Resolution of Meeting of LLC Members to Purchase Real Estate
What is this form?
The Resolution of Meeting of LLC Members to Purchase Real Estate is an essential legal document used by limited liability companies (LLCs) to formally approve the decision to purchase real estate. This resolution records the agreement made during a member meeting, ensuring that the purchase aligns with the company's interests and complies with the operating agreement. Unlike other real estate forms, this resolution specifically documents the decision-making process within the LLC, providing a clear legal framework for the transaction.
Main sections of this form
- Company name: Specifies the name of the LLC.
- Property address: Identifies the location of the real estate being purchased.
- Meeting date: Indicates when the resolution was adopted by the members.
- Signatures: Requires signatures from the Secretary and possibly other members to validate the resolution.
- State of formation: Confirms the jurisdiction under which the LLC is formed.
When to use this document
This form should be used when an LLC decides to purchase real estate, such as office space, rental properties, or land for development. It ensures that the decision has been formally made in accordance with the operating agreement and local laws, making the transaction legally valid and binding. Use this resolution to record meetings where members agree on the purchase to maintain proper records and transparency within the company.
Who can use this document
- Members of an LLC planning to make a real estate purchase.
- Secretaries or administrators of an LLC responsible for maintaining minutes and records of member meetings.
- Legal representatives assisting with real estate transactions involving an LLC.
Steps to complete this form
- Identify the LLC: Enter the full name of the company at the top of the form.
- Specify the property: Fill in the address and details of the real estate being purchased.
- Enter the meeting date: Indicate the date of the member meeting during which the resolution is adopted.
- Gather signatures: Have the Secretary and any other required members sign and print their names where indicated.
Notarization requirements for this form
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Typical mistakes to avoid
- Failing to record the correct property address.
- Not having enough members present for the meeting to achieve a quorum.
- Omitting signatures from required members.
- Using the form without confirming compliance with state-specific laws.
Benefits of completing this form online
- Convenience of instant access and download from anywhere.
- Editability allows customization to fit specific needs quickly.
- Reliability of forms drafted by licensed attorneys, ensuring legal compliance.
Form popularity
FAQ
A corporate resolution is generally required to document actions taken by the corporation, but when it comes to LLCs, resolutions are not mandated. Because of this, there is no specific or required way to draft an LLC resolution.
A banking resolution is a necessary business document for corporations, both for-profit and nonprofit. While resolutions for LLCs are not legally required, they may still be needed in order to document the company decisions.
A corporate resolution is generally required to document actions taken by the corporation, but when it comes to LLCs, resolutions are not mandated. Because of this, there is no specific or required way to draft an LLC resolution.
RESOLVED, that the Corporation sell real estate known or described as ADDRESS 1, CITY, STATE, AND ZIP to BUYER for the purchase price of PRICE ($PRICE NUMERICAL) as set forth in a certain purchase and sales agreement as annexed hereto.
To be clear, most business decisions, including day-to-day decisions, are made without resolutions or other documentation. With a SMLLC, you'd only use a resolution to document the most important business matters or actions such as: buying or selling real estate.
To avoid costly litigation in Court, many parties engage in property resolution negotiation, with the assistance of their attorneys, to settle property division. Once property resolution is reached, the Courts will usually uphold and enforce the filed agreement.
Date, time, and place of the meeting. Owners or members present. The nature of business or resolution to discuss, including members added or removed, loans made, new contracts written, or changes in business scope or method.
