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- Interstate Land Sales Act and Its Implications
The Interstate Land Sales Full Disclosure Act affects real estate sales and projects with buyers, government agencies and legal processes. The primary goal of the ILSFDA is to prevent instances of fraud and misrepresentation of land sales through interstate traffic in how it would affect the buyer and those he or she connects to or with in these situations.
- Insurance Policies to Have in Place before You Rent Out Your Space
Before any space should be rented by others, the owner is required to have insurance and other preventative measures in place. It is important the owner or landlord of a unit or property has purchased all policies possible to ensure liability is limited and any harm to others cannot be the responsibility of the owner.
- Deducting Real Estate Losses against Other Income When Preparing Taxes
Reducing and eliminating additional fees, expenses and taxes is important when someone owns property, has invested in real estate and is involved in similar situations. When preparing taxes, the individual may deduct real estate losses depending on what they are, how much and if they’ve already been counted for another situation.
- Backing Out of a Real Estate Deal
When the buyer or seller is faced with certain circumstances, it is necessary that the deal is rescinded and the buyer or seller backs out of the deal. However, doing so is complicated unless there are certain provisions or if no paperwork has been signed for the arrangements to proceed to escrow, and then it is important all parties are aware of the conclusion.
- What Is an Estoppel Letter in a Real Estate Contract?
When someone is properly performing due diligence in real estate deals before a contract is signed, an estoppel may be discovered at some point. Understanding what this procedure is and how it affects property deals and arrangements is important to ensure a real estate contract and conditions are taken care of appropriately.
- What Types of Easements may be Added to a Deed?
Easements are placed on property so that another person or company may use a portion of the land for a specific purpose without having actual ownership or possession of that piece of the area. These agreements are often set in place by the current or previous owner of the property through certain conditions or terms in the title or other legal documentation, and there are several types.
- Avoiding Ambiguous Leases, Mortgages and Other Real Estate Agreements
Leases, mortgages and real estate agreements may be riddled with possible negative conditions, terms and covenants, and it is important to have an expert assist in understanding these concerns. In order to avoid possible ambiguous or confusing clauses and information, it is crucial to have a real estate lawyer analyze the data and offer his or her opinion.
- Construction Delays - Are Damages Available?
Construction contracts usually provide a date, materials used, amount needed to finish the project and similar factors that could affect the job. However, when the construction on the building or structure has not been completed as per the contractual obligations, the owner of the land or unfinished production may be entitled to damages.
- Failure to Disclose Lead Paint in Rentals – Landlord's Liability and Consequences
When a landlord is responsible for the welfare of his or her tenants in general situations where a property is rented or leased, he or she could be liable for damages and other penalties if he or she has not disclosed that lead paint has been used in the rental house. This could lead to litigation where the landlord must pay for injuries or damages.
- Mandatory Arbitration Clause in a Real Estate Agreements - Should You Sign?
When a person is buying commercial or residential real estate, he or she may sign a lot of papers. Often, the person may not know the substance of every document he or she signs. One such document or provision in a longer agreement that the individual may sign is a mandatory arbitration agreement. This provision can impact important rights of the buyer and seller, so it is important to understand this information before signing.