Sale of RE by Municipality to entity rather than individuals in notice . .

----- Message from "Craig Hastings" <craig.hastings@amesattorneys.com> on Wed, 28 Jun 2006 08:40:41 -0600 -----

To:	<kcollins@dybb.com>
cc:	<realestate@iabar.org>
Subject:	Re: Sale of RE by Municipality to entity rather than individuals in notice . .

How about a QCD from the three individuals containing assignment language, assigning their interest in the contract to the LLC? Query: would their spouses have to sign?

Craig Hastings

On Jun 28, 2006, at 9:26 AM, Keith Collins wrote:

Would anyone object to title where municipality sells land to an LLC when its published notice and city council resolutions identify buyers as three named individuals? There is an assumption that the individuals formed the LLC for the purpose of developing the land acquired from the city. Mortgages given to lenders financing the development list the three individuals in addition to the LLC as mortgagors. Would you require an affidavit setting forth the relationship between the individuals and the LLC? Although not shown in the abstract the contract between the city and the buyers calls for a deed to the buyers or their assignees. This seems to support the deed to the LLC as an assignee of the individuals, although no assignment is of record in the abstract. Does anyone think the city must go through the sale again to correct the resolutions and notice to show the LLC as buyer? Thank you.

<image001.jpg>
__________________________
KEITH D. COLLINS
Leslie, Collins & Foy
303 First Ave. N.E., Waverly, IA 50677
Phone: 319-352-1637
Fax: 319-352-0633
Email: kcollins@dybb.com

This message and accompanying documents are covered by the Electronic Communications Privacy Act, 18 U.S.C. 壯2510-2521, and contain information intended for the specified individual(s) only. This information is confidential. If you are not the intend recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that you have received this document in error and that any review, dissemination, copying, or the taking of any action based on the contents of this information is strictly prohibited. If you have received this communication in error, please notify us immediately by email, and delete the original message.