I'll be getting a property under contract privately between myself and the current owners of a single family home but the property is in their LLC's name. On the purchase contract, is there special language to add under seller(s) in order to avoid hiccups down the road? Do we add the full LLC name and the rep's of the llc sign/print below it?
I know my Purchase Agreement/Contract is rock solid when it's between standard owners but signing from an LLC owned property is new for me. Any help or info is appreciated.
Yes, Full name of LLC and add a provision that the person signing on behalf of the entity has full authorization pursuant to the Operating Agreement.
Also a provision that the LLC will provide all documentation necessary for the title company to issue title insurance, including an affidavit of title and resolution, providing the operating agreement to the title agent, etc.
And then not sure what state property is in. I don't think CO has a bulk sales requirement, but make sure there is no tax documentation to be filed if your seller is an LLC, otherwise require that in the contract.
Makes perfect sense. Thanks for the knowledge!