I heard about transferring deed to an LLC that to protect the property from my husband claiming it after divorce.Can someone tell me how an LLC works and if its legal and how to do it?
2007-08-19 06:45:25 · 8 answers · asked by Gucci 2 in Business & Finance ➔ Renting & Real Estate
You can purchase a house legally through a LLC or any corporate entity you want as long as they are legal.
You will still have to put up your personal guarantees, income, basic qualification as well as other qualification. The only thing that is different if the way the entity takes title and which entity takes title.
You can do the same thing, but before closing have your husband sign a quit claim deed, in your favor through escrow.
This method he has no legal recourse for the property after the dicorce become final. This is the normal way to purchase property in a community property state such as California.
A LLC or corporation is like a person. It is able to purchase, sell and is a legal entity. Since it is a new legal entity it has not history. Since it has no history no one will lend any money for it to purchase anything of value, such as cars, houses or other commercial properties.
You can sort of be a co-signer for this LLC or corporation by putting up your credit and income for this new entity.
Now since you are putting up the credit and income there might be some way that a smart attorney might associate yo with the purchase and you would still wind up in a tough after divorce mess.
Please check with your attorney for any legal advise.
Now if he signs a quit claim deed, before closing he knows and all is up front and no matter how sharpe or smart his attorney is, the document has with stood challenges for years and years and almost have never loss.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-08-19 10:40:03 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
Always remember ONE TO BUY TWO TO SELL. If you purchase before your divorce is final, X will own a piece. It's just easier to wait on buying than go thru all the legal LLC stuff.
2007-08-19 06:56:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I don't know the laws in California, but after my separation, I signed a Waiver of Marital Interest before my ex closed on her house. This forfeited any rights by me to the property and also limited any personal damages should she default on the loan. Your agent should be able to tell you your options.
2007-08-19 11:09:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
girl, just but on a lease option and exercise after the divorce.
That locks in the sale price and the title will go into your name alone.
Options are just rental leases until option to buy is exercised!
2007-08-19 07:44:10 · answer #4 · answered by CW L 3 · 1⤊ 0⤋
cwl has the right idea, LO is a technical situation that will get you through the time needed to dump the dude!
2007-08-19 07:53:09 · answer #5 · answered by ticketoride04 5 · 0⤊ 0⤋
Cant help you Sweetheart.
2007-08-19 06:49:13 · answer #6 · answered by cbmaclean 4 · 0⤊ 1⤋
LEASE OPT
2007-08-19 08:30:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
watch this http://uk.youtube.com/watch?v=HvsZuMW1Pgg
2007-08-19 11:08:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋