QUESTION
How should we take title to the home if we are purchasing a home through an LLC that is owned by an LLLP?
Asked on Mar 07th, 2013 on Estate Planning - Michigan
More details to this question:
How should we take title to the home if we are purchasing a home through a limited liability company that is owned by a limited liability limited partnership?
8 ANSWERS
The LLC would be the owner. If a title or escrow company is involved, it can help with the correct names.
Answered on Mar 08th, 2013 at 11:30 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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I am not sure I follow you. Are you buying FROM the LLC or are you buying through your own LLC from an LLLP? There is no way to properly advise you without knowing who "we" is, what your objectives are, etc.
Answered on Mar 08th, 2013 at 12:35 AM
Estate Planning Attorney serving Provo, UT
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Randy M. Lish, Attorney at Law
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The LLLP owns the shares of the LLC, which in turn owns the title to the home.
Answered on Mar 08th, 2013 at 12:05 AM
This is a pretty strange set up. I would wonder how and why you set up your affairs this way to be sure that what you are doing is consistent with your goals. That said, the easiest way is to take title in the name of the LLC. That may be a problem if you are borrowing money to buy the property. Many banks will not accept an LLC as the borrower and owner.
Answered on Mar 07th, 2013 at 9:20 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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It depends on the facts and circumstances. Tenants by the entireties, individually, by tenants in common, the same LLC, A new LLC, A Trust.
Answered on Mar 07th, 2013 at 8:15 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Sounds like the title should be in the name of the LLC, doesn't it.
Answered on Mar 07th, 2013 at 8:15 PM
You should consult with an real estate attorney to see how you should take title. If you are married, the usual way is by the entire ties.
Answered on Mar 07th, 2013 at 8:12 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It is impossible to answer your question reasonably without additional information. There was clearly a reason why the various limited liability entities have been set up and it is only after an examination of the entire situation that a reasonable and rational opinion could be rendered.
Answered on Mar 07th, 2013 at 8:11 PM