Need RE Layer?

I bought a pre-construction condo in Sunny Isles
The construction will be completed by Aug 2006.
The unit was assigned to me by original buyer
and I would like to sell it at the time of closing
or asap after the closing.

Do I really need a RE Lawyer at the closing to make
sure all is ok with the documents?

Comments(9)

  • Eric525th July, 2005

    I would just go to the site of you state. Usually you can form a company directly from them with the cheapest price. If it is going to be complicated get an attorney.

  • thepsalms18226th July, 2005

    what are some of the different issues that could make a set up difficult ? Thanks

  • Eric526th July, 2005

    Well if you have mutlyiple owners with different interests in the property or if you are issuing stock or something like that. Are you going to be an S-Corp, Partnership, or a Single Person as owner of the LLC? I guess I was referring to an Operating Agreement that would make it a little more complicated.

  • Apprentice2Him26th July, 2005

    Oh...
    I meant to speak about the paperwork.

    In Virginia you go to the courthouse and ask about starting a business. they give you a book with the paperwork for all kinds of entities, such as a variety of corporations, trusts, and LLCs.

    I just take out the single member LLC form, fill it in by hand, call to make sure I can use the name I have in mind, and carry it down. Their paperwork has all the instructions included.

    It may be the same way where you live.[ Edited by Apprentice2Him on Date 07/26/2005 ]

  • thepsalms18227th July, 2005

    thanks for the info...It is much appreciated...God bless..

  • Eric527th July, 2005

    Quit claim deed

  • Eric527th July, 2005

    It sounds like you gave them an option to purchase a property that you didnt own or have the ability to sell at the time. That could be a problem. Also you deducted a rent amount from the option payment even though the people didnt agree to pay you rent for the months and didnt agree on a price.

    You basically used a house you didnt own, to get 3 months rent out of some people.

  • bgrossnickle27th July, 2005

    I am a little confused. Did you allow the house to go into foreclosure by not making the mortgage payments? How long were your tenant-buyers living at the property?

    Brenda

  • smithj227th July, 2005

    MAYBE you did commit fraud, if we go by the strict definition. You rented out (or sold) them a house that you did not own. That may not have been your intention, but that is what happened.

    Also, how did you move them to a new property? Did you renegotiate with them? Did they agree to let you deduct the $4500 from their option deposit?

    Once you receive money from a client for one thing, you can not use that money for something else if you do not renegotiate and get the clients approval. They paid you that money to buy a particular house. Even if you end up giving them a different house, that money was still paid for the original house. You should have refunded their option payment in full, and then re-negotiated a new option with the new property.

    If this is what you did (refunded the money and renegotiated), then I would say that you are not guilty of fraud. Otherwise, ……

    Good luck and keep us posted.

    JS.

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