When filing for Limited Liability Company status with a USA state, the Articles of Organization that are filed with the Secretary of State may ask the filer to state a specific purpose for the business — e.g. ” medical supply and device supplier.”
But over time, the focus of a business may change, sometimes completely. Does such a change in business focus affect the validity of the LLC or its filing with the state?
If it was a standard Quitclaim Deed that was properly signed and recorded, transfer of ownership to you and your brother has occurred.
But if the deed was not a standard Quitclaim, the matter of outright ownership is not so clear.
In most states and when the family structure is relatively straight-forward, the handling of family property after the death of just one spouse is fairly consistent.
A co-owner to a real property can transfer his or her interest in that property to a third party using a Quitclaim Deed. But be advised that such a step does not remove the original owner from all responsibility.
In most cases concerning Land Contracts, title to real property does not pass to the purchaser until all or a certain percentage of the land contract installment payments are made.
Until such time, the purchaser (or a partner-purchaser) does not hold any title or ownership in the property.
As such, if the purchaser does not hold ownership, he/she has no ownership interest in the property that can be transferred by way of a Quitclaim Deed. In essence, a drafted Quitclaim Deed would be meaningless because a person cannot “transfer ownership” of something he or she does not own.
Under certain conditions, a Deed that was signed by the parties to transfer property several years in the past can still be valid.
Required fees stipulated in any contract — including a Lease Agreement — do not stop accruing simply because a court case is filed.
A Divorce Agreement and divorce order does not change or alter the terms of a Promissory Note, per se.
Pay stubs for the 30 days prior to filing should be mailed to the Trustee assigned to the bankruptcy case, to the address of the District Bankruptcy Court hearing the case. While the stubs do not need to be provided at the time the petition is filed, these pay stubs should be mailed as soon … Read more
The crash of the housing market has left a number of Land Contract holders facing balloon payments on amounts that are equal to or greater than the current market value of the property. Mortgage companies will not lend money to borrowers for such an over-valued purchase, even if the buyer has made several years of payments against the Land Contract.
So what options are available to the buyer and seller who find themselves in such a situation in a Land Contract?