It's a jointly owned multifamily rental in Westchester County, NY. LLC was created (2 yrs ago) for filing taxes but we never changed the name of the Deed/Title to the LLC name, it's still under our 3 individual names. We're now under contract ready to sell. Should contract be under LLC name or Individual names as it's on Deed? I'm realizing LLC might have been better to avoid NYS non-resident tax (I live in PA)... Can I still do it this way? Def a question for our lawyer... But he's so unresponsive. Any real estate lawyers on here? Thank you
Rental Property Investor · Des Moines, IA · Member since 2020 · 232 posts · 116 votes
5y
@Maria Balassone Since the property is still titled in your 3 individual names, then you three would be listed on the purchase agreement as the sellers of the property. I just ran into this issue on a lot that I sold, purchase agreement listed me individually as the seller, when it's actually owned by my LLC. So I had to sign an addendum to the purchase agreement, to get this seller name corrected.