Definition of "Escheat"

Earline  Lawrence real estate agent

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Berkshire Hathaway HomeServices Florida Realty

The right of local government to take property when no person are legally entitled to inherit or make claim to a deceased' property.

Comments for Escheat

Samuel Irby Samuel Irby said:

When the administrator of an LLC dies and leaves abandoned properties properties. How can a member of of the LLC get the deeds to the properties?

Aug 06, 2023  07:25:13

 
Real Estate Agent

Hello Samuel! Thank you for contacting us!

If you’re a member of an LLC and you need to obtain the deeds to properties owned by the LLC, here’s a general outline of the process:
Determine your role and authority within the LLC. Different members have varying levels of decision-making power and responsibility. Ensure you have the necessary control to request and handle property deeds.
Consult the LLC’s operating agreement! This document defines the inner workings of the LLC, including roles, responsibilities, and procedures for property-related matters. It may include provisions related to obtaining and managing property deeds.
Contact the LLC Manager (in your case, the interim or substitute manager) to express your wish to obtain the property deeds. The manager might be responsible for handling such matters on behalf of the LLC.
Suppose you’re authorized to request property deeds as a member. In that case, the LLC might require a formal member resolution, like drafting a resolution document that specifies the property, purpose, and individuals involved in obtaining the deeds. Depending on the operating agreement, other members or managers might need to approve this resolution.
The deed is in the Register of Deeds or County Recorder’s Office. Contact the appropriate office in the county where the property is situated to inquire about their specific process for obtaining property deeds.

For more detailed assistance, don’t hesitate to get in touch with an expert real estate attorney! We wish you the best of luck!

Aug 14, 2023  04:43:55
 
 
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