Transfer condo to LLC

A 50% increase in value in 18 months, eh?

This is complicated enough that you should get an attorney involved now. (I do not have one to recommend for this, unfortunately.) As a preliminary question, do you have financing planned out with a specific lender?

Your mortgage company won't go for that. New York is a recourse state- they won't let you transfer ownership to an otherwise assetless LLC and be unable to go after you should you not pay the mortgage.

You are probably going to have to transfer title to the LLC, unless there is a clause on your mortgage loan docs namely on the mortgage instrument or note allowing you to assign the mortgage. I doubt that this is the case. You will have to take out a new loan.
Ellen Silverman
Licensed Mortgage Broker since 1990 NMLS #60631
esfundingco@aol.com

New York is a single action state. The lender can either foreclose or sue you for the money, not both. Almost every case is settled by foreclosure since suing for the money takes infinitely longer to settle the case.

Before I clicked through, I thought this was about transferring a condo to Long Island City, and even though I had no idea how you would do that my first thought was why you'd even want to try. Never mind.

How about this?
Under the Garn St. Germain Act an investor can create a land trust to hold title to his rental real estate without fear of his lender calling the mortgage due and payable. Once the property is held by the land trust, an investor has the flexibility to assign his beneficial interest to a limited liability company or another purchaser without alerting any third parties to the fact there has been a transfer

"Garn-St. Germain " - - - the grandfather of the S&L Crisis of the 1980's and 1990's

Well, you and your lawyer better read the Act pretty carefully, and be aware of the types of trusts permitted under the Act that can hold title (and the limits on how those trusts can assign beneficial interests). The original poster didn't provide a reason why he wanted to transfer title to an LLC, so who knows if putting the property into an LLC will really accomplish what he wants.

Any one can advise a lawyer who can help with that?