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Is it ok for me to purchase real estate with my personal…

is it ok for me...
is it ok for me to purchase real estate with my personal credit and then sign it over to an LLC that my c-corp owns?
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Answered in 11 minutes by:
9/1/2017
Michael Gonzalez
Category: Real Estate Law
Satisfied Customers: 550
Experience: Managing Member at Perez-Mena & Gonzalez, LLC
Verified
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.Two possible issues you may encounter:1. The bank who lent you the money likely has mortgage that prohibited transfer of the property without their consent;2. Your title insurance coverage would cover the LLC if you were the Single-member owner of the LLC. However, given your facts, your title insurance may not cover the LLC and/or the C-Corp. On possible way to protect yourself is to sign a warranty deed from you to the LLC as opposed to a quit claim deed.I highly recommend you consult with a local real estate attorney to protect your rights and interests.
Michael Gonzalez
Category: Real Estate Law
Satisfied Customers: 550
Experience: Managing Member at Perez-Mena & Gonzalez, LLC
Verified
Michael Gonzalez and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 5 months ago
Information and education is what I seek. So I can have a c corp be the single member of an LLC? And that same LLC be the owner of real estate?
Can the same c-corp be an owner of an LLC s-corp of multiple owners? or would the new entity have be an LLC filing as a partnership?

I know how this could have been confusing in my attempt to keep it brief.

What I meant was if you as an individual deeded to a single member LLC, which happens to be yourself, then you will likely have title insurance coverage.

I do not believe the same would be true if the "single member" is a C corporation.

In other words, you as "Bill Smith" are obviously covered by title insurance. If "Bill Smith" transfers via deed to an LLC whose single member is "Bill Smith" then the LLC would also be covered by the title insurance. Any other scenario you propose may result in losing coverage.

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Michael Gonzalez
Michael Gonzalez
Michael Gonzalez, Lawyer
Category: Real Estate Law
Satisfied Customers: 550
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Experience: Managing Member at Perez-Mena & Gonzalez, LLC

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