Present circumstances have made the electronic processing of documents routine. Many legal documents require appropriate signatures as well as notarization. You are thus able to avoid the need to be personally present to process such documents. Signatures and notarization may be provided remotely (by a live audio/video conference) provided valid identification is available as required by Nevada law.
When buying or selling a home, having an attorney review all documents involved may be crucial to ensuring the best for all parties involved.
As in any legal transaction, buying or selling a home can be a complex process with potential for error and miscommunication. Hiring a lawyer to review all of your documents before you seal the deal can ensure you’re getting what you expected and prevent problems. A real estate attorney has extensive training in this area and will understand aspects of the home buying and selling process that other legal professionals might miss. Before buying or selling a home, consider how a lawyer can help you with the following aspects of the process:
Ensuring that all Documents Address the Specifics of the Transaction
The buyer and seller formalize their agreement with a purchase contract. Realtors sometimes use a standard form for this document, which means it may not address the specifics of your transaction. Further, standardized forms aren’t always easy to customize to a particular situation, which means they might omit important details. If this happens, either the buyer, the seller or both, might not be covered regarding a certain detail simply because it was not included in the contract. A lawyer, however, can review the document to ensure it’s applicable to your deal. He can also draft a document tailored to the needs of both buyer and seller.
Reviewing the Title Search
After both parties sign the purchase contract, there’s typically another step before the deal can go through. This is the title search, which ensures that the person selling the home has the legal right to do so. A lawyer can go over the title search to determine if it was done properly. A title search may also reveal any restrictions affecting the property and all interests in it. Your lawyer can explain these and how they might affect you. For example, there could be restrictions on the property that would prevent you from using it for specific purposes. A lawyer will spot these and bring them to your attention.
Ensuring Everything’s Up to Code
If improvements or additions were made to the property, you’ll need to verify that they were performed in compliance with local codes. If they were not, you could be responsible for rectifying the situation. Your lawyer can review documents such as the deed and lot surveys to make sure that the proper permits were obtained, that everything was inspected and approved and as regards any warrantied work.
If you’re looking for Las Vegas real estate attorneys, consult Marc Simon Law before you close the deal on any property, whether you’re the buyer or the seller. Our knowledgeable staff can review all of the documents involved in the buying and selling process to ensure they address your specific situation and that you’re adequately protected from start to finish.
The good news is that dealing with foreclosures may be coming to an end, or at least slowing down. Mr. Simon is a Las Vegas real estate attorney. Do you remember Assembly Bill 284? It was put into effect during 2011 in order to guarantee that mortgage lenders and servicers maintained fair business practices. Let’s be honest, there have been shady dealings such as electronic signing, which have negatively impacted financial institutions. The lawmakers in Nevada wanted full disclosure and transparency during the loan process. A Notice of Default is a legally required paper that must be filed by a lender in the county where the delinquent property is located and in advance of deciding a sale date. This document is the first legal step in the foreclosure procedure and may result any time a borrower has overdue payments. When such Notice is filed, there is still a three month plus 20 day waiting period before the lender can sell the property. After such time has lapsed, it is legal to sell the building at auction.
Pursuant to such new law there is now an additional document, referred to as an “Affidavit of Authority”, which the lender must also provide the borrower. Lender must disclose the owner of the loan, the identity of any beneficiaries, and all servicers. Penalties will be imposed for noncompliance and may also result in felony charges. This Las Vegas real estate attorney is knowledgeable about these legal requirements and available to advise his clientele as to whether compliance has been met.
The experts have concluded that these new laws will cause a decrease in the number of foreclosures. The form of Notice of Default that was filed before the new law is no longer applicable. Although in the future there will still be foreclosure sales, after short sales, loan modifications, or actual auction sales, there will likely be a smaller inventory of listings. The housing market needs to gain momentum. Hopefully the present law won’t change or a loophole be found.
The new law will also hopefully result in a higher amount of successful short sales. Banks may discover that it is hard to file a Notice of Default and preferable to complete short sales. Real estate professionals should be in a positon to push their short sales forward with the assistance of a Las Vegas attorney. The risk of foreclosure is decreased where this is a bargaining tool used in the short sale negotiation. Foreclosures are negative and only serve to make the property value go down.
Lenders are expected to encounter difficulties in obeying the new law. They are the party accountable for properly starting and completing a foreclosure. This law is state specific to Nevada. No can there be hidden information about who owned mortgages or the real beneficiaries, robo-signing, confusion, falsification, or fraud. This Las Vegas real estate attorney wants to see traditional sales proceed at true fair market prices.
In the United States, there are several types of business structures from which to choose when establishing a business. The one you select will depend upon several factors, including how many owners there will be. For the simplest business structures, you might be able to handle much of the paperwork and details yourself. For more complex structures, you’ll need a lawyer. Even if your business consists only of you, hiring a lawyer to advise you can ensure you follow the law and have everything you need to get your business off to the right start.
This is the type of business structure you’ll most likely use if your business consists only of you. For example, assume you’re a freelance professional. You not only receive all of the company’s profits, but you’re also liable for all of its debts and losses. You don’t need to do anything formal or legal to establish this kind of business. However, you may still need to obtain certain licenses, permits or other credentials depending on what type of business you will be operating.
Limited Liability Company
Also known as an LLC, this structure combines certain elements of a corporation and a partnership, and can consist of one or more owner members. Each member reports the company’s profits and losses on his or her individual tax return. To form an LLC, you must choose a business name, file articles of organization. An operating agreement is also highly recommended. You’ll also still need the appropriate business licenses and permits.
A cooperative is formed for the benefit of its members. For example, farmers might form a cooperative to mutually support each other. For this structure, you’ll need to file articles of incorporation, prepare bylaws governing how the organization will operate, draft a membership application for anyone who wants to join, and hold a meeting of the charter members and cooperative directors.
A corporation has a more complicated and formal structure than the other business types, and is usually used by companies that are already established and have several employees. Also referred to as a C corporation, it is owned by its shareholders. You must file articles of incorporation and register your business with the state. Bylaws are highly recommended as well as a shareholder BuySell Agreement. The major reason for the use of a corporation (or an LLC) is to insulate the owners from personal liability for company obligations.
A partnership includes two or more owners, with each contributing something toward the operation of the business. While you’re not legally required to write a partnership agreement, it is strongly recommended that you do so for the protection of all of the partners’ interests. There are general partnerships and limited partnerships. The formation, filing requirements and operation of each is significantly different.
As compared to the C Corporation, the law makes a distinction between an S Corporation and its owners, reducing certain of their financial liabilities, but not eliminating them. The shareholders and not the business itself are taxed. You’ll need to file as a corporation first, register with the IRS and with the appropriate local and state agencies, and obtain a tax ID number. It is the IRS that determines if you can be established as an S Corporation. As S Corporation has restrictions on who may be shareholders therein. The biggest advantage to an S Corporation is avoidance of double taxation.
When to Hire a Lawyer
For all but a sole proprietorship, it’s generally advisable to involve a lawyer in some or all of the process, especially if you need to create partnership agreements, operating agreements or contracts between shareholders. Even for a sole proprietorship, you might want to hire a lawyer to advise you as to how to best launch your business. Contact Las Vegas commercial real estate attorney Marc Simon at (702) 451-7077 to advise you as to all your business needs.
Participating in and successfully completing real estate transactions can become complicated. Having found the perfect home or office space, you may feel the need to get started right away. However, before you can even think about moving, specific things need to be addressed.
Who is Involved?
In a typical Las Vegas real estate transaction, multiple people are involved. The transaction will typically include a buyer, seller, real estate brokers, a lender, an escrow and title company, and a Las Vegas real estate attorney. All parties play a crucial role in the transaction.
Steps to Take
One of the first things that need to occur in a real estate transaction is that the buyer and seller agree upon a price for the property. This agreement should be in writing, and all relevant contract documents should be reviewed by an attorney.
Next, an escrow account will likely be opened. The title to the property will need to be reviewed, and there should be inspections as to the condition of the property. Financial applications may also need to be made to the lenders, if needed, to complete the deal.
Completing the Process
Real estate transactions are complicated. It is beneficial to have an attorney who will be able to walk you through the different steps of the transaction, as well as answer any questions you may have about the legal documents.
Call Us Today
At Simon Law, we have over 30 years of experience successfully assisting clients through real estate transactions. Call us today at 702-451-7077 to get started.
Many people want to own and operate their own business. The idea of not having to work for someone else, and controlling what you do, as well as how and when you do it, are very appealing. When starting a business, there are several decisions that you will need to make. One such decision is the type of entity to use for your business. You can set up your business as a sole proprietorship, limited or general partnership, corporation, or limited liability company (LLC).
A sole proprietorship is the simplest business entity. If you have a sole proprietorship, then there is only one owner. This is the most common type of entity selected by businesses because it is the most economical to start. However, with this kind of entity, it is important to know that there is no distinction between you and your business. This means that your personal assets are liable to creditors in the event your business has financial problems.
A partnership is generally a type of entity where there are two or more individuals who operate the business together. Although this type of business is relatively simple to establish, partnerships have their own set of tax and liability issues. With this type of business, there are also shared responsibilities. This may be both good and bad. If one partner doesn’t do something well, it can have an impact on the other partner as well and upon the company as a whole.
A corporation is another and often a flexible type of business organization. Corporations are state-chartered and have specifically associated legal rights. One benefit of a corporation is that the owners have limited liability because the corporation is deemed to be a distinct legal entity, separate and apart from its owners.
LIMITED LIABILITY COMPANY (LLC)
A limited liability company has a lot of the same benefits available to a corporation. LLC’s may also be owned by a variety of entities such as individuals, estates, trusts, other LLC’s, and even corporations. It is also possible to have an LLC taxed like a partnership.
Deciding which type of business to utilize may have long term legal consequences and benefits. At Simon Law, your Las Vegas business and real estate attorneys, we can help you with this decision. Call us today to get started.
Acquiring and leasing out rental income property can be quite lucrative. However, as soon as you decide to become a landlord, there are many things about which you should be aware:
- Income: A major reason for becoming a landlord is to receive a check every month. Hopefully that check covers the mortgage, pays the expenses to maintain the property and also provides a positive cash flow, all while your equity continues to increase.
- Tax deductions: You can get income tax deductions for: repainting, replacing damaged furniture, property maintenance, building and contents insurance, accounting expenses, cleaning and gardening, professional services, and depreciation in the form of ordinary wear and tear.
- Long-term security: While renting out a property, you are most likely not only going to receive an ongoing income, but hopefully an appreciating equity value.
- Flexibility: Being a landlord is like owning your own business. You thus have flexibility in the amount of time that you need to devote to it. You are able to make your own decisions on costs, contracts and the like.
- Taxes: While you will receive some tax breaks, you may still end up having to pay tax on the rental income.
- Your money is locked up: Rental property is typically intended to be a long term investment. You are going to have to pay for any repairs on the home, which may be money out of pocket, if rental income is inadequate.
- Unexpected expenses: Some of the expenses that you may incur are: tax on rental income, gas safety certificate, energy efficiency certificate, repairs and maintenance, landlord insurance, furniture and decoration, etc.
- Emergencies: There are also always going to be certain unexpected things that are going to happen, for which you may have to come out of pocket. Some examples are household emergencies, such as burst pipes, lost keys, or broken hot water tanks.
- Small maintenance issues: While you may think you can fix them yourself, you may still have to deal with tenants who may stress out Over such matters.
- Legal issues may arise. It is important that you keep up to date as to property laws. You may wish to consult with an attorney as to such matters.
- Time constraint: There are going to be times when you have to respond to tenants needs, even if it is not that convenient. You will have to field calls from them, and make sure that you are taking care of any issues as quickly as possible.
- If you have ever lived in the home which you are now renting to others, you will need to let go of any connection you may have to the home, and accept the fact that your tenants are likely going to change it.
Deciding to rent out a home makes you a landlord. There are going to be both advantages and disadvantages of assuming such role. Before you decide to rent out your property, it would be a good idea to seek the counsel of an attorney who will be able to explain to you what is involved in doing so. At Simon Law, your Las Vegas real estate attorneys, we can help with all of your real estate needs. Call us today at (702) 451-7077.
Most people hope to never experience a foreclosure. It is the exception for someone to willingly put their home through a foreclosure. Instead, most people go through a foreclosure because they are simply unable to pay their mortgage. –
Reasons for Foreclosures
Some of the reasons people are unable to pay their mortgages consist of: losing their jobs, not being able to work, excessive debt, problems with a co-owner or divorce, job transfer to another state.
In addition, when the housing market crashed in 2005, many people decided to walk away from their home because they owed more than what their home Was Worth.
Types of Foreclosures
In Nevada, there are essentially two different types of foreclosures available: judicial and non-judicial. –
Judicial foreclosure involves the filing of a lawsuit. The lawsuit allows the holder of the unpaid loan to obtain a court order to foreclose on a property. This type of foreclosure is usually done when there is either no power of sale clause available in a deed of trust or there exist other title issues. With a judicial foreclosure the home is auctioned, the proceeds go to pay off the mortgage and all other liens that may be of record against the property.
Non-judicial foreclosures occur when there is an express power of sale in the deed of trust or other mortgage paperwork. The property owner has typically granted a power of sale, which authorizes the sale of their property to pay their loan balance.
Let Us Help
In dealing with a foreclosure there is a lot of paperwork and legal jargon. There are also certain mandatory mediation programs which may enable you to renegotiate your loan and possibly save your home. At Simon Law we can give you the best advice about foreclosure and which route you should take. Call us today at 702–451-7077 to schedule a consultation.
As a landlord, there are many things for which you are responsible. Those things include:
- Providing adequate weatherproofing
- Adequate utility services
- A clean, sanitary, and structurally safe premise
There are items for which a landlord is not responsible. This would include damage caused by a tenant. When damage is caused by a tenant, the landlord may have the repair made and then send the bill to the tenant to pay.
As a landlord, it is important to have a written lease for your tenant to sign. Creating an appropriate lease is not always an easy task. Certain things need to be in a lease to protect you, your home as well as the tenant.
In preparing an appropriate and legally binding lease, it is important to consider seeking advice from an attorney having extensive experience in that field. Simon Law can provide you with the assistance needed to address both landlord and tenant concerns.
Marc Simon, Esq. with Simon Law—your Las Vegas real estate attorney—is able to assist you with your real estate needs.
Creating a business is not as easy as it might appear. There are many things that you need to consider and pay attention to when starting such an endeavor.
- You should definitely own the name of your business. You will want to make sure that the name you choose is one having an available trademark and internet domain. Be sure to do your research. Simply searching online may not be enough. Someone may have already used the name for a business that is now closed or simply never activated the trademark. Such does not necessarily make it available to you.
- Know the law. There are regulations, licenses and taxes that you will need to comply with and obtain in order to operate your new business.
- Determine how much money you will need in order to live. When starting your own business you will need to know how much you have to earn.
- Know yourself. Starting your own business is going to take a lot of hard work and dedication. During the first few years you need to be prepared to dedicate whatever time may be needed to getting the business up and running.
- Money management. Make sure you are not spending unnecessarily, or overpaying for items you may need. You must be money smart.
When forming your business, you should definitely speak with an attorney who knows the law applicable to doing so. With Simon Law you can be assured that you are going to have over 30 years of experience in Real Estate and Business Law working for you. If you are starting a business then there is no one else you should talk to. Contact Simon Law—your Las Vegas real estate attorney—today.