Real Estate Law
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Remember the people who wanted to turn the old store into a café? Let us look at another side to that case. The building has been vacant for maybe 20 yrs. & is about 40 yrs.old, but the brick structure is in sturdy shape. You said that the possible gas tank still in the ground would make liability insurance difficult to obtain, even after renovation. Even if the tank had been removed and closed, there could be pollution problems down the road.Now if the seller, the original owner of the 3 acres and store, owned other property and had other assets, would he be wise to form an LLC for himself and deed the store, and only this store with 3 acres, to his LLC… in order to reduce his risk and protect this other assets? He might be old and was actually the person who ran the store 40 years ago?
Can he rid himself of his pig in the poke by giving his tank and building to an LLC? Can he cut his possible future losses that might arise from pollution problems? Is he in a different position from the people who want to buy the store and convert it into a café? Seems if he cannot shield himself, then he would be more willing to sale at a good price? But maybe he can shield himself as well as the buyers can shield.