JJ Luna

Second Question on LLC House Sell

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I think you might missed what I was saying about the house sale. - You buy a house in the name of the LLC. - All titles, deeds, etc. recorded with the county will have the LLC as owner - A few years later you go to sell - Any offers for the house will have to be with the name of LLC in the contract - When closing is completed, they are going to want to pay moneys owed to the LLC not an individual... I would think Would the title/escrow company be willing to fund a 3rd party to the transaction? I understand a person would still have claim the income on their personal income tax return however I am not fully sure that the title/escrow company would be willing to pay a 3rd party. Any insight how this would be completed?

JJ Luna Responds:

In my own case, I explain everything to the title company in advance, and that the check will be made out to ME. (Or, if our trust is the LLC owner, then the check will go to the trust, and the trust DOES have a bank account.) If, in the future, some title company says the check must be made out to the LLC, then I will switch to a different title company.
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