Investing in a home is a major life purchase and often the largest financial decision you’ll make. Even when you find your dream home, the worry of future repairs can cause hesitation. Fortunately, there are laws meant to protect homebuyers from the consequences of undisclosed defects.
1. Property disclosures will help you make an informed purchase
The seller will provide a property disclosure statement to a potential buyer before an offer is made. In this legal document, the seller states all known property defects. The seller is required to disclose all known deficiencies that would be considered “material defects”. When buyers fully understand all defects of the home they are about to purchase, they can weigh the positives and negatives to do what’s best for their needs and budget.
When someone passes away, family disagreements can lead to serious legal trouble. As real estate attorneys, we’ve seen estate cases that victimize investors and heirs, sometimes resulting in lawsuits for fraud and property possession.
Relatives of a deceased family member should first understand the difference between a will and an estate. A will simply leaves instructions to heirs for how to distribute assets. An estate includes these assets plus any home or property owned, which can make things a little more complicated. Several heirs means several opinions, causing tension at an emotional time. Ideally, heirs come to an agreement on what to do with a property, but sometimes a legal case is necessary.
Clients who turn to us are usually facing common situations. Is one sibling already living with a parent who passes away? They may feel entitled to the property or think they have more rights than other heirs. If they pay for maintenance and repairs, they might accuse family members of abandoning the home. To avoid conflict, heirs might agree to let them stay for years without settling the estate.
Small business owners are the backbone of our economy. They are the entrepreneurs who solve important problems through their service. It is always exciting when a startup business grows, and the business requires a new space to continue the growth.
A small business owner considering signing a commercial lease should take great care in understanding the implications of each section. Commercial leases are different from residential leases. Residential leases are usually very simple, contain standard form language and are subject to consumer protection laws. Commercial leases are far more complex and require a great deal of analysis to understand the implications to the tenant.
Here are just three of the most common sections pertaining to commercial leases that small businesses should understand: