Updated almost 17 years ago on .
Need some advice on selling properties!
Hello all, I really need some advice here. I have 5 SFRs for which I created an LLC for each (in my state, it's really a streamlined process - I went on the state's website and created each LLC, with 100% ownership being held by myself on each). I went to my county's register of deeds and registered a quit-claim deed for each, conveying title for each property from myself to each respective LLC (no mortgages on any of the properties). I went to the city hall and filed property transfer affadavit for each.
Now I have a buyer who wants to purchase all 5 properties, paying cash. Buyer likes the way they are held. Ideally, I would like to sell the buyer each LLC, hence buyer now owns each property. I spoke with an attorney about transacting this. Attorney starts telling me about by-laws and saying this seems like a real mess and must undo this mess. Then says this will cost me thousands. Is attorney correct, or just trying to scare me into paying big bucks to do this? Can I not just have my accountant and buyer's accountant handle sale (after buyer does due diligence and is fine with it). Is the simple manner in which I set up the LLCs something that can be a problem later? Please help!