Tranfer Property

[valerie4975]

I have my LLC set up in my home state.  I now want to transfer a rental I own out of state to the LLC.

I was told to use a warranty deed.  Is there a good place to get one?
Do I need to record it - if so in which state?

I will also let my insurance co know.

Is there anyting else I need to do?

Thanks
Val

[mcwagner]

you can find basic warranty deeds online tailored for you state.  sometimes at office depot-type stores.

you should record it in the county where the property is located.

[valerie4975]

Thanks Mark - you are very helpful!

I did find a cheap one at findlegalforms.com - it is a general warranty deed for indiana.

I was just advised to deed the property to a land trust with the benneficiary my LLC.  

Is there somewhere to get a land trust form - I can't seam to find one.

This is my understanding - can you tell me if I am missing something?

I set up the land trust - my friend is trustee - my husband and I are grantors and our LLC is the beneficiary.

I sign the warranty deed giving the deed to the land trust - the trustee sign docs on behalf of the trust - get notorized.

Record deed in Indiana transferring title to the trust.

Call insurance co and have policy changed to Land Trust and my llc is named as additoinaly insured.

Am I missing something?

Thanks for anyinsight you can give.

Val

[valerie4975]

I thought of another issue.

How can I let the LLC run the property - ie.  hire local management co. pay repairs, taxes mortgage etc. so that the trustess does not have to get involved in every little detail.

I think I remember somone along the line saying that the trustee can have a managment agreement with the LLC to run the day to day operations for the property.  Is this true?

Thank You

Val

[mcwagner]

the beneficary, or "beneficial owner" controls (runs) the property, and is entitled to all revenues, expenses, deductions, etc.  the trustee just owns it.

trust documents are a little harder to come by.  something about practicing law without a license.  I'd suggest you get the first one from an atty for $750 or so, and then you have the form forever.

[valerie4975]

Thanks Mark