I have a request to meet a managing member of an LLC. She gave me indepth details on the improvements of the property she would like to sell. I looked up the LLC she gave me as well as the LLC of one of the managing members. With all my research, I do not see her name listed anywhere. How do I go about validating the authenticity of this person, and what is required to be able to list a property held by an LLC?
LLC's are one type of entity made up of members and managers.
Think of the members as the "owners" of the LLC. Think of managers as "those authorized to carry out the work" on behalf of the LLC.
Sometimes the member is also a manager, they are called "managing members" of the LLC.
The "Operating Agreement" outlines the authority and responsibilities of the members and/or managers, including who is authorized to sign on behalf of the LLC.
So, based on your question, you should ask for a copy of the operating agreement or ask the parties to see who is authorized to sign on behalf of the LLC. Title will want a copy of all LLC documents to confirm signatures and authorized signers.
Hope this helps, call with any further questions. Jeff.
Yes, the minimum compensation offered may be a percentage or a fixed dollar and may not be a fraction of either. This is written in Rules and Regulations Rule 12.1 Cooperative Compensation Specified on Each Listing, first paragraph. https://armls.com/docs/armls-rules-regulations.pdf
No conditions on compensation may be offered within the MLS per the Inappropriate Language Policy https://armls.com/docs/armls-inappropriate-language.pdf
ARMLS Data Integrity
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Any time there are a combination of "typewritten" and "hand-written" entry fields the question arises as to whether the handwritten fields were entered at a later time and did the parties agree to the added verbiage/language that was added later...?
It's basically a safety net for agents and the brokerage to make sure everything is being agreed to...
Hope you are doing well and staying safe.
Take care, Jeff.
Why is the following necessary? The Listing agreement was completed in person and signed the same date/time any of this was written in? I understand if there was a change or correction needed.
“Please have the seller initial all lines on the Exclusive right to Sell where the information was hand written in, lines 11, 12, 16 & 48. Please submit the initialed copy. Thank you”
Also, and this is probably a broker question (Brokers, please chime in), should I be listing my PLLC name on the READE form? Should I list my PLLC name in MLS? Should I use it on any contract docs? I have seen it many ways from other agents and brokerages. What is proper to make sure I am protecting myself as well as possible and utilizing the benefits of the PLLC structure?
Hi Chris, it's Jeff from the broker dept, I'll let agent services handle part 1 of your question.
As far as your PLLC goes, that is a limited liability and tax strategy that has nothing to do with your agency relationship or fiduciary responsibilities with your clients. It should not be placed anywhere, not on purchase contracts, not business cards, not on yard signs, etc. At the end of the day it's only the way the brokerage pays you for tax purposes, that's it.
The only place it should be visible is when you print your license.