Need A Legal Work Around To Close A Deal

[Carl Millsap]

We have a contract on a property. The owner has the property in an LLC that has been dissolved by the State because they haven't filed annual reports or taxes since they set-up the LLC.

The owner filed to have the LLC reinstated but the State Revenue office denied the request stating they must file taxes for the previous years, pay any back taxes and penalties.

The owner wants to close the deal before the end of year.

Is it possible to have the LLC which has been dissolved quitclaim the deed to the owner so we can close the deal?

Do you know of any other way to transfer the property?

[Jonathan R McLaughlin]

@Carl Millsap best bet is not to make this your problem. If he wants to close before the end of the year he will fix it. I think buying the LLC would prevent any kind of 1031 later too.