Non realtor (me) drawing up purchase contract with seller financing land deal, owner is listed as "ABC Inc Profit Sharing Plan" in the county CAD. The selling realtor is telling me to put seller as the name of an individual (the individual and his wife are listed in the CAD contact address as a "trustees" but only as contact address, not as owner-the corp is the owner). I dont suspect any intentional foul play here, apparently he is a doctor and most likely is in control of the corporation but I need to make sure they arent trying to execute a prohibited transaction. Any advice for due diligence here? My instinct tells me to name the seller as the Corporation on the contract and have the trustee sign as authorized party. Other than requesting corporate charter naming the individuals as authorized, anything else I need to look out for? Would an attorney want to see the profit sharing charter rules? Thanks for any advice.
