I have a question that hopefuylly someone can answer. This property is located in Nevada.

I was the owner of a fractional interest in a Deed of Trust that defaulted. We forcosed on the property.

The Loan Servicer managed to get 98% of those owners to joint an LLC which she has become the Managing Member. I own the property outside of the LLC as a Tenant in Common.

Can this Managing Member on behalf of the owners try and LEASE this property to someone without my signature even though I only have a small fractional ownership? The Loan Servicer had a Limited Power of Attorney when I was on the Deed of TRust. It died when I became an owner.

I know for certain that the property can not be sold without all signatures. I already had this issue come up. Opinions please from all the others regarding leasing or for that matter even listing the property for lease or sale?

Thanks in advance.

Frank

A quick observation: (if I understood your questions correctly)

1. Your question revolves around the laws pertaining to the State of Nevada; and

2. That the majority of interest holders are now members of a Limited Liability Corporation (“LLC”) whom, I assume is now responsible for looking after the interest of the aforesaid majority owners.

3. That the (“LLC”) has appointed a “Managing Member” to manage the interest of the majority owners, which I assume was with their consent.

4. That the “Managing Member” has or is attempting to lease the property in question, with most likely the authority of the majority of the owners, in order to generate some revenue.

5. That you state, that you know that the property cannot be sold without all signatures.

Therefore, one of the questions that could arises, is whether in Nevada, the rights of a single owner can supercede the rights of the majority of owners?

In the event you wish to be advised as to your legal rights and/or to challenge the authority of the (“LLC”) and/or the managing member or the process by which this all came about, then you would be well advised to consult an attorney with respect to these matter.

A complete review of all relevant documentation would be necessary in order for anyone to render a valid opinion.

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

I could be incorrect, but this is really a fairly simple question for someone that KNOWS.

A) The property is titled in and LLC owning 96% of the property, and four others owning the property as Tenants In Common with the LLC owning the remaing 4 percent.

I am one of the people in the 4 pertcent.

Recently, the same situation existed and the property could not be sold without my signature. Eventually we made a deal and I signed off on the property and the property was sold.

In this situation, there is NO managment Agreement of the 4 people that hold the property outside of the LLC.

Can the Manager of the LLC make any contractual arrangements and bind the 4 of us?? My thought is ABSOUTETLY NOT.

So, since this board is compomised of people in the business, someone that has a Nevada Brokers license should be able to answer this fairly simplistic question.

Thanks in advance
Frank

Advocate is correct. The answers to your questions depends on the laws of your state.

Advocate is also correct that you need to seek legal advice. Although there are Nevada-licensed real estate agents in this forum, they are not permitted to give legal advice or legal opinions.