He lives outside the US. Can I sell the property once his name goes on the deed? Property is paid for, no mortgage. This is also a 1031 exchange property.
2006-09-14 07:11:26 · 9 answers · asked by Klausstefan 1 in Business & Finance ➔ Renting & Real Estate
you are too stupid to own property
2006-09-14 07:28:22 · answer #1 · answered by richard457 4 · 0⤊ 0⤋
Since this property is a 1031 exchange, just put the property under a Limited Liability Company. Use yourself as a managing member. This will protect the property in a law suit. If you own more than one property, set up seperate LLCs for each property. Check with state laws or consult a lawyer on setting up the LLCs.
2006-09-14 14:19:31 · answer #2 · answered by Janice C 1 · 0⤊ 0⤋
Not a good idea. If you transfer title to his name, you can't sell and he can't sell without going to court as he is a minor and wouldn't have the right to sell or sign documents.. Don't really even know if he can hold title if he hasn't reached the age of maturity. If you put title in your name and his you still can't sell without going to court and have a guardian appointed to take care of his interests. Also, if you transfer title just to elude a law suit, and it can be provide, the person filing the suit could go to court and have the deed set aside. 1031 exchange laws are pretty particular, you should consult a lawyer with these questions.
2006-09-14 15:24:40 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
Unless you are joking, that is absolutely the dumbest idea I've ever seen here. Aside from destroying the 1031 eligibilty you'd need to have a guardian appointed to sell or even re-finance the property, and any proceeds attributable to him would go into a trust account until he's 18. And if he's not a US citizen you'd be looking at withholding his half of the proceeds under FIRPTA.
2006-09-14 14:24:21 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Why would you want to add your 10 year old grandson to the deed? That doesn't make any sense and I don't even know if you can legally do that. I would call an attorney for the legal advise and a psychiatrist for your head and mental state.
2006-09-14 14:15:44 · answer #5 · answered by jdecorse25 5 · 0⤊ 0⤋
Why not purchase insurance to protect you? You could probably still get sued for negligence if you are in the wrong, like not putting sand on ice, if someone slips and falls.
Don't put your 10 yr old grandson on the deed, that is rediculous. Don't drag him into your legal matters. If you wanted to sell and his name was on the deed, you'd have to get his permission to sell.
2006-09-14 14:20:56 · answer #6 · answered by hello 6 · 0⤊ 0⤋
Turn the property into a L.L.C. Limited Liability Coorperation. Then all they can sue for is the property and not you or you other holdings.
2006-09-14 14:20:12 · answer #7 · answered by Jeep Driver 5 · 1⤊ 0⤋
Establish a LLC as other posters have advised you and keep your foreign residing grandson away from this potential mess you almost caused.
2006-09-14 15:20:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
A lawsuit is a lawsuit, no matter whose name is on the deed.
2006-09-14 14:19:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋