PA contract assignment/LLC Formation

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PA contract assignment/LLC Formation

Pennsylvania—What is the procedures and costs for forming an LLC to purchase real estate? For example, if I was buying an REO and I wanted to sign the purchase agreement “123 Any Street LLC” How would I go about doing that? Also, if I wanted to assign my contract to another buyer prior to closing, what documents would be required to assign/sell the LLC?

Asked on May 31, 2009 under Real Estate Law, Pennsylvania

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

The procedure is quite simple for setting up a LLC.  You can go to the secretary of state website and locate the form to fill out entitled articles of organization.  You fill this out and pay the filing fee, which is usually about $80 or so.  Once the LLC is set up, you can sign a real estate purchase agreement under the LLC's name.  If you then want to assign the real estate contract to another party you can as long as the other company will financially qualify.  I suggest that you obtain a lawyer to help you at least assist you in the real estate closing and getting the assignment done if you do that.  setting up the LLC is the only thing i suggest doing on your own.


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