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Putting a house in a corporation shell before selling it...is it a good strategy?

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  • quebecostarica
    I will sell our house here in San Francisco De Dos Rios in the near future. I was looking at all the taxes, fees, stamps, tramites, layers fees...and the final
    Message 1 of 8 , May 12 3:19 PM
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      I will sell our house here in San Francisco De Dos Rios in the near future. I was looking at all the taxes, fees, stamps, tramites, layers fees...and the final ticket price tag really surprised me!


      QUESTION


      I know I could:


      1) create a corporation
      2) add the house in the corporation
      3) sign over shares


      Would this strategy be a valid option or is it better to go through the normal selling fees process?


      Anyone has used this path successfully...or not?


      Roger Pilon, Editor

      The Planet Fixer Digest






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    • jean hebert
      Most buyers will not buy the shares, because of the liabilities follow the S A Jeano in downtown Tambor I will sell our house QUESTION I know I could: 1)
      Message 2 of 8 , May 12 6:50 PM
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        Most buyers will not buy the shares, because of the liabilities' follow the S A


        Jeano in downtown Tambor






        I will sell our house


        QUESTION



        I know I could:



        1) create a corporation
        2) add the house in the corporation
        3) sign over shares
      • Anthony Carneiro
        Re: I know I could: 1) create a corporation 2) add the house in the corporation 3) sign over shares Would this strategy be a valid option or is it better to
        Message 3 of 8 , May 13 7:33 AM
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          Re: " I know I could:
          1) create a corporation
          2) add the house in the corporation
          3) sign over shares
          Would this strategy be a valid option or is it better to go through the normal selling fees process?"








          This option would double your fees, since you can't 'add the house in the corporation', you sell the house to the corporation., with all it's attendant 'normal selling fees' ".




          Good luck;
          Anthony C./Curridabat

















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        • embed1999
          Roger, I could work but, Depends on the Lawyer, many San Jose Lawyers act like they are on wall street. This country has 20,000 + lawyers, many many are very
          Message 4 of 8 , May 13 8:46 AM
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            Roger,

            I could work but, Depends on the Lawyer, many San Jose Lawyers act like they are on wall street. This country has 20,000 + lawyers, many many are very honest and have reasonable prices, some not so much. But there are certain only a few things to know that can help. The big question is what is the valor fiscal, this is what the fees are based on that the gorernment charges the lawyers, so if it has a small fiscal valor you have much more "wiggle room".

            If you want to contact me offline, we can talk more.

            Jim


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          • attorneykearney
            The best option is to create a corporation and transfer the property into the corporation at the same time if it has not already come with a corporation. The
            Message 5 of 8 , May 13 9:35 AM
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              The best option is to create a corporation and transfer the property into the corporation at the same time if it has not already come with a corporation. The second option is to add the house into a corporation, then whenever you want to transfer the property again you will save a lot in transfer taxes, making it more attractive pricewise.
              Most people do prefer a property or vehicle linked to a corporation, specially if the sole purpose of the corporation is the property or vehicle and not used for business.
              Either way the due diligence before buying anything should always be done.
              Lic.Gregory Kearney Lawson.
              attorneykearney@...






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            • fraluchi
              And on top of that you ll have a yearly corporation tax with its implications to consider! [Non-text portions of this message have been removed]
              Message 6 of 8 , May 13 4:05 PM
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                And on top of that you'll have a yearly corporation tax with its implications to consider!

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              • jckincy
                I can not imagine the benefit to putting a house or property you currently own into a corporation if you are planning to sell it. You would be increasing your
                Message 7 of 8 , May 14 4:43 AM
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                  I can not imagine the benefit to putting a house or property you currently own into a corporation if you are planning to sell it. You would be increasing your selling costs.

                  I have recently completed a sale and my experience has been that most buyers either do not want to own a corporation or they want to transfer it to their own, new or existing, corporation.

                  See the recent article by Garland Baker in AMCR about holding property in a Sociadad Social instead of a Sociadad Anonima or Limitada. This apparently limits your corporate tax liability while keeping your asset in a limit liabilty partnership. Of course this will only work for property owned by two or more partners, unless of course your lawyer has a way around that which they often do.

                  Also if you are a US person what you suggest doing could adversly affect your tax situation so beware.















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                • alajuelanorth
                  Gregory, what is the diference between a car in a corporation that is used for business or not used for business? Berni [Non-text portions of this message
                  Message 8 of 8 , May 15 8:57 AM
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                    Gregory, what is the diference between a car in a corporation that is used for business or not used for business? Berni

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