If I purchase a property as a LLC, will closing fees be different? by jeremy_942_294 from Clearwater, Florida. Jun 15th 2012
Closing costs won't change if you purchase in an LLC if you're paying cash.. If your using conventional financing, you would have to take title in your own name and after close, change title to your company... the title company might charge you a minimal fee for having to record 2 titles.. if your purchasing using Hard Money or Commercial financing, then your costs will be higher than any type of conforming financing, but it will be in line with other hard money or commercial financing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Closing fees will be higher because the loan will be different. Traditional loan programs don't allow you to purchase the home as an LLC, unless you're buying it as a reverse mortgage. You can change your title vesting later, but beware you don't trigger any "due on sale" clause; if you go that route, I suggest you consult a real estate attorney to make sure it's done properly.
apples to apples they won't be... but you will have a hard time finding a lender to allow to close in a LLC
Your closing costs should be about the same. I have a lender that will let you close as an LLC, it is a portfolio product 85% LTV. Call to disscuss more. 201-962-3555 Michelle
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