Question by Manny Sanchez:
I have a few rental properties with my name on it. I would like to know how I would go about changing my name on the properties to my company name to protect my family from anything that might come up in the future. Also if it is possible to do it now or begin with a new property.
Answer By William Bronchick:
You can change ownership on a property by simply deeding it to a trust, corporation or other entity. This will protect you from liability if a tenant sues you regarding an issue related to the property.
However, changing ownership does not change your liability for the mortgage note. You need permission from the lender to remove your name and substitute the corporate name. Don't bother asking, since the answer will universally be "no."
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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