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I’m selling a couple properties and outside of the mortgage…

I’m selling a couple properties...
I’m selling a couple properties and outside of the mortgage I have two or three loans that what other companies have given to the ownership company of this Llc how do I let the title company know these exist or paper them up so that they reflect on the HUD and therefore I’m not getting taxed on the money I’m using to pay these loans off as income. For example I’m closing on a property contract price 125 mortgage price 100 and I’ve got about 20,000 and other loans against the property that we never recorded at the courthouse these are just
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Customer reply replied 9 months ago
These are just side deals so on paper I making about 25 except I have other debts of about 20 so in reality I making about five do I simply give copies of these to the title company and that way mytaxi blame come will only be five not 25
Answered in 3 minutes by:
11/11/2017
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,520
Experience: Experienced lawyer
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You can forward to the title company the loan documents, balances and contact information for lenders.Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 9 months ago
Will it cause a problem with these other companies are also owned by me I basically got lines of credit under the names of other companies to cover some rehabs and improvements we needed on those properties so I borrowed the money under the name of 1])) LLC and loaned it across to the property management LLC or rather the property ownership Llc
Do not foresee a problem.
Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 9 months ago
OK thank you the except button is grayed out I don’t know how to except and write your answer
Thanks!!
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It should work now. Would you kindly rate me five stars - that is the only way I get credit by the website. Thank you! Leaving a bonus after rating is very much appreciated.
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,520
Experience: Experienced lawyer
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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