Now that you have set up your LLC, you can transfer your rental property from yourself to the LLC. In order to do this, you will need to obtain a deed form. Your choices are between a warranty deed and a quitclaim deed. Since you want to transfer rental property from yourself to your own LLC, a quitclaim deed form may be sufficient, but this is up to you. A quitclaim deed merely transfers ownership and makes no guarantee that the title is good or even if you own the property and are able to transfer it. When you purchased the rental property from the previous owner, a warranty deed was more than likely issued by the title company in order to guarantee the title was free and clear. You may wish to obtain a warranty deed in order to protect the LLC if there is any issue with the title discovered later on. There may also be closing costs associated with any such real estate title transfer, and you will need to consult your title company regarding the amount.
Real estate deed
When you've decided which deed you will use, complete the forms carefully, making sure to match your name to your legal documents as well as the LLC name exactly. You will also need to record the purchase price, and if there is none, you will need to check with the county office in charge of recording deeds for any requirements or minimum amounts. Additionally, make sure you meet any signature requirements, such as signing in front of a notary or having a separate party, such as your registered agent, signing on behalf of the LLC.
Record the new deed for the LLC
In order for the deed to be recognized, you will need to file the paperwork with the appropriate office, which is most commonly the county recorder's office. There may be fees associated with registering the deed, and you will need to check with your local county offices for specific information, although the national average cost of recording a new deed is $125.
Property leases
Now that your property is owned by the LLC, you will need to update all related paperwork, particularly any lease agreements. Moving forward, your tenants should be paying rent to a separate bank account owned by the LLC and no longer to you as an individual. The more separated your finances are from the LLC, the more liability protection there is for your personal finances.