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ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 15742
Experience:  Licensed General Practice Attorney, Texas
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Should I sell real property to a newly formed LLC

Customer Question

should I sell real property to a newly formed LLC
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Let me add to my question "and carry a contract'
Expert:  ScottyMacESQ replied 1 year ago.

Thank you for using JustAnswer.

Selling to an LLC is no problem as long as you're confident about repayment. But if you were to "carry the note" that means that you're the creditor in the matter (having the LLC execute a separate note promising payment) and in that matter you would want the members of the LLC to sign individually (on top of on behalf of the LLC) to obligate themselves to that debt. In other words, the LLC would be liable, but you could also sue the members if anything were to happen. It's still risky, because you don't get all your money now, and they could still default (in which you would have to sue). If they signed individually you could sue them as well as the LLC, but that's still not a guarantee of payment. So understand that carrying the note in any situation is going to have some risk, but if you do it this way make sure that they sign individually as well as on behalf of the LLC.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  ScottyMacESQ replied 1 year ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacESQ replied 1 year ago.

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions)

Expert:  ScottyMacESQ replied 1 year ago.

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

Expert:  ScottyMacESQ replied 1 year ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

Expert:  ScottyMacESQ replied 1 year ago.

Did you have any other questions before you rate this answer?

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