Should I get a real estate attorney to form and get my rental properties into LLCs or is it fine to do myself?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Should I get a real estate attorney to form and get my rental properties into LLCs or is it fine to do myself?
I currently own 2 rental properties and it’s suggested I place the rental properties into LLCs (another even suggested land trust + LLC) which I could easily do myself (form a LLC, quit claim each property into LLC). But before doing that I wanted to see if there is added value in getting an attorney as the registered agent to further protect against any “piercing the corporate veilâ€, or if I should warranty deed the ownership over so that the title insurance carries over, etc, or is simply having an umbrella policy all that I really need and this would just be overkill?
Asked on April 9, 2012 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is always recommended that an experienced attorney prepares the necessary limited liability company paper work and submits such to your state's secretary of states office. However, you can do so on your own as well. Having an attorney as the agent for service of process does nothing with respect to piercing the corporate veil of the intended limited liability company.
It is a good idea to transfer the rentals into the limited liability company that you want to create. Equally important is that you keep liability insurance on them. The title insurance policy will carry over since you have title in the properties and are simply transferring title to an entity that you will own and control.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.