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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.
 
  1. You should probably set up the LLC prior to closing, and ideally, before you enter into a final contract.
  2. 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.
 
Please give us a call at 727-619-2799
if you have any questions or if we can help in any way.