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Lucy, Esq.
Lucy, Esq., Attorney
Category: Business Law
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Experience:  Attorney
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I just sold a free standing property in TEXAS & have ;prox $850,000.+ in 103l account

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I just sold a free standing property in TEXAS & have ;prox $850,000.+ in 103l account at title company. Texas property was in my name. I am buying a free standing property in IN at a rpice of over $l M.I will take said property in my name so as to use the l03l exchange. However, I would like to have a 2nd closing (same day) with said property going over to a LLC. Is there any ;problem with this?

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There may be a slight delay in response time, as I may be helping with other questions or I may be away from the computer. I will answer any follow-up questions as soon I can.

As long as both deeds are recorded, showing clearly the chain of title from the seller to you to the LLC, you should not have any problems. The LLC would have to provide something of value in exchange for the property (the deeds say the property is being transferred for "valuable consideration" - it doesn't have to equal the value of the property, but it does have to be some amount). You could actually probably execute all of the documents at once, as long as everything gets filed with the county.

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