{"id":37584,"date":"2020-04-02T14:47:02","date_gmt":"2020-04-02T11:47:02","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=37584"},"modified":"2025-05-22T13:09:36","modified_gmt":"2025-05-22T10:09:36","slug":"transferring-property-to-an-llc","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/04\/02\/transferring-property-to-an-llc\/","title":{"rendered":"Transferring Property to an LLC"},"content":{"rendered":"\n

NYC-based\u00a0boutique law firm\u00a0Pardalis & Nohavicka<\/a>\u00a0brings the latest legal updates from the world of real estate to PropertyShark.\u00a0Pardalis & Nohavicka\u00a0handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions,\u00a0currently litigating and representing clients throughout the United States and around the world.<\/em><\/strong> <\/p>\n\n\n\n

Many people purchase real estate under an individual\u2019s name, but this can result in personal liability being extended to the property in the event that the property is subject to liens and\/or judgments. <\/p>\n\n\n\n

Instead, avoid\npersonal liability by placing your property into an LLC. This alternative is a\ngreat way to protect your assets, avoid liability for possible lawsuits and\neven take advantage of some tax benefits.<\/p>\n\n\n\n

<\/span>Why You Should Transfer Your Property to an LLC<\/span><\/h3>\n\n\n\n

An LLC is a good\nway to keep some sort of privacy when it comes to public records, such as\ndeeds. But, using an LLC does a lot more than just protect a person\u2019s identity.\nIt also protects personal assets.<\/p>\n\n\n\n

\u201cLLC\u201d stands for\nlimited liability company \u2014 and that\u2019s exactly what it is. It\u2019s an independent,\nlegal entity through which you can enter into contracts, make payments, own property and so on,\nthereby avoiding personal liability. An LLC could also be the landlord or owner\nof property, as well as receive rent or other proceeds connected to the\nproperty it owns.<\/p>\n\n\n\n

<\/span>Creating an LLC<\/span><\/h3>\n\n\n\n

To set up an LLC, first you need to form it. Do this by filing the Articles of Organization with the New York Department of State Division of Corporations and paying a fee. The newly formed LLC may require a new tax ID in order to open an LLC bank account, which will be used for any holdings or payments that are associated with the LLC. <\/p>\n\n\n\n

This separate account is essential in confirming the LLC\u2019s separate legal existence, and is also has to do with the availability of liability protection.<\/p>\n\n\n\n

Next, transfer the deed to the LLC. There are a few different types of deeds, each of which contains different warranties regarding title. For instance, a general warranty deed is the best option to ensure the chain of title and guarantee ownership of the property. Conversely, a quitclaim deed does not contain any covenants of title. <\/p>\n\n\n\n

Do some research on these different deeds before making any decisions. A real estate attorney may assist you in that regard. Finally, once the deed is signed and recorded, the LLC will be the official title holder.<\/p>\n\n\n\n

<\/span>Authors:<\/strong><\/span><\/h4>\n\n\n\n
\"Taso<\/a><\/figure><\/div>\n\n\n\n

Taso Pardalis<\/em><\/strong>\u00a0is a founding partner of the Law Offices of Pardalis and Nohavicka, a leading full- service NYC law firm with offices in Manhattan, Queens and WeWork. Taso may be a well-known attorney with many cases making headlines in major media outlets, but at heart, he is a true entrepreneur that believes in supporting the small business community. His areas of concentration are: Intellectual Property, Trademarks, Corporate, Business Law and Real Estate Law.<\/em>
______________<\/p>\n\n\n\n

\"Sofia<\/a><\/figure><\/div>\n\n\n\n

Sofia Stefanou<\/strong>\u00a0is a law clerk at Pardalis & Nohavicka. She is currently a student at NYU\u2019s Schack School of Real Estate. Sofia is a member of NYU\u2019s Undergraduate Real Estate Club, Women in Real Estate Club, and Hellenic Heritage Association. She is currently a member of the real estate law team at Pardalis & Nohavicka.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

NYC-based\u00a0boutique law firm\u00a0Pardalis & Nohavicka\u00a0brings the latest legal updates from the world of real estate to PropertyShark.\u00a0Pardalis & Nohavicka\u00a0handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions,\u00a0currently litigating and representing clients throughout the United States and around the world. Many people purchase real estate under…<\/p>\n","protected":false},"author":49,"featured_media":37585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9499,376,328,796],"tags":[11172,694,11097],"class_list":["post-37584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","category-new-york-commercial-real-estate","category-new-york-real-estate","category-how-to","tag-old-how-to","tag-ownership","tag-real-estate-law"],"yoast_head":"\nWhy You Should Transfer Your Property to an LLC<\/title>\n<meta name=\"description\" content=\"Transferring property into LLC ownership can protect individuals from personal liability extending to their properties. 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