Doing Deals In Another State.
Hey there. My business partner and I are just beginning to break into the Cleveland market. We have our business entity registered in Colorado. Are there any special requirements or regulations regarding doing deals in Ohio from another state? Especially if we are buying rental properties? Any help would be appreciated.
Thanks!
Shane
Look at the requirement (if any) to report the income generated in OH to the State of OH.
I was just involved w/ a deal in GA, and go bitten by how title abstracts/prelim title reports work.
Out of curiosity, why OH?
Can it be deeded to a LLC, land trust etc? He owns free and clear.
The title company indicated that there is a judgement on record against the owner that has nothing to do with the property.
The seller would walk away with nothing if the lien is enforced. I told him to attempt to settle with the creditor however the true answer lies on the page listed below I will try to decipher the legal jargon sometime tonight:
http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K12-101
If anyone wants to take a crack at it be my guest.
Read it and its called a personal lien. So yes, it would need to be settled prior to or at closing.
[ Edited by fmmp on Date 04/14/2010 ][ Edited by fmmp on Date 04/14/2010 ]