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I won a foreclosed property at an auction and the purchase…

Hi, I won a foreclosed...
Hi, I won a foreclosed property at an auction and the purchase agreement was signed in my name. Due to issues, I need to close on the property under my LLC, since this is a requirement by my hard money lender. The deed has been issued in my name already, and the seller won't allow for a addendum to the purchase agreement under my LLC.
My question is how can I close using my LLC to satisfy the hard money lender?
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Answered in 4 minutes by:
8/13/2016
AttyHeather
AttyHeather, Lawyer
Category: Real Estate Law
Satisfied Customers: 677
Experience: Attorney with 15 years experience
Verified

Hi, I'm Heather, an attorney with 15 years experience.

You could request that the closing documents be prepared to deed the property to you, as member of the LLC.

In the alternative, you could ask your bank to accept a quit claim deed for the property, quit claiming the property to the LLC. The quit claim deed would need to have an after-acquired title provision.

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Customer reply replied 2 years ago
Ok, when you say "your bank", is that the hard money lender or the bank that is selling the property?just want to make you mean the hard money lender...

Sorry for that confusion. I mean the lender who is loaning you the money - so that would be your hard money lender. The quit claim deed for after acquired title should really do the trick, but it's not a standard document that title companies normally prepare. You might need to get an attorney to draft it up for you.

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Customer reply replied 2 years ago
OK, thanks you. So first Ill try to have the title closing company prepare the paperwork to deed the property to me as a member of an llc. If they won't, then I'll check with the hard money lender if thEY will accept the quit claim deed after acquired by an attorney....thank you so much

Your welcome. Could you please give a positive rating?

AttyHeather
AttyHeather, Lawyer
Category: Real Estate Law
Satisfied Customers: 677
Experience: Attorney with 15 years experience
Verified
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