If you are selling commercial property, it is likely that you have sold properties held in a corporation. Assurance Title has a strong commercial side and is capable of handling your commercial deals as well.
However, it is still possible to have a residential property be held in a corporation. So what do we need to know when the owner of record is a corporation?
Let us help.
The first thing we will need is a copy of the Articles of Organization, a copy of the Bylaws, the EIN # for the corporation, and a Certification of Resolution. The Certification of Resolution will tell us who has the Signing Authorization for this property. Once we have these documents, we will verify that the cooperation is in good standing with the state.
For the contract of sale, the seller will be the name of the corporation. The seller will sign as “*Name, Officer, Name of Corporation.*” For example, “Brian Harper, President, ABC Company.”
At settlement, we will disburse funds into a separate bank account for the corporation.
That’s it! The rest of the transaction will proceed as normal. As always, feel free to call Marketing Manager Brian Harper-Lewis at (443) 583-2713 to guide you through the process.