Under Contract, Created My LLC, How does my LLC buy this home?
Hello all you lovely real estate people!
I'm under contract on a property and I have signed this contract with "My Name and/or assigns". I have created an LLC for this property and I need to buy the property with this LLC I created to be eligible for the hard money loan. What does the process look like in terms of making sure the LLC buys it and not me. I met with an attorney and they said make sure I do a novation to the contract which is like a new contract all together to avoid double transfer taxes. I live in PA and I want to make sure I do this right so I don't have double transfer taxes. I feel because I have that "My name and/or assigns" as the buyer, I shouldn't have to do a novation, I just need to assign the contract to my LLC and have my LLC buy the place. I don't know the actual process of assigning a contract. Do I just have the realtor write up some sort of addendum? I want to know what steps to take with Realtors involved as well as my title company. Please help with the specifics of this, we are closing in 10 days and I really need some help. Thank you in advance to anyone willing to chime in.
Kind Regards,
Jacob