2007-08-30 08:45:18 · 5 answers · asked by Jazoney 1 in Business & Finance ➔ Renting & Real Estate
Is it illegal for a buyer to sell to himself? If so, what could happen. Also, should there be a promissory note for the deal? Can there be a contract implemented later?
2007-08-30 09:37:29 · update #1
While the exec.dir. of a corp. sold a commercial real estate property to a different corp. that she is also the exec. dir. of, she resigned from the mother corp. There was no promissory note made from the mother corp. and the minor corp. might go bankrupt. What can happen with the mother corp.?
2007-08-30 10:41:45 · update #2
You are going to have to specify which laws and where this is located for anyone to have a clue.
2007-08-30 09:09:54 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
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2016-09-05 18:37:18 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It is not neccessarily the action of selling to yourself that is illegal, it is the fraud that goes with it. It is illegal to commit fraud against a lender, government entity (county assessor's office), title company, real estate agent, and anyone else. You can also be held liable.
If your quesion was asked:
"What happens if I sell my property to myself for the purpose of defrauding __________ so that I may receive _________ benefit?"
Then the answer would be an easy:
"Yes, it is illegal. The entity you defrauded will likely find out and you will probably be prosecuted and then sued for damages."
2007-08-30 10:01:20 · answer #3 · answered by Mark M 3 · 1⤊ 0⤋
Mark M is correct.
To answer your question more directly, that mother is gonna be in some serious trouble.
2007-08-30 16:44:34 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Please rewrite your question with more clarity. It makes no sense at this point.
2007-08-30 10:22:37 · answer #5 · answered by liveinaustin 3 · 0⤊ 0⤋