Placing Property In S Corp / LLC
As I go through the paperwork with the homeowner do I continue to use my name or the name of my S Corp? I have recently set up an S Corp for my "shell" and I am going to be putting my acquired properties into LLC's. How do I get "Property XYZ" into the LLC at short sale closing?
Thanks 
Are you a single owner LLC? and what is the name of your LLC? Both are important. When I work a short sale, I use my personal name as buyer and then at closing, simply close in my company name. At closing, it seems that the lender is not concerned with who is buying, but that the numbers are what they agreed to. I haven't had a problem to date, besides my name still signs the closing statement as an officer of the corp.
Great question...best of success.
Sharon[ Edited by SharonRestrepo on Date 04/02/2003 ]
Thanks Sharon....
I currently have an S Corp ("IronStone Properties, Inc.). I have been advised to put my individual properties into an LLC (or a Land Trust) within the Corp Shell. IronStone is simply the holding company. This type of organization setup would assist with shielding other properties within the S Corp. if something negative happens.
So I would have a 123 Elm Street, LLC and 567 North Ave, LLC, etc, etc.
Comments or other suggestions
I take all my properties in a land trust.
All my Purchase Contracts have the buyer blank filled in as....
BUYER(s): 123 Main Street Trust, TNE Real Estate, LLC as Trustee , David Herbert as Beneficiary, PO Box 70861, Rochester Hills, MI 48307 (248) 608-7512
So my LLC is Trustee (my name never shows on public record) and I am Beneficary. The seller and/or lender for a short sale therefore feels as though they are dealing with an individual, not a corporate entity. I can then transfer beneficial interest to a third party investor(if I'm flipping) or to another LLC of mine (if I'm holding).
Each State has different laws or rules regading the entities to own property in. I'm not sure which State you are in. Follow the advice of your legal professional teammember and you'll be fine. We purchase our properties in a land trust and our LLC is the beneficiary; in our State, the Trustee and the Bene cannot be the same entity or person.
The trustee title works great with the lenders on a short sale, because as soon as you say that you are the trustee, they "assume" that you are a court appointed person in charge of the property.