Check your state and local laws. In NC, and I suspect this is the case in SC, some towns (e.g. Raleigh) require your rentals to be registered. It may be that there are SC towns that require a business license to operate a rental. On the state level, you can start with http://www.scstatehouse.gov/code/statmast.htm (SC Code of Laws) and look for applicable chapters for your LLC business....
For real estate settlements, closings are done by attornies at their offices in "attorney" states, and may be done at "title companies" in title company states.
I would have to suggest that you hurry up and buy your new personal residence, then let your Tampa property go into foreclosure.
Florida Judges routinely allow Banks to stipulate that a recorded copy of a mortgage will serve as an original... so you may be out of luck with that tactic.
If you PM me, I will give you the name and phone number of an excellent Jacksonville attorney (who specializes in Florida foreclosure law) for further clarification.
[addsig]
Who is your lender? We just did a deal with a big national lender where they allowed an investor owner to give a deed in lieu to a charity I am affiliated with. the bank then donated the mortgage to the same charity. Bank got the charitable donation write off for the face value of the note, investor got to go away quickly, we got a free 2 unit building to renovate and rent at below market to a good if low income tenant. All in All a win-win-win.
Contact me if you wish and I will see what we can do. My username at Hotmail is the same as it is here.
Check your state and local laws. In NC, and I suspect this is the case in SC, some towns (e.g. Raleigh) require your rentals to be registered. It may be that there are SC towns that require a business license to operate a rental. On the state level, you can start with http://www.scstatehouse.gov/code/statmast.htm (SC Code of Laws) and look for applicable chapters for your LLC business....
Thanks, that makes sense to me.
It may be that the state requires lawyers for RE transaction closings. I know that is the case in a number of NE states.
Virginia is not a lawyer state.
Jim
For real estate settlements, closings are done by attornies at their offices in "attorney" states, and may be done at "title companies" in title company states.
Attorney states do not have title companies.
MD and VA are title company states.
NC and SC are attorney states.
I would have to suggest that you hurry up and buy your new personal residence, then let your Tampa property go into foreclosure.
Florida Judges routinely allow Banks to stipulate that a recorded copy of a mortgage will serve as an original... so you may be out of luck with that tactic.
If you PM me, I will give you the name and phone number of an excellent Jacksonville attorney (who specializes in Florida foreclosure law) for further clarification.
[addsig]
Who is your lender? We just did a deal with a big national lender where they allowed an investor owner to give a deed in lieu to a charity I am affiliated with. the bank then donated the mortgage to the same charity. Bank got the charitable donation write off for the face value of the note, investor got to go away quickly, we got a free 2 unit building to renovate and rent at below market to a good if low income tenant. All in All a win-win-win.
Contact me if you wish and I will see what we can do. My username at Hotmail is the same as it is here.