At what point in the buying process should I set up an LLC?

I have pre-approval and my realtor and I are in preliminary talks with the seller. Should I already be talking to a real estate attorney about setting up the LLC? Should it be done right after I complete my due diligence or just prior to closing?
In Buying Property - Asked by Josiah M. - Aug 9, 2011
Report Abuse
Answer this Question

Answer(s)

BHAGAT A.
Owner/Investor
Oxnard, CA

When the deal is close to completion however, keep in mind getting LLC's can take time like in California it can take upto 4 weeks to get teh formation of your LLC.

Aug 9, 2011
Report Abuse
Adebo F.
Owner/Investor
New Castle, PA

If your lender is worth its weight, they should be advising you as to when you should get your LLC set up. It is usually within 2-3 weeks of closing. Just as your lender orders an appraisal, they will make your LLC formation as part of your closing list of items.

Aug 9, 2011
Report Abuse
brenda l.
Property/Asset Manager
Las Vegas, NV

An LLC can also be set up at the start of your business.

Aug 11, 2011
Report Abuse
Dorian H.
Broker/Agent
Birmingham, MI

Before closing makes it simple. however, if you need to wait for whatever reason, be sure to make notice on your docs (signature) that you are signing for a corporation to be formed (FCTBF).

Aug 11, 2011
Report Abuse
Montana S.
Broker/Agent
Scarsdale, NY

I set up LLC's in the year I decide to purchase an investment. I enter the buying process as an entity.

Aug 12, 2011
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question