Q: Buying and selling real estate
Selling and buying
My neighbor of 12 years whom I was also coworkers with sold his home. Nothing was said about selling it no signs in yard no realtors coming and going they pretty much left without telling anyone in the neighborhood they were selling they basically left in the middle of the night. About a month later the home was rented I was trying to find out who the new owner was because of a water leak coming from the back yard. I found out the home was bought by a newly formed company Brainerd Property I also found out the company was started by a local CPA and the neighbor who owned the home after a little more info was revealed its seems the neighbor is a silent partner in Brainerd Property . It appears he and his buddy created a company then that company bought the home and is renting it out Is it legal to sell your own home to your own company then receive rent from that same property.
A: It is actually very common for the homeowner to transfer the property to their LLC, Corp., or even the trust they created to protect against the creditor. So, yes, it is legal, and it is also very wise for many to create a living trust and l transfer the property especially to a living trust. Thanks.
Thomas A. Grossman agrees with this answer
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.
