LandInvestors.com Forums **Ask A Question** buying from an LLC

  • Creator
    Topic
  • #1510

    Kevin Rhatigan
    Participant
    Post count: 107

    @jilldewit
    @stevenbutala
    @luketsmith
    @claire
    @nikedugan

    HI Steve, Jill, Luke, et al!

    I have an accepted offer but the seller is an LLC. What do I need to obtain from the seller besides the articles of organization for the LLC?

    What , if anything, do I need to record at the county besides the deed?

Viewing 6 replies - 1 through 6 (of 6 total)
  • Author
    Replies
  • Jill DeWit
    Participant
    Post count: 439
    ProAdvancedStaffPrincipal

    Hey Kevin!

    You don’t need any of these things in order to buy from an LLC. It isn’t up to the county to decide if the LLC is legitimate or anything like that. All you would do is change the wording on the deed.

    For example, our deeds would read “SMOKETREE HOLDING, L.L.C., an Arizona Limited Liability Company”

    Erin

    Kevin Rhatigan
    Participant
    Post count: 107
    Pro

    @erinspence

    Thanks Erin! Do you guys request the Articles of Organization (and anything else) to confirm that the person who will sign the deed is authorized to act on behalf of the LLC?

    George Dean
    Participant
    Post count: 76

    I am brand spanking new.

    However, it would seem we need to make sure the person signing the deed does, in fact, have authority to do so. Some sort of “operating agreement/buy laws” or sign some sort of document staying they are authorized to sign all legal documents on behalf of the company.

    I would like to know more about this process as well.

    George

    Jill DeWit
    Participant
    Post count: 439
    ProAdvancedStaffPrincipal

    It’s always a good idea to check on the LLC, however you want to go about doing that. In almost all circumstances you can verify an LLC and its managing members with a simple google search. If you know the state that it is incorporated in, you can even go to the official website for business searches and look that way.

    PS Kevin, I just googled your LLC and verified that you’re a managing member. (:

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    In the brokerage business to open corporate accounts we asked them to sign our standard Corporate Resolution. That basically said there was a meeting of the company and so and so is authorized to sign and act on behalf of the company to open this account which is authorized to borrow or do what ever the account wanted to do like puts and calls.

    Look up corporate resolution. If you are worried you could add one to the ppwk you are asking them to sign. That would standardize the process.

    Kevin Rhatigan
    Participant
    Post count: 107
    Pro

    @erinspence
    @luketsmith

    Hi Erin and Luke

    Many thanks for your help!

Viewing 6 replies - 1 through 6 (of 6 total)

You must be logged in to reply to this topic.