Posted by John Merchant on March 28, 2005 at 19:52:36:
For the deeds alone, that fee sounds pretty high…but if that firm is creating and forming the Ltd P’ship too, it’s probably reasonable.
Lots of issues re a LP on which most laymen aren’t really competent or knowledgeable enough to handle without legal help
Transferring Properties into an LP - Posted by Kevin
Posted by Kevin on March 28, 2005 at 16:38:25:
I have 3 properties in my name that I’m wanting to transfer into an LP.
I was referred to a law firm to get this done.
They want $400 to transfer all three.
Does this sound right?
Do I even need an attorney to do this?
In the future, does the LP buy the property?
Thanks,
Kevin
Re: Transferring Properties into an LP - Posted by Jimmy
Posted by Jimmy on March 29, 2005 at 08:14:04:
$400 for the preparation of three deeds would be cheap in my area.
No, you do not need an attorney to draft the deed. But it may be a good idea if you are not experienced with real estate instruments.
Yes, you can acquire future properties directly into the LP, but… You will be entering the realm of commercial lending. there are plenty of threads in this board which discuss this concept.