Is Realty in a LLC name without a realtor license an issue?

Question

I just filed my LLC name on the WI One stop business portal website which worked really slick and supposed to be really fast and was cheaper than a lawyer filing it for me. Anyway, someone said that I couldn't have Realty in the LLC name without have a real estate license, does anybody know if there is any truth to that? I hope not or count that as mistake #1 before even buying my first property..

Part 2- my realtor suggested if I still want to put in an offer before my LLC is established, I could easily do so and just do an amendment to switch it from my name to the LLC's name, is that true/a good idea?

Thanks BP nation!!

Part 2- my realtor suggested if I still want to put in an offer before my LLC is established, I could easily do so and just do an amendment to switch it from my name to the LLC's name, is that true/a good idea?

Thanks BP nation!!

John Mattox · Answer

@Brian Tisler - Re: making an offer before you set up your entity:

Rather than amend the contract I would recommend simply assigning your rights to the LLC.  Generally contract rights are freely assignable.  You could however include a provision in your offer expressly reserving the right to assign your rights under the contract/offer.

Here is a detailed article in the various ways assignment might be addressed in a contract.  http://www.commondraft.org/#AssmtTop

Matthew Kreitzer · Answer

You should probably talk with a local attorney to discuss the requirements for certain names in Entity Titles, as, yes, many states do place such restrictions. Seek out a business attorney soon.

David Dachtera · Answer

@Brian Tisler,

I don't know as it's a legal issue, but it might not be a wise choice. People finding your business may have expectations of you that you are not equipped to satisfy. Not good for business.

My $0.02...