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Is it possible for two separate (different) LLCs to own a property as joint tenants? An LLC currently owns a property. A second LLC is looking to purchasing a percentage (30%) of the property. Is it possible for the first LLC to grant a 30% ownership to the second LLC? If so, how do they go about doing it?
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Estate Litigation Attorney serving Redlands, CA
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No, not joint tenancy. The LLCs should own the property as tenants in common.
Transfers of interests in real estate are done by a deed. This can be a grant deed or a quitclaim deed that should be recorded with the county recorder. You should also prepare a preliminary change of ownership report and an affidavit of uninsured deed.
Answered on Oct 02nd, 2015 at 8:59 AM