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If I have to take a personal mortgage to buy a house

Customer Question
(investment property) - is there...
If I have to take a personal mortgage to buy a house (investment property) - is there anyway I can use an LLC to protect my investment?
Submitted: 9 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
10/12/2017
Real Estate Lawyer: Barrister, Lawyer replied 9 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,538
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

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.

.

If you mean protect yourself from liability from being sued, then yes, you can deed the property over to the LLC so it owns it. Then if someone were injured on it, they could only sue the LLC. If they got a judgment, they could only enforce it against any assets that the LLC had, not you personally.

.

But as for personal liability for the debt, no, you are personally liable for the debt if you sign the loan documents personally.

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As an aside, in addition to being an attorney, I have also been a landlord for over 26 years...

.

.

thanks

Barrister

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Customer reply replied 9 months ago
Thanks Barrister - so even though the mortgage is in my name the deed can by in the LLC's name? I thought that would mean the bank could foreclose on the property. I'm not interested in avoiding the personal liability of the debt - I just want to protect myself from being sued.
Real Estate Lawyer: Barrister, Lawyer replied 9 months ago

Correct, you can transfer the deed to anyone you want once you own it. The bank will typically have a "due on transfer" clause that states they can call the note due, but they never do because all they care about is that someone is making the payments and the property still stands good as collateral regardless of whose name it is in.

.

.

thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 9 months ago

Hello again,

.

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

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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