Understanding Tenant Rights to Representation

When it comes to landlord-tenant laws, landlords are not the only ones who should have a real estate attorney in Las Vegas on their side. While many of the problems tenants face can be solved by just reading the lease agreement, there are situations in which it is wise to have legal representation.

You should hire a real estate lawyer if:

  1. You’re being evicted, and you want to fight it. You’ll want a lawyer on your side who is familiar with Nevada landlord-tenant laws to be sure that you have a real chance at winning your case.
  2. You’re being evicted the wrong way. Landlords are supposed to follow a relatively strict set of court procedures in order to evict a tenant from their home. If your landlord is just locking you out, shutting off your utilities or following other extreme measures, you need a lawyer. It is absolutely illegal for a landlord to take your things or threaten you even if they may have the right to evict you.
  3. You’re being discriminated against. If this is the case, hire a lawyer and consider filing a complaint with the Department of Housing and Urban Development (HUD). Be sure that you really have grounds for a discrimination claim before you start this messy and lengthy process.
  4. You need repairs that aren’t getting done. You have the right to live in property that is habitable. That means having running water and heating that operates in the winter. Make sure your repairs are handled in a timely manner by hiring a real estate lawyer in Las Vegas to help you. This assistance can also be beneficial if you wish to properly withhold your rent until the repairs are made.
  5. You’ve been hurt in your unit. Of course, this only applies if the injury occurred because your landlord was negligent. Hire a lawyer to help determine negligence to see if you have grounds to take this issue to the next level.

Available Options

If you feel that you need a real estate attorney in Vegas to protect your interests as a tenant, you have options:

First, you can hire a lawyer as a coach. This is the best option for people who don’t really have the budget for extensive legal guidance. So, look for a lawyer who will consider meeting with you every so often to provide counseling and guidance to handle the situation at hand armed with correct information.

Another option is for you to see if there is a clause in your rental agreement that mentions attorney fees. If the clause is there, you may be able to have your attorney fees reimbursed once you win your case. This clause may make it easier for you to find an attorney to represent you.

At the end of the day, the only way to know for certain if you need an attorney is to contact one and ask questions. A safe bet is to reach out to the attorneys at Marc Simon Law. Because these professionals have over 30 years of experience, you can feel confident that you have a knowledgeable attorney on your side. For more information about this Vegas real estate attorney, contact 702.451.7077 or info@marcsimonlaw.com.

How To Tell If a Residential Real Estate Investment Will Be Profitable

There are many tools available to help investors make sound financial decisions regarding property selection. The most common of these tools is the cap rate. Use this guide from a real estate attorney Las Vegas offers to understand cap rates for yourself.

Why the Cap Rate?

For most investors, re-selling a property for profit is generally the end goal. However, in the meantime, you want to make sure you are getting the most amount of money out of the property each year. The cap rate helps you make a decision based on that goal.

The cap rate is the annual return you can expect on an investment. This is important because it gives you a solid foundation from which to base your investment options. The cap rate helps you to be sure that your property related expenses will be covered, while also generating income.

Calculate the Cap Rate

You can easily calculate the cap rate of a property with four steps:

  1. Determine how much you can expect from the property in rent each year. If the property isn’t already rented, shop around for rents being paid for comparable properties.
  2. Estimate your annual expenses for the property. This is done by adding up taxes, vacancy costs, utilities that will be paid by you, insurances, repair costs and any other expenses.
  3. Calculate your annual net income. This is done by subtracting your annual expenses from your annual expected rent.
  4. Calculate the cap rate. This is done by dividing your annual net income by the cost of the property. This will give you a percentage that may vary depending on how much you actually end up paying for the property in question.

If you finish your calculations and your numbers seem off or of concern, you can contact a real estate lawyer Las Vegas trusts to help you obtain more accurate numbers.

Understand the Cap Rate

Your goal is to find properties that have a higher cap rate. Higher cap rates indicate a higher annual return on your investment. As a general rule, cap rates that are in the range of between 4 and 10 percent indicate solid investments.

Regardless of the cap rate, you always want to make sure that you have enough money to manage a property. This means that, after the mortgage has been paid, you are not strapped for cash, even if the property stands vacant. If this is the case, you are signing up for an investment that is likely going to be more trouble than it is worth.

Even with these DIY calculations, there is still a chance you will choose an investment that is not in your best interest. Avoid this by discussing your plans and interests with a trustworthy real estate attorney Las Vegas can rely on at Marc Simon Law. For more information about this real estate attorney Las Vegas trusts, contact 702.451.7077 or info@marcsimonlaw.com.

What is a deficiency judgment?

When you purchased your property, you gave the lender a promissory note to pay back a specific sum of money. If you later defaulted on your loan, a foreclosure proceeding may have occurred. At a foreclosure sale, hopefully someone will buy the property and pay the bank enough money to fully satisfy your debt. Unfortunately, in today’s market, this does not happen very often. When the lender does not get paid in full, a deficiency is created.

Nevada law is very specific as to how to either pursue or defend against deficiency claims. I have represented both debtors and creditors in these situations. The window of opportunity (or defense) in these matters in Nevada is relatively short. Let me assist you in pursuing or defending against such claims.

What is a short sale?

A short sale occurs when you are able to sell your property and convince your lender to accept a payoff on your loan of less than the amount you actually owe. Short sales are often considered by owners of property considered to be “underwater”. This means that you owe more on your loan than your property is presently worth.

Typically, if your lender will agree to take less than is owed and you are able to find a buyer to purchase for such lesser amount, a short sale may be approved.

It is wise to have legal counsel assist you in dealing with your lender, real estate brokers, the buyer as well as title and escrow. You also need to be aware of potential serious tax consequences that could result if this matter is not handled properly.

Notice of default

Have you received a foreclosure notice, commonly called a “Notice of Breach” or “Notice of Default”? If so, there are many issues and options to consider in responding to such document.

1. Most notices of default pertain to your failure to make a required money payment. However, the notice could also pertain to your failure to do something else required of you, which would be a covenant or promise default.
2. There are many notices and other documents that must be legally sent to you in a foreclosure proceeding and the notices will differ depending if the property is residential (your home) or commercial (business).

I can help you address any notices received and how to respond in order to best protect your interests.

What are the typical documents signed to obtain a loan?

When confronted with buying property, it is often necessary to obtain a loan in order to complete your purchase. Although your lender will present you with many documents to sign, the only ones truly having any lasting importance are:

1. The Promissory Note (or Note Secured by Deed of Trust). This spells out how much you are borrowing and the terms of how you will repay such loan; and
2. The Deed of Trust. This document generally spells out your obligations to maintain and insure the property, but more importantly sets forth the lender’s foreclosure rights should you fail to make payments.

Contact me for assistance in reviewing and helping you through all aspects of your purchase and loan transactions.

How do I rent or lease out my property?

Whether your property is residential or commercial will have a great impact upon how you should proceed. In either case, a written lease is essential. Without a written lease, should a dispute ever arise, the contest will become one as to which party the Court believes. Eliminate disputes – put your deal in writing.

Residential and commercial leases each contain drastically differing language. I have years of experience in negotiating, preparing, and drafting all sorts of leases. I have represented individuals, as well as business entities, both landlord and tenant.

How do I evict my tenant?

A successful eviction may depend upon on many factors, some of which are:

1) Is the property residential or commercial?
2) If residential, is the occupant elderly?
3) Whether residential or commercial, what is the reason for the eviction? It could be for:  non-payment of rent; the failure to perform a covenant or promise contained within a lease; possibly for the commission of a criminal act; or simply for causing a nuisance.

Let me guide you through this minefield. I can review your leases, make sure all required notices are given timely and properly served, and represent you in court should an eviction be resisted or contested. I can also help you enforce your lease and attempt to collect any money that may be owed you.

Foreclosure Mediation

Before a lender is permitted to foreclose upon owner occupied residential property, it must give the property owner an opportunity to mediate, or resolve by mutual agreement, a loan default.

The owner must produce their financial information to a neutral mediator, along with a proposal to cure their default. The lender must produce documentation to prove they are the actual holder of the loan and also be prepared to try, in good faith, to reach a resolution short of foreclosure.

If the parties are able to reach a resolution, foreclosure may be avoided. At such mediation the parties may consider such things as deferring payments in arrears, modifying the terms of the loan, or possibly a short sale of the property (lender agreeing to accept less than the full amount due).

Only If the parties negotiate in good faith and are still unable to reach an acceptable resolution, may the foreclosure be allowed to proceed forward.

I would be pleased to discuss your options and represent you, as either lender or property owner, in foreclosure mediation.

Quiet Title

Occasionally there are matters that create what are called “clouds” against an owner’s title to a property. It makes no difference if the property is vacant land, residential or commercial. A “cloud” on title might result from a wrongfully recorded lien of some type. It could result from a mortgage that has been repaid, but never properly released.

No matter what created the “cloud” against the title, if you are unable to obtain a voluntary release of such item, the quiet title lawsuit may solve your problem. Essentially, suit is filed against the claimant involved. If they are unable to justify the legitimacy of their claim, you can obtain a court order permanently clearing the cloud from your property.

This matter most often arises when you are trying to sell your property and a cloud prevents you from obtaining a clean title policy for your buyer. We can expeditiously resolve these issues for you.