I'm back to this topic again...Our closing on our properties is finally ready to go. We had negotiated buying the holding company with the lots and house and had heard that the owner was agreeable. But, there has been some switching around d of lawyers and such and now the paperwork does not mention our purchase of the company. So my question is: Will we pay transfer tax again when we incorporate later? Should we see about setting it up as a company right now at closing?
Owning property in a company
brodies2013
20 February 2017 23:31:20
509
Bob K
21 February 2017 01:38:44
7675
Check with your lawyer but I think you might have to. Best to buy the property in a corporation if that is the direction you are going in
Bob K
planner
21 February 2017 09:39:33
16617
Yes you will have to pay the transfer tax again. Buy the corp now or set up the corp now. You can incorp a.brand new entity in about 45 days OR you can purchase a "shelf company" in about 3 days!
If.you need info message me.
depep58
21 February 2017 13:54:30
11
Why is it better to set up a company and buy real estate property in the company? Thanks
brodies2013
21 February 2017 16:16:33
509
OK..BOB K...were back to your shelf company? Did you find out the status?
brodies2013
21 February 2017 16:32:05
509
depep 58...search the topic...there's a lot of liability advantages to holding property in a company. You have to pay taxes on the company every year (but, most properties expats buys have property tax obligations anyway...) but, this was you avoid inheritance tax and protect yourself with the limited liability aspect...at least this is my understanding and thus the push to get incorporated BEFORE closing.
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