Is a buyer that is named on the purchase agreement / sales contract to be the owner of the property when closed and titled?

[Jeremy Namen]

Sounds like a moronic question but I have a deal in which my lender required myself and another one of their customers(former biz part) to form a sales contract on a property that i wanted personally. The sales contract showed the seller as the LLC(formerly half mine) that owned the property and myself, individually as a person as the buyer.
All said and done the bank did it their way and listed myself and an LLC (mine) as the borrower.
My person is the co borrower and the sole guarantor.
My LLC is the co borrower the and titled owner and grantor of the Deed of Trust.
Anyone else think this is wrong?

[Simon Campbell]

Actually, this is not a simple question at all. The name that is on the title is the entity that stands to benefit from any tax relief such as deductions for interest, expenses etc. They also will be liable for any capital gains.

On the flip side of the coin, in the event that there is a lawsuit against the property owner, because of an injury on the property for example, having the property in an LLC can be an added form of protection against your personal assets.

My best advice for you is to seek the counsel of a real estate attorney to see what form of property ownership is in your best interest. It appears that the bank simply wrote the loan based on what was in their best interests - not necessarily yours.