Wichita, KS asked in Real Estate Law for Florida

Q: How to remove business name from co owned property when its out of business.

My 501 C3 owns a piece of property in Sebring, FL. It is co-owned through a bequest with another 501 C3. The other organization went out of business. I contacted the California Sec. of State and learned this. I still pay the taxes on both properties and want to remove the name of the other organization. How can I get this accomplished?

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2 Lawyer Answers
Seril L Grossfeld
Seril L Grossfeld
Answered
  • Fort Lauderdale, FL

A: You need to find member of final board of directors to sign a deed. You should consult with a title attorney as to requirements for your circumstances, otherwise you are probably looking at quiet title like lawsuit to gain full title

Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Freeeport, FL
  • Licensed in Florida

A: And it appears that your organization may have problems with its Section 501 (c) (3) recognition. You do not "own" it if it is a non-profit corporation. So if you attempt to get the property into your own name from that of the non-profits, you may incur federal and state tax problems.

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