Submitting offer as LLC

[Trevor Sambrano]

HI all,

I'm in the process of submitting my first offer today, and my realtor is struggling. She has done great in helping my partner and I find the property so I don't want to drop her on the deal even through she is proving to be inexperienced in investor deals. 

She has sent 3 different contracts to us so far: 1. our names with the LLC as a "hyphenated" last name, 2. only our names. 3. LLC name, but us as buyers in the signature

I have explained I only want our LLC name on the offer as the buyer as to utilize it as it's own separate entity. She does not seem to get it or think its possible. We finally were able to convince her to write it only in our business name (but again, our names as buyers on the signature lines), however she does not know how to send it out to both of us to sign via the electric signing program.

At this point I don't see any reason why both of us need to sign. Can't just one of us sign on behalf of our LLC and be done with this?

Can anyone in the community who have experience putting offers with your LLC please advise.

Thanks!

[Colin Smith]

Colorado could be different than Texas so here is my attorney disclaimer that you need to talk to one as I am not an attorney. On CO contracts the LLC entity name goes in at the top of the contract and that will be the name that takes title to the property. Directly below the LLC name goes all the names who are signers for the LLC. Your names have to go there or else you won't be able to sign electronically.

Secondly, who signs depends on how your operating agreement is written. If it is written so that a specific person (not a generic one person) signs for the LLC than only that person should be signing for the LLC. I am guessing you don't have an operating agreement for the LLC, in which case I would think it's important that all members of the LLC sign the contract. All members will also need to sign all other disclosure forms and be present for closing signatures.

As an after thought for future transactions. Notice future transactions, don't bail on the Realtor you're using now. I would consider finding a Realtor who also invests as you are investing. It's important to have a Realtor on your team who knows how to structure an investment and can tell you whether or not your investment is any good.