How do I remove a tenant or the former owner after I have foreclosed?

Just because you have foreclosed upon a property does not mean you have the right to remove whoever is in occupancy.

Certain laws afford a tenant, that had a valid lease with the former property owner, a right to occupy the property until the end of the lease! There are however exceptions to this right.

Even if you have the right to remove the tenant or former owner immediately, you may still need to serve proper notices and proceed with a civil lawsuit for what is called unlawful detainer.

We can assist you in taking possession of the property and also in pursuing the former property owner for monies you may still be owed. Contact us by using the form to the right, or call us at (702) 451-7077. We will be glad to help you through your problem.

Do I Need a Real Estate Agent or Broker to Sell My Property?

If you are able, on your own, to find a buyer for your property, then there truly is no need for the employment of a real estate licensee and payment of the commissions associated therewith. However, if you cannot find a buyer or your property is for some reason difficult to sell, then the access to the Multiple Listing Service available to real estate licensees may be invaluable and well worth the commission to be incurred.

For those of you able to find a buyer (or seller) without the use of a real estate licensee, it is still highly advisable to: have a purchase and sale agreement; ensure that all requisite disclosures have been made and inspections conducted; review preliminary title reports and escrow instructions; and review purchase money loan documents.

We have extensive experience in all aspects of purchase, sale and financing arrangements. Contact us to ensure that your transaction proceeds smoothly.

Buying or Selling Real Property

Generally, the purchase or sale of real property, whether commercial or residential, will be one of the most complex, and quite often, one of the most expensive business dealings with which you may be involved. A buyer will definitely want to get what they believe they are buying, and be obligated to pay for only what they understand to be their purchase related obligations. Conversely, a seller will want to make all required disclosures, be relieved of all further obligations for the property, and of course be paid the price expected.

Each side of these transactions may result in your involvement with brokers, escrows, lenders, owners associations and sometimes regulatory agencies. There are also often countless documents to review, with only a handful having any real long term significance.

We have more than 60 years of combined experience in dealing with buyers, sellers, escrows, title companies, lenders, mortgage and real estate brokers and others involved in this often complex process.

Let us assist you in accomplishing your purchase and sale objective.

I have a judgment, but the defendant no longer appears to have any assets. What can I do?

When you sued the defendant, he appeared to have assets. Now that you have finally obtained a judgment, the assets supposedly have all disappeared and your defendant appears to be “judgment proof”. All may not be lost.

It is not uncommon for someone, knowing that a judgment is likely to be entered against them, to transfer away assets to get them out of their name. Nevada Revised Statutes Chapter 112 addresses these “fraudulent transfers”. If a debtor has transferred away assets to either “friendly hands”, or for grossly inadequate value, suit may be filed against both the defendant and the person receiving the asset to compel its return in order that it may then be sold for its true value and have the sale proceeds applied to what is owed you.

Contact us by calling (702) 451-7077 or filling out the form to the right to discuss your rights if you believe a defendant has taken steps to make themselves judgment proof. We may be able to get you paid.

I want to sell, but the other owners of my property do not. What can I do?

Real property today can be titled to the owner or owners in many ways. If property is owned by a corporation or limited liability company, there are generally internal company agreements specifying how property is to be handled. However, such is not the case where real estate is held in what is referred to as “tenancy in common”. Specific laws then apply to how such property may be bought or sold.

One area of applicable law is called “partition”. Partition laws address the situation where two or more parties cannot agree on whether to sell or the terms upon which a property is to be sold. A partition lawsuit, filed by one or more owners against the other owners, will result in the property being valued and ultimately sold. It may end up being sold to third parties or sometimes one owner may buy out the others.

Contact us by calling (702) 451-7077 or fill out the form on the right to discuss how this process may assist you in resolving your property dispute.

What is a Resident Agent? Do I need a Resident Agent?

The days of the sole proprietor as business operator are generally gone. Today, in order to protect themselves from liability, people generally do business using corporations, limited liability companies and limited partnerships. However, all of these business types are obviously fictitious entities, not real people, and thus cannot be served with legal notices of any type.

The laws of most states thus require such entities to have a resident agent, a person or company upon which legal notices can be served.

As a law firm, we are able to not only serve as your resident agent, but can also prepare whatever annual or other internal documentation you may need to document your company’s affairs and preserve that all important protection from personal liability.

Home Mortgage Disclosure Act

In 1975, Congress enacted the Home Mortgage Disclosure Act (HMDA). The statute can be found at 12 U.S.C.S. §2801. In its findings and declaration of purpose, Congress stated the following:

The Congress finds that some depository institutions have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions.

 

The purpose of this [law] is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment.

HMDA is implemented by Regulation C, an administrative regulation promulgated by the Federal Reserve Board. Briefly stated, HMDA and Regulation C were designed so that information could be gathered on whether certain financial institutions serve the housing credit needs of the neighborhoods in which they are located.

Institutions Covered

The provisions of HMDA apply to depository and non-depository lenders which meet certain criteria set forth in the law.

What must covered institutions report?

  • data on loan applications, originations, and purchases
  • the race, sex, and income of mortgage applicants and borrowers
  • the class of purchaser for mortgage loans, and
  • the reasons for their decision not to grant credit

The information reported by covered institutions is available for review by the public.

Copyright 2011 LexisNexis, a division of Reed Elsevier Inc.

The Deed in a Residential Real Estate Sale

The Deed in a Residential Real Estate Sale

A transfer of land from a seller to a buyer must be accomplished through written documentation in order to satisfy requirements of the Statute of Frauds. Typically, real estate transactions involve many written documents from the offer, which is usually in the form of a contract to purchase, to the deed.

A present intent to transfer title to a buyer

The deed is the written instrument by which title is transferred to the buyer. By the deed, the seller shows that he has a present intent to transfer the title. To show a present intent, the deed may contain words such as “give,” “grant,” “sell,” “convey,” or any other words which convey the meaning of a present intent to transfer title to the buyer. The deed should clearly identify the buyer or the person who is taking title on behalf of the buyer if the property is being placed into a trust.

Signed by the seller

The deed must be signed by the seller. Although it is not necessary for the buyer to sign, the buyer’s signature shows that the buyer has acknowledged and accepted the deed. An acknowledged deed is a self-authenticating document that can be recorded or admitted into evidence in a court of law.

Description of the property to be transferred

The deed should contain a description of the property to be transferred. The description itself does not have to contain any magic words in order to be effective, so long as it accurately describes the property. The description may be made by metes and bounds, by reference to a recorded document, an address, or a legal description. However, the more accurately the property is described, the less likely there will be any doubt or ambiguity as to which property, or portion of that property, the seller intends to transfer.

Effective upon delivery

A deed is not effective until it has been delivered by the seller. The deed does not have to be physically handed over to the buyer in order to be effective, although the physical transfer of the deed would be conclusive of the seller’s intent to transfer the property. Ordinarily, all that is needed is the seller’s intent to deliver the deed to the buyer. The seller may deposit the deed with the buyer, with an escrow agent, or with a trustee for the buyer’s benefit. In any of these formats, delivery of the deed is effective only if the seller has the present intent to transfer the property to the buyer.

Copyright 2011 LexisNexis, a division of Reed Elsevier Inc.

Tangible and Intangible Property

Property is an external thing that can be owned or possessed. Property can be divided into two categories: tangible and intangible. The word tangible refers to something that has a definable physical form that can be felt or touched. The word intangible refers to something that cannot be perceived by the senses.

Tangible Property

Tangible property consists of real property and personal property. Real property is property that does not move, such as land and the things that are attached to or built on that land.

Personal property is property that can be moved or any other tangible property that can be owned. Personal property is also called chattels. Chattels that are attached to the land and that cannot be removed without damaging the land are called fixtures. Examples of fixtures are built-in bookcases and ceiling fans.

Intangible Property

Intangible property consists of property that lacks a physical existence. Examples of intangible property include checking and savings accounts, options to buy or sell shares of stock, the goodwill of a business, a patent, and spousal love and affection.

Copyright 2011 LexisNexis, a division of Reed Elsevier Inc.

Prohibition of Discrimination in the Sale or Rental of Real Estate

The Fair Housing Act, which can be found at 42 U.S.C.S. § 3601 et seq., prohibits discrimination in the sale or rental of real estate on certain enumerated bases. In its findings and declaration of purpose, Congress stated the following:

It is the policy of the United States to provide, within constitutional limitations, for fair housing throughout the United States.

42 U.S.C.S. § 3601.

Despite numerous challenges in the years since the law was enacted, the Fair Housing Act has passed constitutional muster.

Specific Prohibitions

The law prohibits a wide range of activities. In particular, the law provides that it is unlawful:

  • to refuse to sell or rent after the making of a bona fide offer, or to refuse to negotiate for the sale or rental of, or otherwise make unavailable or deny, a dwelling to any person because of race, color, religion, sex, familial status, or national origin;
  • to discriminate against any person in the terms, conditions, or privileges of sale or rental of a dwelling, or in the provision of services or facilities in connection therewith, because of race, color, religion, sex, familial status, or national origin;
  • to make, print, publish, or cause to be made, printed, or published, any notice, statement, or advertisement, with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention to make any such preference, limitation, or discrimination;
  • to represent to any person because of race, color, religion, sex, handicap, familial status, or national origin that any dwelling is not available for inspection, sale, or rental when such dwelling is in fact so available;
  • to discriminate in the sale or rental, or to otherwise make unavailable or deny, a dwelling to any buyer or renter because of a handicap; or
  • to discriminate against any person in the terms, conditions, or privileges of sale or rental of a dwelling, or in the provision of services or facilities in connection with such dwelling, because of a handicap of that person, a person residing in or intending to reside in that dwelling after it is sold, rented or made available, or any person associated with that person.

42 U.S.C.S. § 3604(a)-(f)(2).

Statutory Interpretation

In interpreting the Fair Housing Act, courts have accorded the law a broad construction in order to fully effectuate Congress’ remedial purpose. Notably, even where a practice is not clearly discriminatory, it is illegal under the law if it has a discriminatory effect.

Copyright 2011 LexisNexis, a division of Reed Elsevier Inc.