LLC And Sale Of Property
If I quitclaim my rentals into an LLC, what happens when I am ready to sell?
Do I quitclaim the property from the LLC back to me? And if I own it alone now but quitclaim it into a multi-member LLC, how do I quitclaim it back from the multi-member LLC back to myself? I guess I will need the signatures of all the LLC members to do that.
Or, is it possible for the LLC to sell the property and give a warranty deed? How does this approach affect the liens on the property?
Thanks,
JS.
Any help with this would be much appreciated.
Thanks,
JS.
what are you trying to accomplish?
Ea. time you quit claim there $$ spent.
If you have your operating agreement look for the section about distribution in cash or in kind.
In CA they just use title insuane rather than a warrenty deed.
If the buyer (or his agent) has materially breached the contract, you should be able to terminate. (By material, I mean something significant.)
The most obvious breach is their failure to close by the date specified in the contract. If you gave extensions, there is no breach--but you are not obligated to give another extention. If you want to terminate the contract, simply refuse to give another extension.