Real Estate Market

The real estate deals are booming and so is the entire industry. This undoubtedly has shown the boom factor to the real estate attorneys too. As a matter of fact, it essentially doesn’t matter to these attorneys whether or not this industry is booming. Since it is obvious that shelter is one of the fundamentals for livelihood, there exist property sellers and property buyers at all times and in every case making real estate attorneys to be always in high demand. There are various methods how the real estate attorneys are showing their expertise. Below are a few of the services the attorney’s of real estate, provide you with:

1) Property Dispute: A highly apparent scenario where these attorneys are involved is during a property dispute. They help in getting disputes concerning property being resolved by means of litigation etc. They also help in selling of disputed properties in some cases so that the money received from the same could be used for various settlements among people involved.

2) Tenancy disputes: Any dispute concerning landlords and tenants is solved by an attorney of real estates.

3) Property Settlements in cases of death: The properties of the deceased are commonly handled by real estate attorneys. In these cases the properties are sold off to that the heir’s accounts could be settled.

4) Divorce Settlements: These attorneys assist property disputes in general cases of divorce especially when the owners are joint.

5) No broker: When people are not very comfortable with having a broker to deal or sell their property, they entrust such real estate responsibility to a real estate attorney. A few attorneys take such tasks.

6) Working as Advisors/Consultants: Quite many attorneys work for several real estate investors. The real estate investors think it as a good option to hire an attorney as these attorneys can often have smooth transactions done for the investor. An attorney of real estate would do it appropriately and correctly in a much quicker and professional way. Time is always short for a real estate investor due to which he would get more time as the attorney would handle good deals.

7) Information provider: Real estate investors utilize real estate attorneys as richer information source particularly on details about property deals and sales; those which are results of settlement procedures or disputes. The investors gain the benefit of knowing information earlier compared to others. Good deals are frequently availed in this manner.

Whether or not the real estate industry booms, the attorneys concerning to this would no doubt stay in this job.

The first one that is really big is the capital gains tax laws for primary residence, a senior who owns their home and has lived in it for 2 of the last five years can shield up to $500,000 in gains from taxes. Now that does not mean that this will last forever because the Government is looking for ways to recover moneys from all of the money that was used to fix the economy. But for right now this tax code is still available to be used and this is a big one. Remember if you purchased a home 20 or 30 years ago you paid very little for the home in comparison to even the declined values of today’s real estate values.

So let’s say that you purchased your home 20 years ago at the price of $40,000.00 and in today’s market it is worth $400,000 which even today is not uncommon. You would have a gain of $360,000 which you can use for your future retirement. But now you are thinking where will I live if I sell my home?

Well ask yourself these questions

1. Is your home costing you more today then ever before?

2. Does it still suite your needs today or has it out live you.

3. Would you be more comfortable in a better suite home?

4. Is the up keep of you home to expensive and hard to keep

5. Is there somewhere you always wanted to live in your Retirement?

If any of the questions hit you where you live then maybe it is time to think about a home that will better suite your lifestyle or the way you would like it to be. Well I guess right about now you are thinking that it would be too expensive to buy a new home at your age. Wrong it actually could be very profitable to you to sell your home and have a new home that fits your life today. Remember the $360,000 gain above well that is a huge piece of capital, but you are thinking that now you have the money and you need to buy a home that will cost more money to buy. You are correct but there is one piece of the puzzle that is missing.

So you decide to sell your home and capitalize on the tax laws but what will it take to buy a replacement home. Not as much as you think and certainly not all of the money that you have from the sale of your home. With the many bargains that are on the market today you can find a home that meets your needs in the area you want to be if you are willing to do the research. But the best part is yet to come just wait till you read this one.

Under another Federal program you can actually purchase a home and never have to qualify for it credit or income and never have to make a mortgage payment for the rest of your days. The best part is that you don’t have to use all of your money to buy a replacement home. The program is called the Reverse Mortgage purchase program!

This program is federally insured and all you have to be is 62 to qualify and have a down payment and the rest of the money is yours to keep tax free.

So now let’s look at it in detail!

You sell your home and make $360,000 tax free.

You find a home that you like and want to buy and it is a real steal at let’s say $300,000

Under normal circumstance you would have to come up with $300,000 right?

Not under the Reverse Mortgage Purchase Program.

Look Here

You are 65 years of age which is the youngest of the couple. You find a home for $300,000 under this program you would need to come up with a down payment of $120,000 to buy the house with no closing cost and never make another mortgage payment for the rest of your lives. The best part is you still have $240,000 for your retirement income and it is totally tax free. Not to mention it has no affect on your other social programs such as Social Security, Medicare. The other important fact is that you do not need any income or credit to qualify you just need to have the down payment and prove it. This can be shown from many sources such as a closing statement for the sale, your bank account it just cannot be borrowed that is it.

A Houston foreclosure defense lawyer helps their client defend against a foreclosure. It is the goal of the defense lawyer to apply United States and Texas foreclosure law to the client’s situation. The lawyer’s knowledge and expertise helps their client possibly save their home or delay foreclosure.

When it comes to foreclosures, Houston really isn’t any different than any of the other states. With the increase in job losses and decreasing of house values all over the world, not to mention the country, it is understandable how families are finding it hard to keep up with mortgage payments. Whether you have lost an income due to unemployment, have lost wages due to sickness or injury, or if you simply found your other credit commitments to be too overwhelming, you may be able to find help with a Houston attorney.

A foreclosure occurs when the homeowner is no longer able to keep up with mortgage payments. Layoffs, work slowdowns, reduction in hours and other losses in income have created financial hardship. When this occurs, the lender has an interest in minimizing further losses by repossessing the property. This begins the foreclosure process, leaving many homeowners feeling without options.

A Houston foreclosure defense lawyer steps in and advocates in behalf of the client facing foreclosure. The lawyer stops the foreclosure process through a series of delaying tactics in order to buy time for the homeowner. This delay helps the homeowner find additional financial resources in order to save their home. This delaying tactic may also give the homeowner an opportunity to find alternative living arrangements.

A Houston lawyer’s knowledge of local foreclosure laws is a must. This knowledge should also be coupled with an awareness of programs available to assist homeowners. A foreclosure defense lawyer understands that the process of foreclosure serves no one’s interests. Communities are blighted by the devastation brought on by foreclosures. The lawyer’s expertise and competency in the area of foreclosures helps save homeowners and neighborhoods.

Some friends of mine recently put their home on the market and found that the estate agents couldn’t officially declare the house for sale until an energy performance certificate or EPC had been provided for the house. Much like the now standard home information pack, the ‘EPC’ has become a legal requirement. Since October 2008, whenever a building is built, sold or rented out, an ‘EPC’ has become a legal prerequisite.

There is a sliding scale in operation that rates buildings according to their energy efficiency. This scale runs from A to G with a home rating of A being the most efficient and of course G being the least energy efficient. British homes have been averaging an energy efficiency rating of D until recently. The EPC should now be provided by Accredited Domestic Energy Assessors, along with a detailed report explaining what can be done in a property to make it even more energy efficient.

Generally there are two main types of energy performance certificate. A Commercial EPC and the more common one when selling a home, is the Residential Energy Performance Certificate. A Display Energy Certificate is a third that is used in slightly different circumstances.

A brief outline of the residential energy performance certificate, you can find below.

Residential Energy Performance Certificate

Now required by law for homes bought, homes sold or homes let The residential ‘EPC’ is valid for 10 years and is reusable within that time EPC should be commissioned by landlords – Landlords EPC Applicants must be permitted to inspect the EPC A free copy should be provided to a tenant prior to any agreement.

As my friends found out, you won’t be able to sell your house without these certificates being present, so it is vitally important to know what an ‘EPC’ is as they can have an impact on major life decisions.

The process of eminent domain, or condemnation, as it is also referred, is a very trying process. Not only have most people never heard of eminent domain or understand that the government has the constitutional right to take your property for public projects so long as they pay you just compensation, but they are ill equipped to spot errors in the state’s offer and negotiate a fair settlement amount for their property. This puts the government at a great advantage from the get go. In order to at the very least give you, the landowner, some understanding of condemnation so you have a voice in the sale of your property, I’m going to outline the usual process of an acquisition by eminent domain.

Before I begin, let me point out that this is not a process that you, as a landowner, should undertake yourself. Though you may be able to negotiate the sale of your property to the government and get some additional compensation, you will likely be leaving thousands of dollars out there because you weren’t aware that an item was compensable. The government has appraisers, right of way agents, and acquisition agents who are seasoned veterans at acquiring property under the threat of eminent domain. You should have someone on your side with the knowledge and experience to counter-punch. Only a good eminent domain lawyer can do that.

Now that that’s been said, the easiest way to do this is with an example. Let’s say that you live in Seattle, Washington and your house is located on the corner of what is fast becoming a busy street. Seattle, in an attempt to control traffic in the area, has decided to add an additional lane and make the middle lane a turn lane. In order to this, however, they are going to need additional right of way – this means they are going to need your property.

At this stage, in our example, the Seattle Department of Transportation will usually have a series of public meetings to let the landowners know about the plans, let them know about the need for additional property, and hear any specific concerns they have with the preliminary designs. In many cases the government is willing to listen and tweak their design if something pops up they didn’t anticipate.

Once the meetings have ended, the right of way plans will become finalized and the real journey begins. After a crew comes out and stakes or paints the new right of way boundary an appraiser hired by the city of Seattle will come out and appraise your property. In this case, because only a strip of property is being taken, they would likely determine what all of your property was worth before the taking and what the property you have left after the taking was worth. The difference would be the amount of just compensation.

When the appraisal is complete, Seattle would have their acquisition agents come out and present the offer of just compensation. At this point it would be imperative to hire a Seattle eminent domain lawyer. They can review the offer (and in Washington Seattle would pay for it) and provide guidance on anything that was missed in the appraisal. After the review your lawyer would draft a counter-offer to the city and a back and forth would begin.

In most cases, at some point the landowner and government reach an agreed to price for the property (sometimes well in excess of the original offer). If an agreement is reached the two sides execute a purchase contract, sign deeds, and the property is sold, much like when you purchased your property in the first place.

A quit claim deed is a document that provides for complete revoking of a property by a person. When the deed in signed, the person is essentially giving up all claims on the property in question and is transferring it to another person. For the deed to be fruitful and effective, the person signing the deed on the property must own the property in the first place. Hence, signing a deed will be ineffective if you are not in direct ownership of the property.

The signing of a deed should not be taken lightly and an expert lawyer should always be consulted before any such document is signed. This is because a quit claim deed is non-reversible and unless the other person (to whom the claim went) signs a similar transfer to you, the property will be out of your hands forever.

A quit claim deed should only be used when the owner of the property wants to relinquish all claims to the property, including any ownership and financial claims. However, contrary to the popular belief, signing a deed cannot get you out of mortgage claims. This is potentially a dangerous situation where you might lose both ways. If you are part of a note that makes you liable to paying the mortgage on the property, you cannot get out the of paying the mortgage by signing the deed. If there are other people in joint ownership with you, they should get the loan refinanced in their name, excluding you completely. Or else, you might end up in a situation where you are liable for paying the mortgage but you will not have any rights over the property you are paying for.

If you want to gift a part of your property to your partner or friend, you can do so by setting up a living trust. The living trust is a much more flexible than a quit claims deed. Once a deed is executed legally, you will have no rights over the part of the property that you will be giving away.

A quit claim deed should only be filed when you are sure that you want the property to be completely handed over to another person without any conditions whatsoever. The signing of a deed needs to be done in a fully legal manner and only after proper counsel. The document needs to be signed by the owner of the property first. Then for it to stand as a binding document, there should be witnesses to the entire proceeding. The receiving party will need to counter-sign the deed. The deed then will need to be notarized at a local office that holds the power to notarize the deed.

Once all this is done, the transfer will be final and binding. It is very hard to change the situation and hence this deed is highly permanent in nature.

Eminent domain is generally the ability of the government to take private property for public purposes. It is a power granted by the Fifth Amendment of the United States Constitution, and exists to ensure the public has streets, sewers, electrical lines, and much of the rest of the public infrastructure that exists today. But, if the government is going to take your property, they must pay you “just compensation.” Just compensation is determined by figuring out what a seller would pay and a buyer would buy if there wasn’t the threat of the government taking the property. It sounds easy, but becomes difficult when applied in real life, particularly with temporary construction easements.

Before I go any further I want to stress to everyone reading this article that eminent domain is not something you should try to negotiate on your own. It is a very technical area of the law, and determining how to get the right amount of compensation for your property takes a lot of experience. Please don’t read this article and try to negotiate the sale of your property to the government on your own. Hire an eminent domain lawyer.

In many cases, the land to be used for the road, for example, is not the only property required to complete the public project your property is needed for. For example, if the Seattle Department of Transportation were widening Mercer Street, they would need not only the property for the actual road, but some property outside of that area to move their construction equipment, store supplies, and create what will eventually be the new street. This property outside the actual construction area is often referred to as a temporary construction easement, since once construction is complete the property is returned to the landowner.

But how is this valued? Traditionally it is valued in one of two ways: a set rental rate is established and applied to the amount of time the property is to be rented; or a percentage of the overall property value is taken and multiplied by the amount of time the property is needed. In either case, these numbers can vary widely and can be very far from the true value of the land that is lost for that time.

For example, let’s say that while widening Mercer Street, the Seattle Department of Transportation’s construction easement would shut off one of the driveways to your gas station, making it nearly impossible for traffic to get in and out of your business. The true value of the easement is much higher than the result using the above two methods. It may be the entire value of the income that could be derived from the property during the time the construction easement is being used.

Another problem with these methodologies is that it is often difficult to determine what an acceptable rental rate is or what an acceptable percentage of property value is. For example, as a renter of property in Seattle near Mercer Street, would you expect an 8% rate of return or a 10% rate of return? This difference could have a great effect on the final amount of just compensation.

Determining the value of temporary easements is difficult. It is not an exact science. If you are a landowner whose property is being taken for a temporary construction easement or other kind of temporary easement, please contact an eminent domain attorney today to help.

If you own or manage rental properties, it’s crucial that you learn your landlord tenant law. Knowing your responsibilities as a landlord is the only way to ensure that you are able to carry them out. Similarly you will want to understand your tenant’s rights so that you won’t have them exploiting you unfairly.

What are Your Crucial Landlord Rights and Responsibilities?

While a landlord has a right to receive rental payments on time from the tenant, the landlord has an obligation to maintain his rental property in habitable condition by complying with all relevant housing, building, and health codes. He must also respond to tenant requests for repairs and maintenance within a reasonable time.

In addition, the tenant must be notified at least 24 hours in advance before a landlord can enter the rental property for an acceptable purpose such to collect rent or show the property to a potential buyer. The only exception when the landlord needs to enter the unit in case of an emergency such as a fire outbreak.

At the beginning of the tenancy, the landlord should complete a walk through taking note of the condition of the rental unit.

An accurate accounting of a tenant’s security deposit must also be kept according to legal requirements. The deposit has to be returned on move out, unless there is a reason for you to withhold part or all of the deposit due to rent owed or damage beyond normal wear and tear.

If you believe that a tenant is violating the terms of the rental agreement or the landlord tenant law, you must provide written notice to the tenant and keep a copy of the notice for your own records.

If it becomes necessary to evict a tenant, you must follow all laws and ordinances in this process. It is never acceptable for you to lock a tenant out of a unit without following proper procedure even if the tenant is behind on his rental payments.

Finally make sure that you provide important contact information for both routine and urgent purposes. Make sure you provide the name, address, and telephone number of the landlord or rental office.

What are Your Important Tenant Rights and Responsibilities?

When it comes to landlord tenant law, tenants also have a part to play. Rent has to be paid up on time each month and you have to keep rental property clean and tidy. If the rental unit has a private yard, be sure it is clear who is responsible for maintaining it. In general, a landlord must maintain areas that are shared in common with other tenants.

For the occupant’s safety, as well as the maintenance of the unit, all smoke detectors, carbon monoxide detectors and fire extinguishers must be maintained in good repair. The landlord should provide these initially but the tenant may be responsible for changing the batteries and testing the equipment occasionally.

If the landlord must enter the premises, the tenants should be cooperative and allow access, provided the landlord informs him at least 24 hours in advance.

Tenants should also treat their neighbors courteously and avoid excessive noise and disturbances especially at night.

Finally if a tenant is leaving the rental unit for an extended period of time, it’s important for him to inform the landlord. There are a number of things that could go wrong in a tenant’s absence and the landlord will want to be aware that the unit is unoccupied.

In case of theft or damage to the unit, a landlord is not be responsible for replacing the occupant’s belongings. This is why it’s a good idea to purchase renter’s insurance.

Fortunately, many disputes can be avoided as long as both parties have a clear understanding of landlord tenant law. Start off on your tenancy on the right foot with a clear rental agreement and a solid understanding of the law.

Step 1: Write a letter to your tenant giving them the appropriate notice to pay the rent or face Eviction. The timeline is typically between 3 to 5 days if the Tenant is not paying rent. This letter is called Notice to pay rent or quit. Send the letter by Certified Mail so that you can prove it was sent later in Court. Don’t forget to give the Tenant the chance to pay up and stay, otherwise, you will have to draft a whole new letter. Typically, the 3 or 5 day notice will only be useful if you have a non-paying Tenant. If you are Evicting the Tenant for some other reason you may need to give them up to 60 days notice depending on the State.

Step 2: You will need to go to your State’s Judiciary Website or Library. Look for forms that are up to date and are titled similar to the following: Petition for Summary Possession or Complaint for Eviction. You may also need to include an Order or Writ of Possession form. Get these forms filled out and ready to file with the Court before you send your letter in the step above. If the Tenant does not pay (cure the default) within the time you alotted to them by law, go ahead and drive down to Court, approach the information desk or window and ask for the proper window to file your Complaint for Eviction or Summary Possession and Writ. Don’t be shy to tell the Clerk that you are “Pro Se” (without lawyer) and if you have filed all the documents you need. They may or may not help you. Many Judicial Websites also have self-help guidelines for landlords and tenants.

Step 3: Take the copy of the file stamped (stamped copy returned to you by the Court Clerk) Complaint or Petition for Eviction or Summary Possession and have that served on the Tenant. You can look in the phone book for a “Sheriff” or “Process Servers” and they can serve your Tenant with the paperwork and notice to attend court for as little as $25.00

Step 4: Show up on the Court Date. At the Court date the Judge will typically ask the Tenant if they agree or disagree with the Eviction. If they agree or don’t show up a judgment will be entered against them. You may need to file additional forms such as: Motion for Default Judgment, Entry of Judgment or Judgment if the Tenant does not show up and you want to try for your money owed. If your Tenant disagrees with the rent owed or possession issues many Courts will send you both to Mediation right on the spot, while others will set another date for trial in order to determine if you have the right to possession and to rent in arrears.

Are you interested in buying or selling property in New Zealand? If you are, the best thing for you to do is to not sign anything without having consulted a local NZ lawyer first. People now go into transactions involving property without legal advice and you can, too, if you’re willing to risk your life savings. Buying or selling property is probably the biggest transaction you’ll ever get into that involves a huge chunk of your money.

Are you that bold to enter into such a transaction without having legal assistance that can provide you with the appropriate safeguards? Having legal advice before signing documents pertaining to conveyance of property is the wisest move for you to do, to make sure that your present and future interests are well protected. Further, having a lawyer present right at the beginning of the transaction makes it possible to act promptly if things go awry. He can take immediate action and help you avoid litigation, except only when it’s an absolute necessity.

How else can a local New Zealand lawyer help you when you’re thinking of conveying your property? If you are buying, you can ask your lawyer about the different home loans available and their implications on you and your finances. If you’re selling, he can give you advice on the different methods of selling and which one is appropriate for you. He can also help you negotiate for the best deal possible. He can also remind you whether you should obtain a builder’s report or a Land Information Memorandum which should be secured from the local Council.

Are you convinced yet? Perhaps the next question on your mind is how to find a property lawyer in New Zealand?

A simple answer is to go online. There are many New Zealand lawyer search sites on the internet. Just specify the area of expertise involved that needs legal assistance, and you will be given a list of lawyers to choose from.

Another option is to grab the local NZ Yellow Pages. There are lots of lawyers listed there and you can take your pick. Their area of expertise is also provided to guide you with your search.

You can also check the local NZ Bar association. Take note that this Bar has nothing to do with an entertainment joint. It’s a legitimate organization of lawyers in your locality. They can similarly give you a listing of lawyers practicing property law in the New Zealand town you are purchasing in.

If you work in a company that houses its own counsel, you can pay him a visit and see if he can refer you to a property lawyer. Being a lawyer himself, surely he knows someone. If not, he surely has a network of lawyers whom he can ask from.

Lastly, don’t forget to seek help from family and friends. They must have had brushed with the law some time in their lives and could refer you to a lawyer. If not them, someone they know perhaps? Either way, this referral system will at least point you to the direction of a Kiwi property lawyer who has been tried and tested.