Operating agreement foreclosure clauses
When discussing with the sellers the recourse steps to reclaim ownership, would they have to wait the state statutes foreclosure period or is this something you have to clarify in the agreement, like 1-9 payments, etc. Typically you’d have 1-4 month period Notice of default then 2-3 month notice of trustee sale, then 21 days to auction.
I saw mention of this but then I wondered … how many would trip an action.
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Jeffrey Bord
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Operating agreement foreclosure clauses
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