Legal Question in Real Estate Law in New Jersey

Thank you for your LawGuru question.

The short answer is: probably. An LLC is a separate legal entity and, accordingly, can buy, hold and sell real property in its own name, and the existence of a judgment against one member usually is not fatal to the deal. However, the answer will depend on several things, including: whether the buyer, the buyer's lender (if any) and/or the buyer's title insurer (if any) demand certain representations about judgments against the LLC's members or the satisfaction of such judgments, whether there has been a charging order entered against the debtor member's LLC interest, whether LLC is a sole member or multi-member LLC, and many other things.

Please feel free to contact me ASAP so that we may explore your options. 973-921-0600.

Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. IRS CIRCULAR 230 DISCLOSURE: As required by U.S. Treasury Regulations governing tax practice, you are hereby advised that anything contained herein was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.

With best wishes,

Barry F. Gartenberg, Esq.

It depends on a couple of things, including the name on the deed. You should have a lawyer to represent you, to make sure the sale goes through, and I can do that for you.

Give me a call, make an appointment to come see me, and let's get moving on this for you.

There is NO COST to you for the telephone call, or for the first meeting at my office.

Robert Davies, Esq. 201-820-3460

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Please keep in mind that my response is just a general comment on your question, and not legal advice. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the answer to your question. You can not rely upon what I have written, because I do not have all of the formation that I need to advise you, I only have the very small amount of information that you put into your question. For me to give you any legal advice, I would need for you to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.To get legal advice that you can rely on and use, please contact me directly. I would be happy to assist you.

I concur with the other authors. You do not say if you have an ownership interest in the LLC or what percentage you own? If this is a minor interest, your exposure may exist, but only to the percentage in the net sales price. Thus, with a minimal exposure, this should not be a problem. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.