Q: I transferred a NJ condo into my LLC without proper dissolution. cant undo cancellation of LLC says NJ. Help!
after I tried to reactivate my LLC I discovered I could not if it was cancelled. not knowing I had a condo under my LLC and now that I am under contract I need to obtain clear title. I was hoping a lawyer can do a quick claim deed but I am not sure if this is the best solution to my problem. it seems that this does not happen often. but I need help to fix this mess i've gotten myself into.
A: You cannot transfer any asset into an LLC that is not active. Your situation will require an in person consultation with an attorney who can review all documents and see what the solution is. If there was a mortgage on the condo, you could have violated the "Due on Sale Clause" which is typical of mortgage contract. This is beyond the scope of what most attorney's free consultation.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
