Legal Question in Real Estate Law in California
My land in retirement account is transferred to an LLC for 35% interest in LLC - for 3 house construction in 2005. The LLC did not succeed and moreover has not paid the property tax. I got a letter from the LLC last Friday about a public auction to be held this Saturday unless ~ $48000 paid to the county by this Friday ( tomorrow). Question : Does state law allow for me to take 35% of what is owed to the county ( about ~17000) and stop the auction of my interest ( 35% of the land)?
Asked on 2/18/16, 10:23 am
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
It sounds to me as though your interest is in the LLC, and not in the land. The land is owned 100% by the LLC, I assume. Therefore, the taxing authority will not recognize you as having any right to redeem 35% of the land.
Answered on 2/18/16, 11:02 am