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Thread: Buying Property

  1. #1
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    Post Buying Property

    Hi. I have been doing some research and believe the two options for buying land are: (a) as individual and (b) as a corporation. I understand the advantage of corporation could be estate planning. Are there any other advantages?

    Also, how many people here own as individuals versus a corporation?

    Thanks in advance.

  2. #2
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    there are also real estate tax considerations, but company laws just changed so best to seek advice of a reputable lawyer.

  3. #3
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    I own my own house can't speak to coporate laws or such

  4. #4
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    Talk to your lawyer about the benifits of having or not having a corp own your property.
    I also believe besides estate planning having it in a corp protects it against a personal law suit. If you hit a moto or something even worse your property is a protected asset during a court proceedure (personal suit) as you do not "own" the property but rather it is "owned" by a corp.

    Both our poroperties are in a corp (and a seperate one for each).

    If you have your property in a corp when you sell it the buyer can "buy" the corp (for no money) and it's assets (the property) and avoid paying transfer tax (3%)

    Again talk to your lawyer.

    Bob K

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    Thanks all. I definitely plan to to talk to a lawyer when the time gets closer. I been living and working in central DR for 3 years and wish to plant some roots here.

  6. #6
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    Quote Originally Posted by DR_Guy View Post
    Thanks all. I definitely plan to to talk to a lawyer when the time gets closer. I been living and working in central DR for 3 years and wish to plant some roots here.
    You want to have a serious and knowledgeable lawyer's GUIDANCE ALL ALONG your quest in finding a property.
    In other words, get the lawyer first.

    ... J-D.

  7. #7
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    I think I'm just going to start following JD around and agreeing to everything he says.

    Lawyers are both cheapest and most effective when used earliest in a process. Doing things right the first time is cheaper than fixing it later.

    Invest in a good attorney BEFORE there is a decision made, preferably DURING the decision making process, and you stand a much better chance of avoiding or minimizing an expensive conflict.

    The same is true, by the way, of a good CPA, who can advise you on structuring deals to minimize tax exposure.

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