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5 September 2021 | 2 replies
I prepared a draft purchase agreement that includes the following sections: property info, sales price, closing info and earnest money deposit, home inspection contingency, prorations of taxes and rent, risk of loss for damage during sale, possession when title transfers, closing contingent on clear title and no unpaid taxes or utilities, property sold "as-is," and transfer of rental documents and security deposit. 2.
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7 September 2021 | 13 replies
I would like to know about your experiences and learn from them, should I transfer my properties to an LLC?
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6 September 2021 | 8 replies
At minimum, it should protect you for any recorded liens (tax, water bills) and bogus claims to ownership (aunt Sally coming out of the woodwork to claim ownership).
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15 September 2021 | 2 replies
Take ownership of your mistake and learn to do the proper due diligence recommended above😊
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7 September 2021 | 2 replies
Also read the tenancy laws in BC and be familiar with the costs of buying in BC as there are extra costs (eg land transfer tax) that can be expensive.
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8 September 2021 | 4 replies
If the town came out to the property prior to you closing on it and granted a certificate of occupancy for transfer (if you have that there), you may be able to argue that it is now grandfathered in.
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7 September 2021 | 10 replies
Ownership only passes to the buyer after the final payment is made.
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7 September 2021 | 6 replies
The distributions from the LLC must be done for both members based on ownership %.
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28 February 2022 | 5 replies
Take ownership of your mistake and learn to do the proper due diligence recommended above😊
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12 September 2021 | 8 replies
Eudith mentioned that you can't transfer a purchased a property from your name into an LLC, without possibly triggering a due on sale clause.