As an experienced Media Real Estate Lawyer I am often asked about issues that arise during real estate transactions. One thing we see quite frequently with buyers in the context of a real estate transaction is that they often take title in their personal names and then look later to transfer the property into an entity that gives them liability protection such as a corporation or limited liability company. In Pennsylvania that’s a mistake. The transfer of title from the individual to the corporation or limited liability company, even though they own the company 100%, will trigger a real estate transfer tax. That can be very expensive. One thing as the buyer – understand the issue of limiting your liability and take title originally in a corporation or limited liability company format so you can avoid any additional real estate transfer tax later on.
Do you have questions about common issues regarding real estate transactions? If so, contact the experienced Media Real Estate Lawyer Edward Perkins.
This educational blog was brought to you by experienced Real Estate Lawyer Edward L. Perkins. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, and New Jersey.
