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A LLC owns a property on which there is some outstanding…

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A LLC owns a property...
A LLC owns a property on which there is some outstanding loan needs to be paid. Now LLC wants to sell the property to a corporation. is it possible?
Submitted: 6 months ago.Category: Real Estate Law
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12/26/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 13,467
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Is the corporation owned by the LLC?

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Customer reply replied 6 months ago
no its just a real estate owned by LLC
Customer reply replied 6 months ago
wants to sell that real estate to a different corporatoin
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Understood. So, because the LLC owns the property, it can sell it just like any regular person can. Does the LLC expect to make a profit?

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Customer reply replied 6 months ago
do you have a sample of specific agreement that needs to do between llc and the other company for this kind of transaction?
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Good question. I don't personally have anything like that because that is a very specific thing to have. If you click here, though, you can find a basic contractual agreement to get the ball rolling. Generally, these agreements don't have to be very special; however, I would see if a realtor has a better template agreement since they deal with these kinds of things on the regular basis. Otherwise, the answer to your question is yes, this is possible. What other questions did you have for me?

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Customer reply replied 6 months ago
is it necessary to inform bank about this change because there is a loan pending?
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

It depends on the nature of the deal. If there is a loan out on the property now, the corporation can either a) pay the agreed upon amount to the LLC who will then give the necessary amount to the bank and keep the proceeds. Thereafter, they would transfer the property to the buyer. They could b) have the buyer pay the loan company directly and give the remaining amount to the LLC.

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Customer reply replied 6 months ago
can bank have any objection over changing the original loan holder?
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

No. If the loan is paid then they're required to release the lien they have on the property.

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Customer reply replied 6 months ago
no my original question if loan can be transfer to the different company?
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

I see. Yes, it can, but typically another bank would have to purchase that loan from the original loan company or the loan company would have to transfer it to another company. This occasionally happens if a loan company is closing or if they want to sell some assets.

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