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Selling Property Assigned To Land Trust

masataka profile photo
  • Tuesday, December 21, 2004 @ 02:24 PM EST
  • 3 Comments

Hello,

I am about to sell one of my income property (Single family house) with LT holding the title and the beneficiary as LLC (not recorded but notarized). I would like to do a 1031 exchange and turn it into a commercial property or a 4^plex.
My Question is can I use the LLC to be the seller or I have to use the Trust to be the seller??

Thanks for all your help!!

Comments(3)

  • DerrickAli
    DerrickAli21st December, 2004

    MASATAKA:

    Ka Ne She Wan...domo Mori goto

    First try locating a QI (Qualified Intermediary) to get the Best answer...
    I would assume that the TRUST is the SELLER and the LLC is a Co-Owner of BENEFICIAL INTERST within the Trust has the ability to 1031.

    Again not certain if the above is K-rekt but do investigate ...I am sure you'll find that your plan is doable. Hope this helps!

    Happy Investing!

    Derrick Ali :-D

  • no photo
    masataka21st December, 2004

    Hello DerrickAli

    Thanks for the reply!! Will start talking to QI/ gent now.

    domo arigato grin

  • DerrickAli
    DerrickAli21st December, 2004

    domo arigato grin (smile)

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