Taking Possession as an LLC
Sometimes buyers want to own a property in the name of an Limited Liability Company (LLC) for managing liability or tax purposes. If you are buying a condo, here are two things for you to consider and discuss with your legal council prior to closing.
- You should probably set up the LLC prior to closing, and ideally, before you enter into a final contract.
- Check the Condo Docs and Rules & Regulations to verify if you can hold the property as an LLC.
Some time ago, a few corporations tried to circumvent the condo rental restrictions. They purchased condos as an LLC as a place for their visiting employees to stay instead of a hotel. So to protect their residents, some condos created Rules and Regulations to limit the purchase of units in their community by LLCs.
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