Question in Real Estate Law in Ohio

I have an LLC in Ohio to buy and hold rental properties. I want to get a mortgage on a property and transfer it ot the LLC. is this legal? I want to do this to realize any limited liability that I can on the property. However, since I am the only member of my LLC, do I actually realize any benefits from the LLC? Also, if I get the mortgage in my name, and I try to transfer the deed to the LLC, will the bank call the note as due? Thanks.


Asked on 10/18/11, 9:48 am

1 Answer from Attorneys
Lisa Meier Law Office of Anthony W. Greco

The better solution is to have the LLC hold the mortgage in the first place. As you might have suspected, if you transfer property from one titleholder to another, it might cause the full mortgage to become due depending on certain clauses in the mortgage. If you have no employees or other members, there are limited benefits to an LLC. I can explain more to you if you email me in person. I have too much to write on this forum.

Lisa K. Meier

[email protected]

This response is based on the limited facts you have provided and is not intended to create an attorney-client relationship. I cannot provide adequate advice to you without meeting with you in person. If you would like to schedule a free consultation, please feel free to contact me.

Read more
Answered on 10/30/11, 2:12 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Ohio