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?
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.
what are some of the different issues that could make a set up difficult ? Thanks
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.
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 ]
thanks for the info...It is much appreciated...God bless..
Quit claim deed
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.
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
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.