What Can We Learn From Angelina Jolie’s And Brad Pitt’s Dispute?
Can you believe that these two are still going at it? Four years after they announced their divorce, they haven’t taken a break, but lucky for us, there’s an interesting development in their case. The original fight appears to be regarding the custody of their kids. LOL by the time they figure this out, the kids will be parents themselves. Recently, however, they found something new and exciting to argue over, their Château Miraval.
Pitt and Jolie own a $164M French vineyard, Château Miraval, where the two wed in 2014 awwwwww, how sweet! It’s also where the world first learned of his brief romance with German model Nicole Poturalski last year, LOL. Anyhoooo, Jolie has been looking to get out of the celebrity wine game for a while, and recently, petitioned a judge to waive the order that keeps her and Pitt from transferring assets during their divorce. She wants to sell it! With or without Pitt.
It turns out that the property is held in a company with each of them owning a 50% interest. Despite the fact that they’re partners in this entity, Jolie allegedly tried to broker a deal to sell the property without involving Pitt. Not giving him the option to buy her out or have any say in the terms of the sale. Yikes!
So, how would this play out in Florida? Can one member of an LLC or Corporation sell a property without approval or consent from the other?
Probably not. If we look at the process, the new buyer will buy title insurance to make sure that the property is free and clear of all liens and that there is a clear chain of title so that no one can come forward 100 years from now and claim an interest in the property. That title company’s underwriter will request documentation in the form an (1) operating agreement (2) articles of incorporation and/or (3) corporate affidavits which will identify the owners. Once the owners are identified, you better believe that the title company will require all of the people with an interest (sometimes even a minor one) involved. The underwriter requires documentation to show all relevant parties involved to clear title for the new buyer.
Yes, it’s possible that one shareholder or member can get into a questionable agreement to sell, but the actual closing will depend on the title review and underwriting requirements, and that will require notification and/or consent of all parties involved.
There you have it folks, we learn that Brad and Angie are quite alike and that title insurance requirements prevent one member of a company from selling the property without the proper consent.
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