Plus, if you tell people you are buying their property you are lying (fraud) and can be sued.

I would probably contact a local attorney, but once closing occurs, unless there’s fraud or intentional coverup, it’s usually on the buyer.

Don't lie on your application - that could construe as fraud, and if the bank doesn't offer funds for new purchase they could close on you.

Applicant fraud is at an all-time high.

That way it is easy to fix and identity the error.9.

Laws involving the transfer of wealth are state specific, although there are some general principles that apply across the board.On its face, your situation appears to be one of fraud, or undue influence, but that is just with the fact you gave.Keep in mind that this communication does not in any way create an attorney/client relationship, and that anything I say is for general purposes only.

However, exceptions exist in bankruptcy, such as where you proved fraud

A nominee trust is a trust created for the purpose of holding assets for beneficiaries whose identities are kept secret (this is available in the US, not just in internationally).

Most, if not all, states allow trusts that can own property and operate in ways at least similar to the ways in which land trusts can be beneficial.Land trusts may not be all that some claim they are; however, they can provide benefits of sorts in the following areas:Privacy (they can make it challenging to learn the property owner’s identity;Assumption of loans (they can minimize the risk of a bank calling a note due under the due on sale clause);Minimize transfer taxes (they can minimize real estate transfer taxes when transferring property to an LLC if the beneficial interest in the property does not change);Avoiding probate (they can help avoid probate since the trust determines who the trustee and beneficiary are after the "owner" dies);Asset protection (they can help protect assets when used properly in combination with an LLC);Lower property taxes (they can help delay the tax re-evaluation of a property, as re-evaluations are often triggered by the sale of a property, while transfer to a land trust would not trigger re-evaluation.)Whether any person could benefit from using a land trust should be determined after consulting a qualified expert in the area.

As Keith mentioned.Jon is right on, in reality, they sue your LLC and it could file hours after to sue you, then the defense may kick in with the title policy as it is a potential loss, if you can defend it, then you should have no problem having your LLC defend it as well.....unless your LLC did something to cloud title.I'm trying to think of an instance where your LLC could cloud title in some way that would not be covered by a new policy to a buyer....like making a deed and not filing it and having that deed surface later on...however it is not effective until filed, most policies in Section II B exclusions will exclude defects in area as to what a proper survey would show...so if you built something and it was over a property line, your policy won't cover that loss to your neighbor.....It's early and I have not had my coffee yet, can't think of an issue.Also I first advise anyone to check with a title company agent as to proper coverage and a local attorney, if the insured interests are not identical from your policy to you and to the interests held in the LLC you could have problems, no other persons were in my LLCs and my title agent/attorney would cover me in such matters, your area or TI folks may not, so check.