Seller wants to sell, but partner died...?
Hi all,
In Baltimore, MD I have a strong lead and the seller has agreed to sell however the property is in his name along with an LLC. The LLC is owned by his partner who recently died. I want to help solve his problem but am not sure what needs to be done. The next time I speak with him I want to add value with some good information and steps we will need to take. Thanks for taking the time to read!
Most Popular Reply
@Courtney Rollins First, pull the current deed to confirm the record owners. You can find the liber/folio on SDAT and the instrument itself on mdlandrec.
If there is in fact an LLC on title as a co-owner with an individual, you'll need to determine whether the LLC was single-member or multi-member. If single, and the membership interests did not transfer via trust or otherwise outside of probate, an estate will need to be opened to transfer ownership of 100% of the membership interests to the heirs, who can then convey the LLC's interest. If multi, one or more of the other LLC members can convey it now and account to the decedent partner, or however the organizational docs deal with this scenario.
If you want to PM me the address I can point you in the right direction.
- Tom Gimer
