A Company Resolution For Purchase of Property is essential when a corporation plans to acquire real estate in the United States. This document demonstrates proper corporate governance and provides evidence that the decision to purchase property was properly authorized by the board of directors. It typically includes details about the property, purchase price, payment terms, and designated signatories. The resolution must comply with state-specific corporate laws and may require shareholder approval depending on the transaction's size. It's commonly required by financial institutions, title companies, and other parties as proof of corporate authority to complete the transaction.
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1. Title and Date: Official name of the company and date of resolution
2. Preamble: Statement of the meeting type, quorum confirmation, and authority
3. Background: Context and reasons for the property purchase
4. Property Details: Specific description of the property being purchased
5. Resolution Statement: Formal declaration of the board's decision
6. Authorization: Specific powers granted to execute the purchase
1. Financing Details: Section detailing any loans or specific financing arrangements required for the purchase
2. Shareholder Approval: Section referencing shareholder approval when transaction size or company bylaws require it
3. Conditions Precedent: Section outlining specific conditions that must be met before purchase completion
1. Property Description Schedule: Detailed legal description of the property including location, boundaries, and specifications
2. Purchase Price Breakdown: Detailed breakdown of purchase price, payment terms, and any associated costs
3. Due Diligence Reports: Summary of property inspections, evaluations, and compliance checks
4. Board Meeting Minutes: Copy of relevant board meeting minutes documenting the approval of the purchase
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