Legal Question in Real Estate Law in Georgia
Quit claim to LLC
Greetings All,
This is my issue; I am purchasing a piece of land (worth just short of a million) with a ''partner'' (of course, there is no written agreements b/w us) and I have the money, my wife has the credit while he just ''stumbled'' upon the deal (land) and brought it to my attention. If all goes well, I have no problem splitting proceeds with him......however, he has suggested that @ the time of closing, I should quit claim the property to him so that he can talk to developers w/o having to seek approvals for decisions. Seems relatively logical except that the mortgage would still be in my wife's name and we would have little or no control of what is being done.....not prudent I know.
Question....should I quit claim the deed to an LLC right after closing? Would an LLC give him (my partner) the option or freedom of maneuverability when talking to builders/developers? He is a good friend, but unfortunately, money tends to do stuff to people (me included). So, would an LLC help? Thanks for your response.
2 Answers from Attorneys
Re: Quit claim to LLC
An LLC would definitely help in that the property would be owned by the company and not your "partner". Who has what kind of management and decision-making power depends on the terms of the operating agreement of the LLC.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Re: Quit claim to LLC
A million dollar deal - get a lawyer.
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