I used an assignment clause. - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on January 19, 1999 at 18:02:07:
I just purchased a 6 unit property and took title to it in a newly created LLC. I simply wrote up the offer in my own name with and/or assigns next to it. As an added safegaurd, I had a special clause in the agreement that read that it was understood that I might take title in a LLC. The clause created only a slight concern on the seller’s part but the seller’s attorney reassured her that it would not be a problem and it wasn’t. Good luck on your offer. How many units do you allready have? Where are you located? My partner and I purchased a 12 unit building early last year and now we have the itch to move on to bigger deals. Isn’t it fun. Again, good luck.