Posted by Garrett Sutton on August 18, 2004 at 19:54:20:
Isabelle: First we have to ask if you want to use LLCs in California to protect your real estate. California has an extra tax on LLCs that lead many investors there to use LPs (Limited Partnerships.) Whether a LLC or LP is used you will most likely use a grant deed to transfer the property from your name to the name of the new entity. You can tell your lender about this but many people do not. As long as the bank is paid every month all should be fine. Telling the bank about the transfer can get lower level bank employees confused and upset and who needs it? If you need more assistance via a consult feel free to call. Best wishes, Garrett