I’m hopefully going to be signing a P&S agreement very soon.
I plan on purchasing with an LLC but have not opened it as of yet in case things fall through.
Is it ok for me to sign the P&S agreement or is this going to be an issue?
An attorney could answer this question best. I’ve always used an LLC as the Purchaser followed by the statement ‘and/or their assigns or nominee’. This allows me to assign the contract or put the name of the purchaser in the name of the specific LLC I choose to manage the park under.
1 Like
If the LLC has not been formed yet (which is common), I would use my name and/or assignees.
You can also add a representative capacity form.
Here is a result from Chat GPT:
Representative Capacity Signature Disclosure Form
For Real Estate Transactions Involving an LLC as the Buyer
Property Information
- Property Address: _______________________________________________
- City: ____________________________________________
- State: _____________________
- Zip Code: _____________________
Buyer Information (LLC)
- Legal Name of LLC: _______________________________________________
- LLC Address: _______________________________________________
- City: ____________________________________________
- State: _____________________
- Zip Code: _____________________
- LLC’s State of Formation: ____________________________
- LLC Registration Number: ____________________________
Representative of LLC
- Full Name of Authorized Representative: __________________________________
- Title/Position within LLC: ______________________________________________
- Representative’s Address: _______________________________________________
- City: ____________________________________________
- State: _____________________
- Zip Code: _____________________
- Contact Information:
- Phone Number: ______________________________
- Email: _______________________________________
Capacity of Representative
I, the undersigned, hereby represent that I am an authorized representative of the LLC named above. I have full legal authority to act on behalf of the LLC in connection with the purchase of the real estate located at the address indicated above.
I further represent that all actions and transactions undertaken in connection with this real estate purchase are within my capacity and authority as outlined by the LLC’s governing documents (e.g., operating agreement) and applicable law.
Signature of Authorized Representative:
I, the undersigned, hereby certify under penalty of perjury that the information provided in this document is true and correct to the best of my knowledge.
- Signature: _______________________________________________
- Printed Name: ____________________________________________
- Date: _____________________________
Notary Acknowledgment (If Required)
State of ____________________________, County of ____________________________
On this ______ day of __________, 20, before me, ______________________________, a Notary Public in and for said state, personally appeared _______________________________________________, known to me or proved on the basis of satisfactory evidence to be the person who signed this document and who acknowledged that they executed it in their authorized capacity on behalf of the LLC named above.
- Notary Public Signature: _____________________________________
- Commission Expires: ______________________________
This form ensures that the person signing on behalf of the LLC has the authority to do so and that the LLC is recognized as the buyer in the transaction. You may need to adjust the language to comply with specific local laws or practices.
Here is the California Association of Realtors Form:
Representative_Capacity_Signature_Disclosure__For_Buyer_Representatives___1___6_23.pdf (154.0 KB)
1 Like
Oh, I wast aware of the representative capacity form when I purchase with an LLC
As long as there is no issues with me personally signing the purchase and sales agreement I think I will wait to open the LLC.
Thanks SDGuy!
1 Like
You can sign and purchase yourself and then easily flip it to LLC down the road. It is no big deal…
1 Like