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legalgems, Arbitrator
Category: Real Estate Law
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What is the process of buying an house under an LLC or trust

Customer Question

What is the process of buying an house under an LLC or trust name?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  legalgems replied 4 months ago.

An LLC an purchase property and FL law does not require the LLC to be a FL LLC (ie an out of state LLC may purchase property in the state).

Generally, most lenders will not lend money to an LLC so financing can be difficult, unless the LLC pays all cash.

Any documents involved in the transaction would be signed: "signature, title, company name"

The Revised Florida Limited Liability Act, Chapter 605, has many new laws that have taken effect; in regards ***** ***** estate transactions,

the Act abolishes the concept of “managing-members” , converting such individuals to a regular member and eliminating any privileges that prior managing member had.

The state bar has issued a summary of the new issues here
Section One

Section Two

Section Three

If an LLC does not amend its operating agreement to become “manager-managed” and to grant a particular member with the title/responsibilities of a manager, then each member is allowed to participate in decisions like purchasing real estate, signing contracts and other legal transactions. A member could then be entitled to sue the LLC if they have not given their consent to a particular action. The designation of this person should also be in the operating agreement.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  legalgems replied 4 months ago.

Checking to see how the above worked out for you.

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Here is a link to the bar association's legal referral site:

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