llc title not last name? (by melinda [MD]) Apr 3, 2021 5:52 PM|
llc title not last name? (by DJ [VA]) Apr 3, 2021 6:20 PM
llc title not last name? (by Ken [NY]) Apr 3, 2021 6:36 PM
llc title not last name? (by Ray-N-Pa [PA]) Apr 3, 2021 8:27 PM
llc title not last name? (by Deanna [TX]) Apr 4, 2021 12:05 AM
llc title not last name? (by wmh [NC]) Apr 4, 2021 9:01 AM
llc title not last name? (by Hoosier [IN]) Apr 4, 2021 5:40 PM
llc title not last name? (by Landlord ofthe Flies [TX]) Apr 5, 2021 2:37 PM
llc title not last name? (by Jim [OH]) Apr 6, 2021 10:50 AM
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llc title not last name? (by melinda [MD]) Posted on: Apr 3, 2021 5:52 PM
Just wondering if a person can settle on a residential property and list their LLC as the owner rather than use their last name as the new owner. --24.233.xxx.xx
llc title not last name? (by DJ [VA]) Posted on: Apr 3, 2021 6:20 PM
Not sure exactly what you are asking....
Yes, an LLC can buy property.
However, whatever name is on the contract as the buyer is the name that needs to take ownership. You can't change it part way through without voiding and creating a new contract.
Now, IF the buyer is Melinda "or Assigns" you can assign the contract to your LLC, another person, or whomever - and they close in their name. --68.229.xxx.xxx
llc title not last name? (by Ken [NY]) Posted on: Apr 3, 2021 6:36 PM
I havent bought a house in my name in 20 years.My LLC buys a lot of houses and is the name on the deed --72.231.xxx.xxx
llc title not last name? (by Ray-N-Pa [PA]) Posted on: Apr 3, 2021 8:27 PM
Why would anyone want their name in the chain of title? I don't see any benefit to it unless you are trying to get financing from the bank as the resident.....even then you place the property into a trust as soon as it closes --24.154.xx.x
llc title not last name? (by Deanna [TX]) Posted on: Apr 4, 2021 12:05 AM
One nearby landlord has over 200 properties. Most of them are just deeded to, say, "Turner Construction Inc", but a portion of them are deeded to "Turner, Construction Inc and Fred W Turner Individually."
If you're buying a primary residence for yourself, but you're wanting it to be owned by the LLC, you can do that, but if you get a loan or a mortgage, it would be through the LLC as an investment property, and not as a primary-homeowner getting a mortgage for their primary residence, which might possibly result in a higher rate and a shorter term. And then you'd have to personally guarantee the LLC anyways, presuming you have a W2 job... otherwise, someone with a W2 job might have to guarantee you.
Likewise, in TX, we have a homestead exemption. Basically, an individual can designate one property as their homestead, which means it has certain tax benefits, and is protected from being confiscated via judgment liens. However, I don't think an LLC can have a designated homestead...
If you just want your LLC to buy a residential property for someone else to live in, I do that all the time. Again, it's clunky if you're involving the bank, but if you're just buying cash as-is, it's pretty easy to do through the title company, and I usually have to draft a resolution for the LLC to acquire a property and sign it and hand it over to the seller's attorney. --137.118.xx.xxx
llc title not last name? (by wmh [NC]) Posted on: Apr 4, 2021 9:01 AM
We changed LLCs mid-stream last purchase, no one batted an eye, an addendum was signed and the deed is in the correct LLC's name. --50.82.xxx.xxx
llc title not last name? (by Hoosier [IN]) Posted on: Apr 4, 2021 5:40 PM
Yes Melinda, you can do that....that's how we do ours. I usually sign the documents as below (not my real LLC name)
Hip Rentals LLC
One time early on they would not accept that, and I had to do as below
Hip Rentals LLC (Joe Dokes as Manager)
All forms typed by the closing company or title company show ONLY the LLC name. --99.92.xxx.xxx
llc title not last name? (by Landlord ofthe Flies [TX]) Posted on: Apr 5, 2021 2:37 PM
Yes, I'm pretty sure you're right that an LLC can't claim a homestead. Otherwise every house would have a homestead exemption. You have to own it and live in it and you can only claim one house at a time within a TX specified date range.
When I sold my old house and bought a new one, I think I had a one-year tax gap before I could claim the new one because I moved in after the deadline for claiming, or maybe didn't live in it long enough. Can't remember which, only remember the property tax bill amount. --108.69.xxx.xxx
llc title not last name? (by Jim [OH]) Posted on: Apr 6, 2021 10:50 AM
Check with your local county auditor. They have received this question probably a few hundred times.
We all think our questions are first time questions but they're not to them.
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