How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
Type Your Real Estate Law Question Here...
Tina is online now
A new question is answered every 9 seconds

We have 2 land under LLC ,with 4 members ,each have 25 %

Customer Question

We have 2 land under LLC ,with 4 members ,each have 25 % share
one member of LLC is selling all his 100 share on one of the land to me( he have 25 % share) .so i am buying his share from him on one land .He will have 0 % and i will have50% share on this land .He will still have 25 % in other land in LLC we have operating agreement for llc and members can buy or sell the share to each other.what documents we need ,do we need quit claim deed
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. My name is***** am going to assist you with your issue.

Depending on the language of your operating agreement, you may be able to transfer the interest in the land without the approval of the majority of the other members. If that is so, all you will need is a purchase and sale agreement of the shares as well as a amended and restated operating agreement reflecting the new ownership interests.

No quitclaim deed is necessary because the operative document is the operating agreement.