Sunday, July 22, 2007

query: title vesting corporation versus individual

Well, there are a few issues and you would be wise to discuss the purchase with your attorney. It's no big deal to take title in the corporate name, Just make sure you get the name right.

It's more complicated to mortgage property owned by a corporation and it's more complicated to sell property owned by a corporation.

In either case, you'll need a corporate resolution authorizing the action and identifying the officer who may sign documents.

The title agent insuring title to the mortgage lender or the prospective buyer will have to consider any corporation related liens that may attach to the property. In PA we have to get a corporate lien certificate from the state.

If your books are in order and you are paying your taxes, it's not much different than taking title as an individual.

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