Sellers of Commercial Property Want Me to Buy LLC. Need advice...

[Lori Martinez]

Hello,

I am looking for some advice. I entered into a purchase agreement (with 3-4 extensions) to buy a commercial property from an LLC (a married couple and another individual as sellers). The current extension ends in a day. We were advised to seek legal advice, that it may be risky to buy an LLC with the property as the asset; as other debts, liens could attach to me.

a. I do not necessarily want or need to own an LLC. I would prefer to purchase the commercial property in my own personal name. Please advise the best method (in detail) to purchase the commercial property. Would the LLC need to be dissolved by sellers?

b. If the only way they will sell to me is if I buy the LLC (with property as the asset), is there a way of shielding myself from inheriting any liability , debt, liens, etc by having them sign an affadavit or ?

There is currently an open insurance claim in the name of the LLC. I was told by sellers I would need to buy the LLC in order to receive the insurance proceeds. The proceeds are for needed repairs within the building. Is there an alternative way for us to receive the insurance proceeds WITHOUT buying the LLC? If we did have to purchase the LLC, please advise a way to safegard myself so I receive the insurance proceeds.

Thank you!