This review list is intended to educate you on the subject of this document and to aid you in its preparation. Obtaining Board permission for significant asset acquisitions or sells is sound corporate management. This form can be used for a variety of purposes, from purchasing and selling real estate as described below to purchasing and selling software, divisions, trademarks, and other such items.
- Make several copies. One copy should be retained in the transaction file, while the other should be retained in the corporate minute book.
Purchase Or Sale Of Real Estate Corp. Authorization
Purchase or Sale of Real Estate: Resolution of Authorization
A special meeting of the Board of Directors of ________________________________, Inc., was held on ___________________, at ________________________________________, pursuant to, and, upon a motion made regularly and in proper order, and seconded, the board of directors of ______________________________, agreed:
That the corporation shall sell (buy) the following parcel of real estate ______________________ to ________________ for a total consideration of $______ (______________ & ____/100 dollars).
The officers of the corporation are authorized to sign such deeds and other instruments as may be necessary for completion of the sale.
______________________________ by:
______________________________________________________
SECRETARY
______________________________________________________
Attest, PresidentPurchase or Sale of Real Estate: Resolution of Authorization
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. It is good corporate management to get Board approval for major purchases or sales of assets. You can adapt this form to such activities, from buying and selling real estate as provided herein, to buying or selling software, divisions, trademarks, or any other such things.
1. Make multiple copies. One copy should go in the transaction file and the other in the corporate minute book.
Frequently Asked Questions
What is a resolution of authorization for the purchase or sale of real estate by a corporation?
A resolution of authorization is a formal document that records the approval of a corporation's board of directors for a real estate transaction. It authorizes the corporation to buy or sell a specified parcel of real estate and empowers officers to sign necessary documents. This resolution is typically adopted during a special meeting of the board.
Why does a corporation need board approval to buy or sell real estate?
Board approval is considered good corporate management for major purchases or sales of assets. It ensures that such significant transactions are properly authorized and documented. This helps protect the corporation and its officers from potential legal challenges.
What information must be included in a resolution authorizing the sale of real estate?
The resolution should include the date and location of the special board meeting, the names of the corporation and the board members, a description of the real estate, the buyer or seller, and the total consideration. It must also state that the officers are authorized to sign deeds and other necessary instruments. The document is typically signed by the secretary and attested by the president.
Who signs the resolution of authorization for a real estate transaction?
The resolution is signed by the secretary of the corporation and attested by the president. These signatures confirm that the resolution was properly adopted by the board. The officers are then authorized to sign deeds and other instruments necessary for the transaction.
Can a corporation buy real estate using a resolution of authorization?
Yes, the resolution can be adapted for either a purchase or a sale. The form allows the corporation to agree to sell or buy a specified parcel of real estate. The board approves the transaction and authorizes officers to complete it.
What is the purpose of the review list provided with the resolution form?
The review list informs you about the document and assists in its preparation. It highlights that obtaining board approval for major asset purchases or sales is good corporate management. The form can be adapted to such activities.
Is a special meeting of the board required to authorize a real estate transaction?
The resolution template states that a special meeting of the board of directors was held. It is adopted upon a motion made regularly and in proper order, and seconded. This indicates that a formal meeting is part of the process.
What details about the real estate transaction are recorded in the resolution?
The resolution records the parcel of real estate, the buyer or seller, and the total consideration in dollars. It also authorizes the officers to sign deeds and other instruments necessary for completion. The exact terms are filled in on the form.
How does the resolution authorize officers to act?
The resolution states that the officers of the corporation are authorized to sign such deeds and other instruments as may be necessary for completion of the sale. This grants them the authority to execute the transaction on behalf of the corporation. The authorization is limited to the specific transaction approved by the board.
What happens after the board adopts the resolution of authorization?
After adoption, the officers are authorized to sign the necessary deeds and instruments to complete the sale or purchase. The resolution serves as evidence of the board's approval. The transaction can then proceed to closing.
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