Complicated Commercial Real Estate for Sale
I own a build that was structured as Non Profit on the Title. Can I sell this building for profit or is there a way to amend the Non Profit status to For Profit so that I can sell it for profit? Please guide me... If you are interested in looking at this building please email me.
Hi Rosedale,
There are a few strategies that can work for your circumstances. However, I would suggest you contact me to have a better idea of the best course of action.
Of course an attorney is always a good place to begin, but attorney's, typically, are not in the business of devising a strategy to arrange a sale for a property owned by not for profits. (unless your going to have a consultation with a tax attorney)
I am available from 11am to 8pm at (718) 484-1974 or mcorley@corleyre.com.
The deed will list any restrictive covenants. Get a real estate attorney to assist you. If you need a referral, contact me off line at Gail@GailGladstone.com
Dear Rosedale.... you may have to get an real estate attorney, or a CPA involved in this one. Any advice you get will have to take into consideration the tax ramifications of such a sale.
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