Author Topic: Went through the process of house hunting/buying  (Read 22368 times)

Offline Ephraimh

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Re: Went through the process of house hunting/buying
« Reply #405 on: March 16, 2017, 12:23:14 AM »
There are other issues besides title insurance.
Is there a mortgage on the property? If so what are the lenders guidelines regarding title transfers? They likely have the option to call the loan if the title is transferred out of your name. 
Are you the only one on title?
What about property insurance? Does the homeowners policy cover this type of arrangement? Last thing you need is a loss and the insurance company telling you that they're not paying out because the ownership status was not disclosed to them properly and is not in compliance with your policy.
Is this an investment property with other partners involved? Is that why you're trying to transfer title to the Corp?
1. No mortgage on the property.
2. Property insurance was worked out with the insurance agent beforehand since transferring the property to the Corp was the plan from the beginning.
3. And the reason I want to transfer it is because the property was bought from the bank as a foreclosure and since I submitted the buy offer to the bank under my name the only way I could go ahead and close was that I close with my name, and now i want it off my name for the usual​ reasons.

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #406 on: March 16, 2017, 02:06:13 AM »
1. No mortgage on the property.
2. Property insurance was worked out with the insurance agent beforehand since transferring the property to the Corp was the plan from the beginning.
3. And the reason I want to transfer it is because the property was bought from the bank as a foreclosure and since I submitted the buy offer to the bank under my name the only way I could go ahead and close was that I close with my name, and now i want it off my name for the usual​ reasons.
What are the "usual reasons"?
Asking because I'm also deciding if I should put my house under LLC..

Offline Ephraimh

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Re: Went through the process of house hunting/buying
« Reply #407 on: March 16, 2017, 07:47:19 AM »
What are the "usual reasons"?
Asking because I'm also deciding if I should put my house under LLC..
Limited liability

Offline schneury

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Re: Went through the process of house hunting/buying
« Reply #408 on: March 16, 2017, 08:25:52 AM »
What are the "usual reasons"?
frum?

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #409 on: March 19, 2017, 02:37:58 AM »
Limited liability
Just to clarify..The point is to have house under LLC in case someone sues you for falling on the property? If so, I'm not a lawyer but I guess they can only sue up to the value of the LLC (house) and not your personal or other assets. Is that the benefit you want?

It's my understanding that if you get sued personally for any reason like at work, driving etc.. then being that you're the owner of the LLC, it's included in your net worth and assets which the other can sue for. So how will you be protected?

I've heard from lawyers that TIC is the best as if you get sued they can't take your house due to TIC status, while if it's under LLC it's like an asset or business which they can sue for.

Any other benefits I'm missing?

Offline yomo

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Offline noturbizniss

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Re: Went through the process of house hunting/buying
« Reply #411 on: March 19, 2017, 10:55:08 AM »
House. Thanks.
what rate did you get? I'm seeing 4.25 or higher now from big banks and 4.125 from the smaller no name guys on zillow. are they trustworthy?
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Offline moko

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Re: Went through the process of house hunting/buying
« Reply #412 on: March 19, 2017, 03:59:41 PM »
what rate did you get? I'm seeing 4.25 or higher now from big banks and 4.125 from the smaller no name guys on zillow. are they trustworthy?
rates have gone up a lot in the past 2 months. I got 4.15 in January on a 30 yr jumbo. Now it's like 4.35

Offline Ephraimh

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Re: Went through the process of house hunting/buying
« Reply #413 on: March 24, 2017, 06:18:31 PM »
Just to clarify..The point is to have house under LLC in case someone sues you for falling on the property? If so, I'm not a lawyer but I guess they can only sue up to the value of the LLC (house) and not your personal or other assets. Is that the benefit you want?
Yes.
It's my understanding that if you get sued personally for any reason like at work, driving etc.. then being that you're the owner of the LLC, it's included in your net worth and assets which the other can sue for. So how will you be protected?
It varies by state and it varies if it's a single member LLC or not, So yeah, an LLC isn't the best 2-way protection, that's one of the reasons I'm moving mine to a C Corp.

Offline good sam

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Re: Went through the process of house hunting/buying
« Reply #414 on: March 27, 2017, 05:06:00 PM »
Anyone have contact info for a Monsey home inspector named Yossi Gandal?
If you don't care why would you comment?
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Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #415 on: March 27, 2017, 08:33:49 PM »
Yes.It varies by state and it varies if it's a single member LLC or not, So yeah, an LLC isn't the best 2-way protection, that's one of the reasons I'm moving mine to a C Corp.
How would that help you? You still own shares of the Corp which are assets that are attachable.
This whole concept of placing property in an LLC or Corp is to insulate each property from judgments against one entity vis a vis the other. If the principal of all the entities is personally sued all his assets are attachable.

And as far as slip and fall cases, thats what you have insurance for. They should never get a big enough judgment to wipe out insurance policy limits. Also if your owner occupied in NYC the city is liable for slips and falls
 
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Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #416 on: March 27, 2017, 08:38:39 PM »
How would that help you? You still own shares of the Corp which are assets that are attachable.
This whole concept of placing property in an LLC or Corp is to insulate each property from judgments against one entity vis a vis the other. If the principal of all the entities is personally sued all his assets are attachable.

And as far as slip and fall cases, thats what you have insurance for. They should never get a big enough judgment to wipe out insurance policy limits. Also if your owner occupied in NYC the city is liable for slips and falls
So what's the purpose of ever putting your home into an LLC?

Offline aygart

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Re: Went through the process of house hunting/buying
« Reply #417 on: March 27, 2017, 08:42:13 PM »
So what's the purpose of ever putting your home into an LLC?
Check your premise. Maybe there is none.
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Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #418 on: March 27, 2017, 09:54:47 PM »
Check your premise. Maybe there is none.
To hide assets true owner...vahamavin yavin

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Offline mercaz1

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Re: Went through the process of house hunting/buying
« Reply #419 on: March 27, 2017, 10:01:02 PM »
So what's the purpose of ever putting your home into an LLC?

the trick is to have someone else be the member of the llc but the same problem will happen of that person gets sued.