InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title Comany's, Partnerships, and Hoops - Updates Needed Posted by Mark H. on May 15, 2009 at 3:16 PM Now that I am in the midst of a wrangle with Old Republic, it is clear to me that the prior board advice on these issues need updated. A few comments: 1) Have your partnership agreement notarized on signing. 2) Leave out the words "Joint Venture" - it confuses title officers and makes them question your agreement as a true partnership. 3) Prepare a BP-1 and have it certified...they seem pretty insistent that this be done. Alternatively, they may accept a notarized BP-1 with ALL PARTNERS signing. (Yes, I know that the form only requires two signitures and no notarization, but they don't seem to care what the law says). 4) Make sure they understand what kind of partnership you have. The requirements of a limited liability partnership is a bit different, requiring registration (sections 16100 to 16114). However a general partnership does not (I am still arguing with the Old Republic officer about this point). If anyone has a different understanding, especially on registration and the differences between a limited liability partnership and a general partnership...please contribute. (California Partnerships) Follow Ups: Re: Title Comany's, Partnerships, and Hoops - Updates Needed Kristine-CA 9:05 AM, 05/16/09 (0) Re: Added Partnership, GP-1 Info... Mark Hamilton 10:44 PM, 05/15/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Now that I am in the midst of a wrangle with Old Republic, it is clear to me that the prior board advice on these issues need updated. : A few comments: : 1) Have your partnership agreement notarized on signing. : 2) Leave out the words "Joint Venture" - it confuses title officers and makes them question your agreement as a true partnership. : 3) Prepare a BP-1 and have it certified...they seem pretty insistent that this be done. Alternatively, they may accept a notarized BP-1 with ALL PARTNERS signing. (Yes, I know that the form only requires two signitures and no notarization, but they don't seem to care what the law says). : 4) Make sure they understand what kind of partnership you have. The requirements of a limited liability partnership is a bit different, requiring registration (sections 16100 to 16114). However a general partnership does not (I am still arguing with the Old Republic officer about this point). : If anyone has a different understanding, especially on registration and the differences between a limited liability partnership and a general partnership...please contribute. : (California Partnerships) [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455