Cheapest Way of Changing Name of Building Owner?

We need to take a multi-family out of our personal names and put it into an LLC or corporation. There will be no money changing hands, just a simple name-change of the owner. Is this something we can do ourselves or is is better to hire someone to do it? If hiring is the way to go, can an expediter do it? If so, what would be a typical charge for this and how long does it take? Thanks in advance.

ejalbk

in Legal 11 years and 9 months ago

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erichmorre | 10 years and 2 months ago

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We mostly have this thought that cheap is nothing do best but all ruins and mistake than expensive ones without great promises. Isn’t always that way.. we know that to see is to believe, but sometimes seeing isn’t always believing. When it comes to branding or changing name of company or business there are various ways to consider and to comply with. In fact there is really a cheap services that pertains to branding and they are reliable than of those expensive. Just like this site [http://eatmywords.com/services/names/](http://eatmywords.com/services/names/), they manage to do better naming service.

mruby36 | 11 years and 9 months ago

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I am not a lawyer and I also don’t like paying legal fees. That said, without knowing more details, this sounds like it falls under a few different categories and unfortunately, good legal work is best accomplished using specialized people for each aspect of legal work needed. Name change – as bk1lnite said – real estate attorney, (NOT a title company.) I dont know the wider scope of your investment but: – an estate planning attorney may be appropriate. – If you have partners, _especially if the partners are family_, consider looking into “buy-sell” agreement/insurance protection. These last two are not cheap and are not simple to understand, but depending on your circumstances, the future implications of not having made considerations in these areas is huge. I don’t do this type of work but do have some good recommendations if you care to inquire further. Best of luck. Matt R www.nyc-hs.com

ejalbk | 11 years and 9 months ago

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It’s a 10 unit bldg and is a commercial loan.

bk1lnite | 11 years and 9 months ago

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Yes, as brokelin said, have an attorney record a deed for you. It should be a small filing fee and maybe a few hundred bucks for your attorney. The one who represented you when you purchased would be a reasonable place to start. Can I ask how many units and what type of loan you have? Because when I looked in to the possibility of purchasing a multifamily – 4-family or less – and getting a residential mortgage I was told that fannie/freddie backed loans have to be in individual names not entities, like trusts or LLCs, so I’d be surprised that your bank approved. If it’s 6- 8- or more families then you would have needed to get a commercial loan anyway and then I’d expect the bank would be OK with it.

ejalbk | 11 years and 9 months ago

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Brokelin, Yes, I sort of mangled the intention in my description of what we need to do. We already have the LLC formed, approved and ready to go. Our hope was to avoid legal fees for a simple transfer with no money being paid. I guess the suggestion above to call a title company is the way to go unless somebody has a better suggestion. Webby1000, The bank has already approved.

brokelin | 11 years and 9 months ago

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I think an attorney can do this for you. And it isn’t a name change (a name change would be if you changed your name, say, by marrying)..it is an ownership change, and a change in the form of ownership as well. Which means, if the LLC doesn’t already exist, you will have to create it, which costs some money. As noted above, I would definitely check with both an accountant and an attorney about your reasons for doing this, to make sure it will work for you as you think it will (and, as with most things, there are positives and negatives, so make sure you understand them fully, both in general and with application to your particular current situation.) Money spent for getting the right advice will be far more valuable than cheaply doing this if it doesn’t end up doing for you what you think it will.

webby1000 | 11 years and 9 months ago

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If you have a mortgage you probably won’t be able to do this without redoing your mortgage, which will lead to a much higher commercial interest rate.

ejalbk | 11 years and 9 months ago

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I don’t know what it has to do with the number of buildings one owns. If you are on the receiving end of a massive lawsuit that insurance won’t fully cover and it’s not due to negligence, I’d rather have the lawyer stop at taking the building than taking everything each partner owns also. A properly run LLC will help accomplish this.

no-permits | 11 years and 9 months ago

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and let me ask why you’re doing this? you might be throwing your money out the window for no reason. are you thinking of doing it because you’ve seen other people do it (landlords)? if you only own 1-2 buildings, this will only make your life more complicated.

no-permits | 11 years and 9 months ago

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AN EXPEDITER!? WHAT?! man, some people have no business owning property. call a title company and let them handle it.