Are there any restrictions on who an LLC can sell or otherwise transfer real property to?
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Are there any restrictions on who an LLC can sell or otherwise transfer real property to?
Can a GA LLC that holds title to a FL property sell it and transfer title to a FL purchaser?
Asked on July 20, 2011 Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Restrictions as to whom a limited liability company can sell or otherwise transfer real property to woul be established through the laws of each separate State in this country. In general if a limited liability company owns real property, laws precluding the entity by the limited liability company from transferring or selling the real property just because it is such an entity would most likely be illegal.
From your question, it would appear that a Georgia limited liability company could sell and transfer title to real property that the entity owns to a Florida purchaser if there is a written agreement to do so.
The only possible restrictions would be that estimated State taxes from the sale would have to be left in escrow for payment on the transaction.
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