Posted by John Merchant on August 30, 2007 at 19:33:32:
The LLC is the owner, and despite the town ordinance, the law in every state that recognizes LLCs spells out that an LLC, just like a corporation, is a legal “person”.
Talk to a local title co. and ask them what difference, if any, the town ordinance would make in your situation and if it would hinder the LLC’s sale of the property when the time comes for that.
Who is the owner? - Posted by Robin T. Courtney
Posted by Robin T. Courtney on August 30, 2007 at 09:25:39:
I created an LLC to pool real estate from the other members and myself, and use the collateral to purchase larger properties. I conveyed a deed to the company for my property.
The town code of my town defines “OWNER - A natural person who is an owner in fee simple or of a life estate of at least an undivided 33 1/3 interest in the premises as recorded in the office of the Suffolk County Clerk Registrar, as applicable.”
We have five members who have equal interest in the company. Who owns the real estate?