Q: How Do I Sell A Property That Is Held By An LLC?

Originally published October 11, 2010

 

A:  An LLC, or Limited Liability Company, is controlled by one or more managers. Typically the manager will be granted the authority to convey real property by the “LLC Operating Agreement.” It is a good idea to get a copy of this Agreement early on in the course of a transaction and to get it to the Title Company well in advance of closing so they can verify there are no issues with the Manager’s authority. I get a copy of the Operating Agreement when I take the listing agreement with the seller so that we avoid any hang-ups on down the line.

 

Questions? Leave your question or comment below, or reach out to Gordon Stephenson directly. 

 

Gordon Stephenson

Written by Gordon Stephenson

Gordon and Jay Young co-founded Real Property Associates in 1991 in Edmonds, Washington, moving to Seattle in 1996 where their office is today in North Seattle's Roosevelt district. Throughout these decades, the vision has remained consistent: To provide excellent brokerage and property management services to clients throughout the Puget Sound region. Gordon acts as the designated broker for the RPA, overseeing over 70 brokers in their sales activities while continuing to personally represent buyers and sellers. He is also involved with RPA’s commercial real estate division where he provides management and consultation for commercial property owners.

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