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I own several rental properties with a partner. It has been…

Customer Question
I own several rental...

I own several rental properties with a partner. It has been recommended that each property be placed in its own Llc. Do both of us (partners) need sroerste attorneys to draft each llc?

Lawyer's Assistant: What kind of liability insurance is currently in place for the property?

Each property carries its own policy. 2 million

Lawyer's Assistant: Where is the property located?

Brooklyn & staten idksnd

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 1 minute by:
8/5/2017
Real Estate Lawyer: Barrister, Lawyer replied 9 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,663
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Real Estate Lawyer: Barrister, Lawyer replied 9 months ago

If you are both on the deeds to the properties, then you would just sign the deeds over to the LLCs once they are formed and set up.

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You and partner would be the grantors and the LLCs would be the grantees.

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So no, you don't need separate attorneys to do this as one can easily handle setting up the LLCs and preparing the deeds to transfer the properties into them.

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thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 9 months ago

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,663
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Experience: 17 years real estate, Realtor. Landlord 26 years

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