Home Selling in Los Angeles>Question Details

gina_harvard, Home Seller in Los Angeles, CA

How does a LP(Limited partneships) sell real property in California? My main concern if I am unsure if all of the partners are required to sign?

Asked by gina_harvard, Los Angeles, CA Tue Jul 16, 2013

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8
You should tell your client to give you a copy of the LP,then you can give it to your title company that you work with,they will be able to tell you who the need to sign the paperwork ,good luck !
0 votes Thank Flag Link Sat Dec 21, 2013
Ok an LP is a limited partnership and even though it functions like a business entity, there are responsible parties called "partners". It is very important that you find out who can legally sign to buy or sell real estate.
0 votes Thank Flag Link Sun Nov 3, 2013
Hi Gina,
It depends on how the partnership is set up. Escrow is very helpful in determining who needs to legally sign, especially the grant deed.
Best,
Kim
0 votes Thank Flag Link Wed Aug 7, 2013
You need to look at your paperwork ,who ever helped you set up the LP should be able to answer that question ! Good Luck !
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Gina,

It would be customary to have all partners sign the documents. This avoids any partner not knowing that a property they owned was put up for sale or sold.

There is another option, that involves selling the LLC. If you would like more details, please call me (310) 463-8088.
0 votes Thank Flag Link Fri Aug 2, 2013
Articles or incorporation , these items are required by then title company as they will state who has the authority.
0 votes Thank Flag Link Tue Jul 16, 2013
With every LLC and Corporation there are documents in the Articles filed and recorded with the state stating who the officers are and who has the authority to sell real property and sign real estate contracts for each. Mostly these documents are called Articles and signing authority. They are recorded with the Secretary of State.
0 votes Thank Flag Link Tue Jul 16, 2013
The LP should have a managing partner. That partner is the only one that has to sign.
0 votes Thank Flag Link Tue Jul 16, 2013
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