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I represent the Buyer. The lender PNC/Chase just responded to our offer with the fact that they will not sell to my buyer's LLC. They will only sell to an individual.

My buyer is a Canadian and the U.S. LLC has his wife and 2 children as Members. The purpose of the LLC in addition to the liability protection is to avoid tax consequences.

If they buy as an individual, and 3 months down the road Quit Claim to the LLC, the IRS may view it as a sale and the title company could be required to collect 10% taxes. They're trying talk to a tax accountant as we speak, and we have to respond by noon Friday.

Has anyone run across this, and if so have you had any luck in getting around it?

Thanks,

Bill