Title Requirements for Businesses and Entities:

/in /by

Alicia Schaub

If you own title of a property through a Business or Entity, there will be certain requirements a title agency will need to review in order to close.

Your closer will need to confirm two things: the existence of the Business/Entity and the Authority of the Business/Entity to sell or purchase real property. Below are requirements for each type of Business or Entity that the closer may request. Note, this list may not encompass all the necessary requirements and any questions should be directed to your Closer and/or your Attorney.

Corporation:

  • Obtain Articles of Incorporation and Bylaws
  • Receipt of a Certificate of Good Standing/Authority from the State in which the Corporation is registered in
  • Obtain a signed Resolution by the Board of Directors approving the transaction and whom has authority as the signor.

Limited Liability Company:

  • Obtain Articles of Incorporation
  • Receipt of a Certificate of Good Standing/Authority from the State in which the Corporation is registered in
  • Obtain the Company’s Operating Agreement to show that the company is authorized to sell/purchase real property and whom has authority as the signor

Partnership:

  • Obtain a copy of the Partnership Agreement
  • Receipt of a Certificate of Limited Partnership or Articles of LP
  • May require a signed resolution by the Partners to approve the transaction and the signor

Trust:

  • Review and Record an original signed Certificate of Trust. (Note that a Certificate of Trust has specific statutory requirements to be valid and will need to be reviewed by the Closer prior to closing to ensure it meets those requirements.)

Decedent’s Estate:

  • Receipt of and record Certified Letters of Authority for appointment of a Personal Representative
  • Various Probate Court Orders
  • There are also circumstances in which a copy of the Will may be requested for review.