Summary
A Family Limited Partnership (FLP) is a legal agreement where family members pool money to run a business. Transferring property into an FLP can potentially reduce estate and gift taxes. To handle a property with a flawed title, one could correct the flaws via a quiet title action in court or buy title insurance to protect against claims. Title insurance is typically purchased at the closing stage of a real estate transaction. In Texas, its common for the seller to pay for the title insurance policy, but its negotiable. Trusts and Delaware LLCs offer different degrees of privacy. Trusts can be required to expose members during legal proceedings, if court orders demand it, or if required by tax authorities. Delaware LLCs generally arent forced to disclose members publicly. However, situations where disclosure could be required include court orders during legal proceedings, requests from certain government agencies, and compliance with banking or other business regulations. Theres no completely impenetrable business structure. EachFull Conversation
What is the best way to dispose of property with a flawed title?
To handle a property with a flawed title, you could:
*. Correct the flaws via a 'quiet title' action in court.
*. Buy title insurance to protect against claims.
Please note, laws vary by location. Could you please provide your location for more specific advice?
If I buy property with a flawed title and have the title insurance and a protected?
Yes, title insurance can protect you from financial loss due to defects in a title to a property. The insurance company will defend against lawsuits attacking the title, or reimburse the insured for the actual monetary loss incurred.
What if the title was forged?
If the title was forged, it's considered a title defect. Title insurance can protect you from this. However, you may need a legal action called 'quiet title'. Laws vary, could you share your location?
texas
In Texas, if a title was forged, a 'quiet title' action can be filed in your local county court to establish ownership. You can contact:
Harris County Civil Courthouse
Phone: (*) *-*
Address: * Caroline St, Houston, TX *
Website: www.justex.net If a scammer forges a title and sells property is the duped buyer protected by titke insurance?
Yes, title insurance generally covers forged documents related to the property's title. The insurance company may handle legal defense in such cases. However, it's always best to consult with a local attorney or your title insurance company for specifics.
A what stage is title insurance purchsed?
Title insurance is typically purchased at the closing stage of a real estate transaction, after the purchase agreement is signed but before the property's ownership is officially transferred.
Will land buyers handle the title insurance?
Typically, in a real estate transaction, the buyer purchases title insurance. However, who pays can be negotiated between the buyer and seller. It can vary by location and customary practice. Are you referring to a specific state?
tesax
In Texas, it's common for the seller to pay for the title insurance policy, but it's negotiable and can be written into the contract differently. Please consult with your real estate agent or attorney.
texas
In Texas, it's customary for the seller to purchase the owner's title policy. However, this can be negotiated in the contract. For the lender’s policy, the buyer usually pays. It's best to consult with a local real estate attorney or agent.
A man transferred his property into a family trust bearing his family name, later there was a dispute and the man claimed he never transferred it and his signature was forged. What happens?
In Texas, if there's a claim of forgery related to a family trust, the person can:
*. File a 'quiet title' action to establish ownership.
*. Report the forgery to local law enforcement.
*. Consult a local attorney for legal advice.
Contact:
Harris County Civil Courthouse
Phone: (*) *-*
Address: * Caroline St, Houston, TX *
Website: www.justex.net
Are trust more private than Delaware llc?
Trusts and Delaware LLCs offer different degrees of privacy. Trusts are private documents not generally filed with the state. However, a Delaware LLC's members and managers aren't disclosed on public records, providing privacy. It's important to consult with a legal advisor to understand which is better for your situation.
Please answer.
Could you please clarify what specific information you are seeking at this point?
How are trusts forced to expose members?
Trusts can be required to expose members during legal proceedings, if court orders demand it, or if required by tax authorities. However, these situations vary widely, and it's best to consult a local attorney for specifics.
How are delaware llcs forced to disclose members?
Delaware LLCs generally aren't forced to disclose members publicly. However, situations where disclosure could be required include:
*. Court orders during legal proceedings.
*. Requests from certain government agencies.
*. Compliance with banking or other business regulations.
Which is easier to compel to expose members ? Trusts or llcs
It's generally easier to compel trusts to expose members due to tax and legal proceedings. However, laws can vary by location and specific situation, so consulting a local attorney is highly recommended for the most accurate advice.
Is the an impenetrable business structure?
There's no completely impenetrable business structure. Each has its own strengths and weaknesses. However, combining structures (trusts, LLCs, corporations) may provide increased protection. It's crucial to consult with a legal and business advisor to find the best structure for your needs.
I'm unraveling a complex transaction. Can you help?
Could you please specify the nature of the complex transaction you are dealing with? This will help us provide more accurate information.
Property owned by an individual was transferred to an LLC. The LLC sold the property. The funds from the property were used to buy a new property. The LLC then transferred the title of the new company to a second company, who promptly obtained title insurance. Later, it was discovered that the title from the original property was forged and the funds from the sale tainted. What happens to the second company who received (by transfer) a property purchased with tainted funds but has title insurance.
In Texas, the second company, as a bona fide purchaser, may be protected if they bought the property without knowledge of the forgery. They should:
*. Notify their title insurance company immediately.
*. Consult with an attorney for legal advice.
Contact:
Harris County Civil Courthouse
Phone:(*) *-*
Address: * Caroline St, Houston, TX *
Website: www.justex.net
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