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The Boss is buying a Holiday Home in LA? HELP!!

The Boss is buying a Holiday Home in LA? HELP!!

Old Mar 27th 2018, 11:43 am
  #1  
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Default The Boss is buying a Holiday Home in LA? HELP!!

Hi Folks,
Im Lisa The PA!
My Boss is UK based and is buying a house in LA.
Offer accepted and now my head is spinning a touch. All very different to property purchase in the UK isn't it.

Cash buyer and offer accepted.

Main question - Can he buy the house without having his wife on the deeds/documents? The Broker said he can take the title 'Married Man, Sole and Seperate' but it still requires his wife to sign an Interspousal Transfer Deed (notarized)! Seems a touch unfair, anyway around this?

Second Question - Can he buy it in the name of his UK Ltd Company?

Thanks all, much appreciate your input/advice. We do have a Real Estate Broker and a contact at Escrow but would be nice to hear other impartial advice.

Thank you,
Lisa The PA
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Old Mar 27th 2018, 12:14 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Lisa The PA View Post
Main question - Can he buy the house without having his wife on the deeds/documents? The Broker said he can take the title 'Married Man, Sole and Seperate' but it still requires his wife to sign an Interspousal Transfer Deed (notarized)! Seems a touch unfair, anyway around this?

Second Question - Can he buy it in the name of his UK Ltd Company?
Hi Lisa,
I use an online service called Justanswer.com for quick legal questions like that. You will have to ask a real estate lawyer with standing in California to answer that - the laws here vary state to state.

I think justanswer lets you buy a single answer.

Steve

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Old Mar 27th 2018, 12:27 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by steveq View Post
Hi Lisa,
I use an online service called Justanswer.com for quick legal questions like that. You will have to ask a real estate lawyer with standing in California to answer that - the laws here vary state to state.

I think justanswer lets you buy a single answer.

Steve

Steve
Hi Steve,

Super speedy reply - thank you. I will try your suggestion!

Lisa
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Old Mar 27th 2018, 12:40 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Not sure why someone would want to pay for a holiday home using their money but have it owned by a different entity.
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Old Mar 27th 2018, 12:43 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by tom169 View Post
Not sure why someone would want to pay for a holiday home using their money but have it owned by a different entity.
Hi Tom

Trying to find a way for him to own it without his wife's involvement - that's all!

In the UK, this isn't something we have to consider.

KR
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Old Mar 27th 2018, 1:08 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Lisa The PA View Post
Main question - Can he buy the house without having his wife on the deeds/documents? The Broker said he can take the title 'Married Man, Sole and Seperate' but it still requires his wife to sign an Interspousal Transfer Deed (notarized)! Seems a touch unfair, anyway around this?
California is a community property state, meaning that if property is bought during a marriage, it is by default community property (i.e. both partners have equal ownership rights). So I believe the above is correct, although I am not 100% sure how this would apply to a non-resident.

Originally Posted by Lisa The PA View Post
Trying to find a way for him to own it without his wife's involvement - that's all!
Buying property in a community property state might not be the best idea then.
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Old Mar 27th 2018, 1:13 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Giantaxe View Post
California is a community property state, meaning that if property is bought during a marriage, it is by default community property (i.e. both partners have equal ownership rights). So I believe the above is correct, although I am not 100% sure how this would apply to a non-resident.



Buying property in a community property state might not be the best idea then.
Dear Giantaxe

Well that spells it out for me. Thank you. I think I will need to look into the fact that he is a non-resident/citizen and see if there are any way around it using this fact. Very helpful of you though. Thank you very Much!

Kindest
Lisa
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Old Mar 27th 2018, 1:54 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Lisa The PA View Post


Thanks all, much appreciate your input/advice. We do have a Real Estate Broker and a contact at Escrow but would be nice to hear other impartial advice.

Thank you,
Lisa The PA
You really need a real estate attorney in CA to represent you during the purchase process and at the closing. Does the contract cite that the purchase is contingent on a satisfactory inspection? Are you familiar with real estate taxes for the jurisdiction? Having an attorney looking out for your boss's interests throughout the process is a must.
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Old Mar 27th 2018, 2:24 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Please note that LA is Louisiana. That was my first assumption.
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Old Mar 27th 2018, 3:28 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

The OP's boss might be better looking at other states such as Florida which is an "equitable distribution" state when it comes to marital property.

FWIW a UK based acquaintance of mine purchased a holiday home in Florida in his name only in an attempt to shield some of his assets in anticipation of a possible divorce. I believe that his strategy was successful with respect to the divorce itself but that, over the 8 years or so that he owned the property, it turned out to be more trouble than it was worth.
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Old Mar 27th 2018, 4:28 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by tom169 View Post
Please note that LA is Louisiana. That was my first assumption.
That's funny as my first thought was Los Angeles.
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Old Mar 27th 2018, 4:43 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Rete View Post
That's funny as my first thought was Los Angeles.
As I think would be the case with the majority of Brits--most people in the UK aren't familiar with the state abbreviations.
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Old Mar 27th 2018, 5:24 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

It's also known as Lower Alabama!


(Just to confuse the issue a little further )
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Old Mar 27th 2018, 6:23 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

I assume Los Angeles and nothing in CO to stop you buying in your own name.
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Old Mar 28th 2018, 2:27 pm
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Default Re: The Boss is buying a Holiday Home in LA? HELP!!

Originally Posted by Nutmegger View Post
As I think would be the case with the majority of Brits--most people in the UK aren't familiar with the state abbreviations.
Only those that don't care to educate themselves.
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