Iowa LLC Update: Real Property Conveyances in Iowa by LLC
Pat Burk, a shareholder with Brick Gentry, P.C. practicing in real estate and business law has an important update with respect to how LLCs convey real property in Iowa.
Pat indicates that a recent change to the Title Standards of the Iowa State Bar Association removes the presumption of authority on LLC conveyance documents, such as a deed. Now, information must show of record indicating whether the LLC is member-managed or manager managed, that the deed was given in the ordinary course of business and setting forth the proper authority of the signatory(ies). This is a major change to the manner in which LLC's convey property and may be missed by many LLC owners until this becomes common knowledge.
Just another reason why it would be a good idea to use a lawyer for your LLC documents in Iowa. Sorry, LegalZoom.
