As a real estate investor, you know that your primary goal for entering into a purchase agreement is to sell a property. When buyers come to the negotiating table, they have many different things in mind. Understand what your buyers are thinking with this helpful guide on four buyer objectives from the real estate attorney Las Vegas home buyers trust.

Objective #1: Buyers want to close.

Many investors seem for forget that their buyers are only putting in an offer because they genuinely want to acquire the property. Buyers want to close, otherwise they would never bother making an offer in the first place.

You can protect both yourself and your buyers by making sure that any submitted offers are supported with a pre-approval letter from a reputable mortgage lender. This way, you will know that any buyers not paying all-cash are good for the numbers that are brought to the table.

Objective #2: Buyers want to know they aren’t getting scammed.

When your buyers approach a purchase agreement, understand that this is a lifetime commitment for many of them. Buying a home is an investment for which many homebuyers will spend the next twenty years or more paying off. Naturally, buyers want to make sure that the home they are trying to purchase is structurally sound and not riddled with issues.

To protect yourself and your buyers, make sure that any real estate contracts include the proper clauses for home inspections in your state. This will help you avoid legal battles over issues with the foundation, damage from pests, and problems with the roof, electric or plumbing. Have the trustworthy real estate lawyer Las Vegas investors rely upon help you with this.

Objective #3: Buyers want the lowest price.

In addition to getting a good quality home, buyers want to make sure they are getting that home for the best possible price. Not many buyers will be interested in buying a property “as-is.” More often than not, a buyer will try to negotiate down the price of a property based on its condition. While you can manage this yourself, it may be a better idea to have the best real estate lawyer Las Vegas offers make sure your interests are not forgotten in the negotiation process.

Objective #4: Buyers want to make sure they won’t be stuck.

Because buying a home is no small feat for many people, buyers what to make sure that they have a way out written into the contract. For most buyers, that means they want to be sure that they can abandon the contract without losing deposited money or facing damages for not closing.

These escapes may include major structural issues with the property, a poor quality title and even a requirement for flood insurance. Protect yourself and your money by having an attorney look over all contracts before you head to the negotiating table.

To do this, schedule a consultation with the Marc Simon attorneys right away. You can be sure that your interests and investments will be protected with these real estate experts. For more information about this real estate attorney Las Vegas trusts, contact 702.451.7077 or info@marcsimonlaw.com.

People who are well-versed in real estate law may be familiar with the subject of partition lawsuits. For those of you who would like to learn more about the topic, here is a brief guide that can help you understand the basics of partition lawsuits.

What is a partition lawsuit?

This kind of lawsuit happens when people share ownership of a property and no longer want to continue to do so. It usually begins with one party asking for the property to be divided or sold. In some cases, a lawsuit is filed specifically to obtain a court-ordered partition sale. The partition can be voluntary or involuntary.

In a voluntary partition, all the parties involved make a decision to part ways and are able to reach an agreement as to how the property will be physically divided.

In an involuntary partition, the parties involved can’t reach an agreement. This results in litigation that tends to take longer than anyone truly wants. That is because the litigation has to settle whether or not the house will be sold. If the decision is to sell the property, the litigation then has to determine how the proceeds will be divided between the participants.

Types of Partitions

Whether voluntary or involuntary, real property may be divided in two different ways.

Partitions in kind: The parties or the court decides how much of the property each person receives. The land is divided and new propertylines are created. There also may be discussions to clarify what personal property is included with each person’s piece of the real property.

Partitions by sale: This results when it isn’t logical or equitable to divide the physical property for one reason or another. In these cases, there is a forced sale,provided the petitioner can convince the court that a partition in kind is not viable. Once the sale is complete, the resulting net proceeds are divided between the parties.

File the Lawsuit

The steps you will have to take to file a partition lawsuit vary based upon the location and type of property. The place of residence for you and all the other parties involved also matters. If you are interested in filing this type of lawsuit, it would be best if you seek the guidance of a Las Vegas real estate lawyer. That way, you can make sure you have all the necessary pieces in place to get the judgment and relief you seek.

Of course, you are welcome to represent yourself and forego a lawyer. However, we do not recommend it. Facing any legal issue without competent representation often lead to either not accomplishing your objective at all, or receiving less than you might otherwise by legally entitled to.

Avoid mistakes and ensure that your interests are properly represented with the help of the real estate lawyer Vegas residents recommend. Schedule a consultation with Simon Law. With over 30 years of experience, you can feel confident they will handle your case correctly. For more information about the real estate lawyer Vegas residents trust, contact 702.451.7077 or info@marcsimonlaw.com.

Owning a property and managing tenants is no easy feat. If you are lucky enough to own a great property AND have a wonderful tenant, you may not need to read on.

However,  in case you aren’t quite that lucky, or you are in the market for a property and a tenant, here is a list of five things every landlord needs to remember.

1. Know what’s going on locally.

As a real estate investor, you may own or be on the hunt for properties located within a different state. To do this in Las Vegas and be safe, you should have the help of a Las Vegas real estate attorney who can keep you up to date on the ins and outs of working with Las Vegas landlords and tenant laws. This will be beneficial in the event your tenant files a dispute or a regulation should change.

If your property search is limited to areas close to home, it is still wise to have a legal representative in your corner. Don’t fall victim to a technicality buried in legal jargon that you may not fully understand.

2. Know the rules and restrictions affecting property before you buy.

All too often, an investor buys a property with the intent to lease, only to then learn that it can’t be rented to a third-party. To avoid this mistake, ask for a copy of any covenants, conditions and restrictions (“CC&R’s”) that may be available. Then sit down with a real estate lawyer Las Vegas investors trust to help you understand the details.

There may be clauses that require one or more of the units to be occupied by the owner. Make sure the rules in place are ones you can live with while you own the property. It’s better to discover this now rather than after you own the property.

3. Factor in all costs.

There are typically more costs involved with managing a property than many people realize. There are, of course, the physical repairs that must be done to maintain the property. These may include leaky pipes, replacing windows, updating light fixtures and upgrading counter tops.

In addition to these, remember to factor in costs that are generally incurred behind the scenes. It is recommended that you purchase not only liability insurance for the property, but that you also require the tenant to keep a renter’s insurance policy in place for the duration of their lease.

4. Check the numbers.

For an even more accurate look into how much you can expect to spend on rental property maintenance, take a look at sites like Trulia and Zillow. These sites offer resources that allow landlords to see the average income of residents, tax rates and the average rent paid in an area. You can also ask the reliable real estate lawyer Las Vegas that investors choose first to assist you with the number crunching.

5. Stay consistent.

The worst thing you can do as a landlord is be inconsistent when enforcing the lease agreement. It is there for a reason, so remember to stay pretty close to the line when being flexible with your tenants. If you allow a tenant to regularly do something that is out of compliance with the lease agreement, you may place yourself in a sticky situation should you decide to take the tenant to court down the road. The judge may rule that the lease agreement need not be observed because it hadn’t been properly enforced in the past.

If a tenant needs to pay rent late, you may elect to allow it as long as it does not become a  regular occurrence and you feel the reason provided is justifiable. Put your foot down if it seems to be happening more often than seems reasonable.

Don’t let the stress that may be involved with managing a property keep you from potential investment success. Schedule a consultation with Marc Simon, an attorney with over 30 years of experience in real estate law, to ensure your interests are protected. For more information about this Las Vegas real estate attorney, contact 702.451.7077 or info@marcsimonlaw.com.

Think back to when the US economy had bottomed out. Millions of Americans were left without work and rendered unable to make their mortgage payments. In an effort to escape the pressure of their mortgages, many chose to short sell their homes. It seemed like the perfect idea, until many homeowners learned later that there was a deficiency judgment against them.

While the American economy and the housing market are on the mend, homeowners still risk a deficiency judgment following a short sale. If you are considering short selling your home, make sure you know how to properly protect yourself from such a judgment. Explore the following tips and contact a Las Vegas real estate attorney to help you navigate the legal jargon and how to best proceed.

What is a Deficiency Judgment?

Before you can understand a deficiency judgment, you need a rudimentary understanding of short sales. In a short sale, you are essentially selling the home for less than what is still owed on the property. This is typically done in an effort to avoid foreclosures.

Because the sale is completed for less than what is owed, a deficient balance is created. Even though a lender has to approve the short sale price, they may still come after you for a deficiency judgment to try to collect the remaining balance of what is owed.

If this happens to you, you want to make sure to have the real estate lawyer Las Vegas relies upon to protect you from garnished wages or levies on your bank account. In Nevada, there are laws that may prevent a lender from seeking a deficiency judgment. However, there are very specific qualifications that must be met for such law to apply. This is something that should also be discussed with your lawyer.

How to Avoid a Deficiency Judgment

Now that you understand what a deficiency judgment is and how it can affect you, you may have ways to protect yourself against it. Here are four ways you may be able to avoid this inconvenient result:

1. Negotiate. You can ask the lender to waive the right to seek a deficiency while you are negotiating for your short sale price. If there is an agreement, it must be documented in the short sale documents to be legally binding. Have the best real estate lawyer Las Vegas offers help you iron out the details.
2. Settle. There is a chance the lender won’t waive the deficiency. If this happens, you can ask for and possibly settle upon a lower deficiency amount.
3. Chance. There is a chance the lender won’t even file a lawsuit to pursue the deficiency claim. Even if you are getting calls from collection agencies, you don’t have to worry about garnished wages or attachments of your account until you receive an actual judgment. The only way that will happen is if the lender goes through the expensive and lengthy process of filing a lawsuit. Some lenders may decide to avoid the process all together.
4. Bankruptcy. If none of the other three options work and you do end up with a deficiency judgment filed against you, you can always file bankruptcy to remove the debt. You can file a Chapter 7 bankruptcy to eliminate all the debt or a Chapter 13 that may require you to pay a small part of the debt over time. If the deficiency is your only debt, this may not be a wise idea. Discuss your options with the real estate lawyer Las Vegas trusts to make the right decisions.

Don’t face a disgruntled lender alone. Schedule a consultation with the experienced attorneys at Simon Law. For more information about this Las Vegas real estate attorney, contact 702.451.7077 or info@marcsimonlaw.com.

Most people are familiar with the concept of trespassing. This occurs when a person has gained unwanted and unauthorized access to another person’s property. This can be done by simply hopping a posted fence or driving in the wrong area. In most situations, the victim can call the authorities to have the issues remedied. However, in some instances, a trespasser can actually gain ownership of the land he or she is trespassing on.

What is Adverse Possession?

Adverse possession happens when a person is able to get legal ownership of a piece of land in an adverse way, like trespassing. The result of this has been anywhere from a few yards to hundreds of acres in acquired property.

In many cases, adverse possession is accidental. For example, it is technically trespassing if a neighbor builds a fence onto your land. An incorrect property description could have been the cause. If that mistake is maintained for the statutorily required number of years, that neighbor may become the owner of the property. The new owner is called the adverse possessor.

How Do You Prove It?

If you want to adversely possess a property, you have to be able to prove a few strict requirements. Those requirements have to be supported by good evidence or your claim will not hold up in court.

First, you have to prove that the owner of the property doesn’t use the area of land you are trying to possess. This may be accomplished by showing that the land is used exclusively by you in a way that is different from the way the deeded owner uses the rest of his land. For example, a farmer would use his land for farming. You can prove that the land you are after is not used for farming by continuously mowing the area.

Next, you must prove that you basically own the piece of land. This is called showing open and notorious possession of an area. You can do this by proving that you park your cars and your children play on the area that you mowed in step one.

The third step in asserting adverse possession is to show that you didn’t have permission to use that land. This means that you had no lease or other agreement for use of the property. Just remember that this means you are admitting to trespassing. If this case does not work out in your favor, you could face civil and criminal charges.

The fourth step in Nevada is to meet the first three requirements for at least 15 years.

While adverse possession may sound like a strategy to steal another person’s property, it is not. It is most commonly used when the property lines between two properties become uncertain over the course of time. It helps property owners to determine where new property lines will be drawn.

Finally, Nevada requires the claimant to have paid all taxes assessed upon the property for 5 years prior to filing suit to establish an adverse claim.

If you find yourself on either side of an adverse possession claim, make sure you have the right real estate lawyer, the one Las Vegas trusts. Marc Simon is a Las Vegas real estate attorney having the experience and ability to protect you in essentially any real estate legal matter. For more information about this Las Vegas real estate lawyer, contact 702.451.7077 or info@marcsimonlaw.com.

Many people buy second and third homes because they are financially able to do so and looking for another way to create residual income. Some of these investors choose to manage the rental process themselves. These people opt into being a direct landlord. Others may choose to hire a management company or rent the unit through a third party such as AirBnB. Most don’t realize that this does not free them from their duties as a landlord.

It is true that landlords have many rights that protect them in complicated legal discrepancies with tenants. It is also true that landlords have numerous responsibilities. Choosing to rent your space through AirBnB does not relieve you of those responsibilities. That is why you want to make sure you have a knowledgeable Las Vegas real estate attorney that can help you navigate those tricky tenant-landlord legal matters.

AirBnB and Real Estate Law

Naturally, AirBnB would like everyone with available property to rent their spaces through this online rental resource. Unfortunately for unsuspecting owners, the facts about what can happen when you lease your property are not as well broadcast as they probably should be. In one California case, the lack of knowledge about certain real estate laws got a landlord in a mess of trouble.

Cory Tschogl rented her condo to two brothers for 30 days. Sadly, the brothers took advantage and stayed for 14 extra days without paying. When Tschogl tried to get the brothers to vacate the unit, they refused to leave.

California law states that any person who rents a property for longer than 30 days becomes a tenant. That means, if you want to evict someone, you have to follow the full eviction process. The tenant must be served with an official notice and then given 30 days to vacate. In Tschogl’s case, the brothers became squatters because she was not aware that her association with Air BnB did not eliminate her responsibilities as a landlord.

Of course, these laws are designed to protect tenants and landlords. Landlords should not be allowed to throw a tenant out on the street with little or no justification. A tenant should not be allowed to not pay rent with no ramifications. Landlords just need to understand that their responsibility is not forfeited once a unit is rented through a third party.

To address this issue, Air BnB has committed to make the necessary changes to its platform in order that users can better understand “long-term reservations.” This information will probably be added to the current “terms of service” letter. Unfortunately, since that letter tends to go unread, it can be assumed that this kind of activity may not decrease as much as Air BnB would like.

Please note that the landlord-tenant laws vary from state to state.

That is why hiring the real estate lawyer Vegas trusts is the wisest thing you can do. Landlord-tenant laws can be too confusing to navigate on your own.  Just contact the Nevada’s Simon Law attorney, having over 30 years of experience in real property law. For more information about this Las Vegas lawyer, contact 702.451.7077 or info@marcsimonlaw.com.

For some time, there has been talk that the housing market in Las Vegas was finally out of the woods. More people have been buying homes and sale prices have been on the rise. Even the number of Nevada foreclosures was reported to drop to record lows during this past June.

Unfortunately, experts believe the foreclosure crisis may not truly be over. Although foreclosures are down, there has been a steady increase of default notices being served to Las Vegas homeowners. A RealtyTrac report said that the increase was 56 percent from a year ago.

However, the large increase isn’t a reason to panic. There may be many reasons for the increase,the most significant of which is the fact that there is a backlog of foreclosures. The backlog is probably the result of the amount of time it takes to complete a foreclosure. Today, it takes about 495 days to fully foreclose a property. One year ago, it took 420 days. Before the housing market crisis, it took a short 140 days from start to finish.

The increased amount of processing time means that more foreclosures will be pushed through at a later date. It makes it seem as though foreclosures are trending upward again. This element is creating a lot of confusion for the people tracking such statistics, and sadly, the numbers only seem to get more confusing.

On the positive side of the spectrum, Nevada was one of only ten states that saw such a huge decrease in their foreclosure numbers following the crash. Roughly 8,500 foreclosure filings were made on Nevada properties during the first half of the year. While that seems like a lot, such number is actually down 48 percent from the previous year.

On the negative side, Nevada still ended the first half of the year with the fifth highest rate for foreclosure filings in the country. Essentially, that means that while Nevada is doing better statewide, nationally, it can still be said that Nevada is experiencing a foreclosure crisis.

Hopefully these inconsistencies will level out over time. Experts believe that we should see a leveling of foreclosure numbers over the next six to nine months. One thing that can help the housing market improve is for prospective home buyers to consider purchasing a foreclosed property.

With the real estate lawyer Las Vegas relies upon, buying a foreclosure can be a safe possibility. Contact the attorneys at Simon Law. With over 30 years of experience, you can feel confident that you have a knowledgeable attorney on your side. For more information about this Las Vegas real estate attorney, contact 702.451.7077 or info@marcsimonlaw.com.

After servicing Las Vegas for over 30 years, Simon Law is proud to announce that they are offering landlord and tenant law services to better serve Southern Nevada. When renting a home, apartment or condominium, the laws between a landlord and tenant can be difficult to understand. An experienced Las Vegas real estate attorney at Simon Law will help distinguish the rules and regulations of renting commercial and residential properties.

Simon Law can help clients dealing with landlord and tenant law cases, including: summary eviction hearings, rent withholding, security deposit issues, property abandonment, breach of rental agreements, unlawful detainer proceedings and residential and commercial lease liability.

With landlord-tenant laws, state statutes and common law determine many of the guidelines used to determine fault. As with many other real estate laws, disputes can arise between a landlord-tenant that requires legal action. Simon Law has handled hundreds of real estate law cases over the years and is experienced and knowledgeable in providing appropriate legal assistance.

In addition to landlord-tenant law proceedings, Simon Law can help handle a wide variety of real estate law cases. Simon Law is well versed it tackling cases involving arbitration and mediation, commercial leasing, foreclosures, partitions, residential leasing, sales and loan transactions, deficiency judgments, business formations, mechanics liens and many more.

For more information regarding landlord, tenant, or any number of real estate laws, visit a Las Vegas real estate attorney. Contact www.marcsimonlaw.com, or call (702) 451-7077 today to set up a consultation. Stop by Simon Law in person at 5812 S. Pecos Road, Suite A, Las Vegas, NV 89120.

“Millennial”: In case you aren’t familiar with what that term means, it is a person who became an adult around year 2000. These young adults are also referred to as “Generation Y”.

This generation is now reaching the age where buying a home is a top priority. In order for the real estate market to continue its recovery, builders, sellers and the Las Vegas real estate lawyer all need to shift their focus onto the millennial generation. To do that, it is believed the entire market will need to adjust the way it approaches home sales.

According to the founder of New Home Star, companies can respond to millennial buyers in one of two ways:

One response is to be flexible. Understand the varying needs of this younger generation and don’t be afraid to pitch to them where theyare likely to respond. These companies are adjusting their strategies with the changes in the market by presenting their product in ways millennials are sure to find it. Think about social media and smartphone apps such as Zillow. Companies who respond in this way tend to have successful sales.

The other response is to be inflexible. Continue to approach real estate sales by pounding the pavement and other traditional methods. Where there is a refusal to adjust to the social demand of Generation Y, sales will suffer.

As more of this generation reaches home buying age, the demand for responsive real estate marketing strategies grows. Unlike prior generations, first time millennial home buyers aren’t willing to drive around indefinitely to find an affordable home. Technology enables them to find what they desire in the areas they prefer. For a builder to be successful, internet marketing is a must,especially because millennials search there first for everything.

A major part of what is happening now is based upon the experience this generation has already had with the housing market. When the crash hit 10 years ago, these buyers, who were then children, watched their parents lose wealth and often their homes. They experienced a major shock with downsizing and financial duress. You can bet that these now first-time buyers will not be jumping at every housing opportunity if they fear making the same mistakes.

Approaching a first time millennial buyer doesn’t need to be a stressful event. A Las Vegas real estate lawyer can help you successfully understand and work with the Generation Y mindset. With over 30 years of experience, Marc Simon can handle virtually any real estate legal matter. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.

Once upon a time, buying a foreclosed home was easy. The real estate market was saturated with foreclosed homes, there were just not enough people to buy them, and therefore a buyer could purchase a home for next to nothing. While you may still buy a reasonably priced foreclosed home, the days of steep discounts are gone.

Because it’s now a seller’s market, both sellers and lenders know they don’t have to drastically cut prices. Even if they did, because there are so many buyers looking for homes, by the time all the bidding is done, the sale price usually ends up being about the same as other homes on the market.

You need to be careful when considering buying a foreclosed home. You may find a diamond in the rough or you may get stuck with a financial black hole. Knowing the best way to purchase a foreclosure, puts you one step closer to owning your dream home. Have the real estate lawyer that Las Vegas trusts go over the best buying option for you.

Buying at a Foreclosure Auction

To buy at a foreclosure auction, you typically may do so at your County’s courthouse. In Clark County, these sales are statutorily held in the rear parking lot of the Office of Nevada Legal News. In some cases, auctions are handled online. While prices may be lower, there also tends to be a lot more risk involved. You will typically be placing a bid without ever having seen the inside of the home. That may pose a plethora of problems for the buyer.

First, you won’t be able to determine the extent of repairs necessary to make the property liveable. If there are any financial complications such as liens, multiple mortgages or code violations, you won’t know about them until after you own the home. There is also a chance that someone may still live in the home. If that is the case and you want to evict them, it will be your responsibility to do so. All of these things quickly add up,turning that decently priced home you thought your bought into something uncomfortably expensive.

Another important fact to remember is that when you buy at an auction, you have to pay for the house in cash. As you are usually expected to pay within 24 hours of your successful bid, you are out of luck if you find anything wrong a week later. In this situation, it is recommended you seek the advice of a competent real estate lawyer in Las Vegas to advise you how best to proceed.

Buying Directly From a Lender

An alternate way to buy a foreclosure property is to buy from the lender that foreclosed. You can think of this as buying from an individual and thus it doesn’t pose quite as much risk as an auction. There are still a few major considerations that make buying a home this way different from buying from an individual.

First, even buying in this manner, you still may not know the condition of the inside of the home. That is because the lender has probably never seen it and is not legally required to disclose conditions. If possible you should request a viewing and only make your offer after determining the condition of the property.

Unfortunately, a viewing, without a formal inspection, is no guarantee of the condition of the house. Foreclosed upon homes often have no working utilities, which means that you can’t check any of the items that could lead to big ticket repairs. Occasionally, a lender will turn on the utilities for a brief time so you can properly inspect the property. However, this usually only occurs once the home is under contract to purchase.

If you do find major property condition issues, you may still be able to negotiate. However, such won’t always yield results in a sellers’ market. If you don’t want the house, there is probably someone else who will take it as is. To be fair, many lenders are actually making needed repairs before putting the house up for sale.

Don’t let the idea of buying a foreclosed home scare you away. With the right real estate lawyer, Las Vegas doesn’t have to be an overwhelming market. Contact Simon Law, with over 30 years of experience in Nevada and real property law. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.