Real Estate Law | Estate Planning | Business Law
Real Estate Law
What Is the Difference Between a Property Deed and a Title?
Both Deed and Title are interrelated, but there is a difference.
Deeds are written legal documents that transfer Title from one person to another and must be registered with the courthouse or assessor’s office to make them valid.
Title refers to ownership of the property, which gives someone the rights to use that property.
When someone owns a property entirely, they will possess both the Deed and Title.
How Can a Seller Protect Themselves and Ensure That the Buyer is Acting in Good Faith?
Careful consideration must be taken at the time the contract is executed.
For example, if the Buyer requires a loan, the contract should state that the Buyer apply for a loan promptly and present the Seller with proof of the loan application immediately. If the Buyer does not need a loan, the contract should not allow a way for the Buyer to opt out due to lack of financing.
The above example is one of many ways that a Seller can protect themselves during the complex process of selling a home.
How Does a Buyer Know if the Seller Really Has Title to The Property Being Sold?
The Buyer’s attorney can confirm who holds a subject property’s title by searching the public records.
Commonly, the contract will state for one party to furnish a Title Insurance Commitment. Following closing, a Title Insurance Policy on the subject property is prepared.
How Can You Help Me with My Sale?
Let’s figure out a way to meet: send me an email at etanq@legaltanq.com, call me at 312‑523‑2185, or leave your information in our Contact Us page.
Estate Planning
What is Estate Planning?
Estate planning is the process of preparing an individual’s properties, possessions, and stakes during their lifetime so that in the event of their death, the transfer of their assets will occur in an orderly way.
Additionally, the process can be cost effective as it helps minimize taxes associated with the estate.
Most important, it clarifies a deceased person’s wishes so that their properties, possessions, and stakes can be transferred accordingly.
What Does My Estate Include?
An estate is made up of all the property an individual owns. Whether as a sole owner, held in a partnership, in a joint ownership arrangement, or through a trust.
Also, an estate consists of stocks, bonds, checking accounts, and monies that would be generated upon an individual’s death, such as life insurance.
What Estate Planning Documents Should I Have?
A qualified estates attorney can help interpret many of the laws that are applicable to property rights, taxes, wills, probate, and trusts. They can assist you in designing a suitable plan that accomplishes your goals.
Also, there are numerous do-it-yourself kits and software that is widely available. However, bear in mind that these options will not be able to accommodate any specific goals that you may have.
More important, these kits do not have the flexibility to provide a wide range of legal advice nor consider specific state laws.
When Can I Make an Estate Planning Appointment?
Let’s figure out a way to meet: send me an email at etanq@legaltanq.com, call me at 312‑523‑2185, or leave your information in our Contact Us page.
Business Law
What is Business Law?
Business law involves the laws that regulate how to start, buy, manage, sell, and close all types of businesses.
There are state and federal rules that businesses should follow, and a keen business leader should have a general idea with business laws and recognize when to pursue counsel from a licensed attorney.
What Factors Should Be Considered in Choosing the Type of Business Arrangement for My Business?
Early in the process, it is crucial to determine the organizational and personal financial goals of the business leader because choosing a business structure that closely aligns with their goals can be worthwhile.
It’s not always easy to decide which category to choose when starting a new business. A startup’s financial needs, risk, and ability to grow must be considered because it is difficult to switch the legal structure of a business once it is established.
The structure of the business impacts the way a business is managed. It affects liability, taxes, control over the company, and so forth.
How Can a Properly Established Business Entity, Shield Me from Personal Liability for Business Debts and Obligations?
Personal liability arising from business obligations can devastate the accumulated wealth of a lifetime of work. Personal liability may extend to business losses, but other obligations may also reach individuals, including:
- Damage awards in lawsuits
- Tax penalties
- Back wages and benefit payments
Limited liability offered by corporations and other business entities shelters business owners from personal liability. Nonetheless, if an owner or director performs certain personal acts, behaves illegally, or fails to uphold statutory requirements for corporate status, he or she may face personal liability despite the corporate shelter.
How Do I Get Started?
Let’s figure out a way to meet: send me an email at etanq@legaltanq.com, call me at 312‑523‑2185, or leave your information in our Contact Us page.