I have a deal in closing and we are just waiting for the seller to present their company documents to the title company can close the deal. Has anyone ever had to request these documents? The seller says they do not know where they are since he started the company in 1985.
@ramrodd , yes, that is required by the title company for any transaction where the property is held by a business entity. Whenever we sell a piece of land, title usually asks for these up front:
-Federal EIN#
-Certificate of Good standing for the state the business was created in
-Certificate of formation
-Operating Agreement for the business
The certificates can be acquired on the secretary of states website, that’s where the business information resides for the state. Surely they can come up with the EIN# (Employer ID Number, also federal tax ID number) unless the business is no longer active. The operating agreement would be the business owners responsibility to keep track of, not all businesses have one especially if it’s a single member LLC.
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