Lenington, Gratton, & Associates LLPLenington, Gratton, & Associates LLP2024-03-14T22:00:19Zhttps://www.lga-law.com/feed/atom/WordPress/wp-content/uploads/sites/1203777/2021/05/cropped-site-icon-lenington-32x32.jpgOn Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=478322024-02-08T10:19:43Z2024-02-13T10:19:27Z1. Foreclosures and evictions
More than 324,000 homes went into foreclosure in 2022. Issues with mortgage payments are a leading cause of homeowners losing their homes. The foreclosure process and evictions can get complicated, requiring an understanding of legal rights.
2. Mortgage and tax problems
Disputes with mortgage lenders and tax authorities are also common for homeowners. Whether it is confusion over escrow accounts, PMI removal requirements or property tax assessments, navigating these issues can be challenging for homeowners who want to avoid penalties and maintain good standing on their mortgage.
3. Eminent domain
When local governments or agencies exercise eminent domain to take private property for public use, compensation disputes often arise. Homeowners may want independent assessments to ensure fair market value.
4. Boundary and adverse possession disputes
Encroachments over property lines with a neighbor's fence, driveway or tree are common sources of tension between homeowners. In some cases, a neighbor may even try to claim legal ownership over part of a property through adverse possession.
5. Construction defect claims
Major defects in a home can lead new homeowners to take legal action if the builder refuses to fix or compensate them sufficiently for shoddy construction quality.
By understanding typical areas of disagreement, homeowners can be better prepared to handle common residential real estate problems.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=478032024-01-25T23:17:33Z2024-01-25T11:19:33ZWhat does 'as-is' mean?
When you hear the term “as-is,” you might think of the sale of a house or multi-family property in its current state, with no changes, upgrades or fixes. While that is partly accurate, there is a catch — you need legal knowledge to do it correctly and guard against potential liabilities. Even if you and the buyer agree verbally or in writing that the property will change hands "as-is," you need the right legal language in your purchase-sale agreement to protect yourself against unwanted consequences.
Purchase-sale agreement
First, you need a well-drafted purchase-sale agreement, which is a document that will have legal terms and be the basis for the sale of the property. It is the contract that makes the sale official.
You, the seller, and the buyer must agree on the terms and conditions of the sale and purchase, and everyone signs the document.
This document is critical because it holds the terms of the sale, but also because the agreement must be specific and detailed for it to be an enforceable document. In other words, you need a lawyer to draft and review the document. Don't rely on the clarity and straightforwardness of your own language. That language may not hold up in court, but a good lawyer's language will.
Contract review
Before you sign anything, a real estate law attorney should review the contract to ensure that everything is in order and works to guard against liabilities. After all, just because the sale is as-is does not mean that you and the buyer are giving up your respective rights, and you certainly do not want surprises down the road.
'As-is' does not necessarily excuse failure to disclose
You may be familiar with the term “disclosure" with regard to real estate sales. Disclosure involves telling the buyer what is known about the property: for example, if the foundation is weak or if the property has a mold problem or an electrical problem. Failure to disclose problems with a property in an as-is sale could have disastrous consequences for the buyer and seller. If you have concerns about disclosure in a real estate sale, be sure to talk to a real estate attorney as soon as possible.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=478042024-01-24T22:02:25Z2023-12-13T05:38:34ZYour will
Your will serves as the cornerstone of your estate plan. It outlines how you want your assets distributed upon your death. You can use your will to define your bequests, identify your beneficiaries and appoint your executor. Remember that a will needs routine reviews and updates to reflect changes in your life, including marriage, births and financial circumstances.
Living will (advance directive)
Life is unpredictable and a living will, or advance directive, accounts for that. This document outlines your preferences for medical treatment when you cannot communicate those wishes yourself. You can also include a healthcare proxy to make decisions on your behalf.
Power of attorney
Financial power of attorney provides authority to a trusted individual for your financial affairs if you become incapacitated. It allows the appointed person to manage your investments, pay your bills and make financial decisions on your behalf.
Revocable living trust
A revocable living trust provides flexibility and privacy in your estate planning journey. The trust holds and manages your assets during your lifetime, ensuring the seamless transfer of those assets to beneficiaries upon your passing.
Guardianship for minor children
When you have minor children, your estate plan should include the appointment of a guardian to care for them in the event of your death. This ensures that your children go into the care of a trusted loved one instead of family services.
Digital asset planning
According to a 2021 survey, more than 90% of investors look for information about digital currencies and other digital assets. Your estate plan should account for those assets, including allowances for terms and conditions, legacy contacts and cloud services.
Comprehensive estate planning is the best way to ensure that your loved ones get the assets you intend for them without the upheaval of having to make those decisions themselves.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472932023-10-11T22:26:32Z2023-10-11T06:52:28ZDocument the issue
Upon discovering the undisclosed defect, the first step is to document the issue thoroughly. This means taking photographs, videos and detailed notes regarding the problem. Creating a comprehensive record is important. It will serve as evidence when you address the matter later.
Review your purchase agreement, seller disclosure and home inspection report
Refer back to your purchase agreement, as it often contains provisions related to undisclosed defects. Some contracts may include clauses that specify how to handle such situations. Pay close attention to any language regarding warranties or representations the seller made. Also review the seller disclosure to ensure that the defect was not disclosed, and check your home inspection report if you had one done, to ensure that it wasn’t noticed by the inspector.
Seek professional evaluation
If the defect is substantial or poses a potential safety hazard, consider hiring a qualified professional to evaluate the situation. Whether it is a home inspector, structural engineer or other relevant expert, their assessment can provide valuable insights into the extent of the issue and potential remedies. They may recommend steps to mitigate the issue, and provide an estimate of the costs required to do so. If the defect poses a safety hazard or causes significant inconvenience, you may have to implement a solution to address the problem before seeking legal advice.
Discovering a serious defect in your new home can be a challenging and frustrating situation. Taking a systematic approach can help you evaluate the issue and determine the steps necessary to protect your investment and ensures your home is safe and habitable.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472912023-08-14T20:54:45Z2023-08-16T07:28:14ZIssues a title search may reveal
Title searches reveal important information about a property. Along with ownership history, a title search can reveal any liens, encumbrances, easements or restrictions on the property. For example, a thorough title search can reveal any boundary disputes on record, as well as any legal judgements against the seller or the party who owned the property prior to the current seller. In general, a title search can help you avoid unwanted surprises, such as ownership claims from a seller's relatives. These kinds of issues can be very costly if they arise, and it is best to know about them up front.
Don't go into a home purchase blindly
Real estate agents generally do not conduct title searches, so you should not assume that the title of a property is clear just because the property is on the market. Another thing to keep in mind is that each party in a real estate purchase — the lender, the real estate agent, the buyer, the seller, etc. — is hoping to gain something, and often each party's interests are competing against the other parties' interests. Having your own attorney is the best way to make sure your interests are protected. To learn more about these matters, please see our Pennsylvania residential real estate overview.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472892023-06-23T07:32:45Z2023-06-28T07:31:38Zvacancy rate, cutting any corners to get a space filled may lead to trouble down the road. Before signing on the dotted line, consider the following to help avoid a bad transaction.
1. Perform due diligence
In this day and age, data rules. That includes data revolving around potential lessees. Considering that most commercial leases last around three to five years, lessors need to perform due diligence. Along with doing a thorough credit check and obtaining references, ask the guarantor and lessor for financial statements and asset information. Additionally, request a security deposit and obtain a personal guaranty.
2. Specify uses, limitations and responsibilities
The type of business looking to lease a space makes a big difference. Lessors need to consider other tenants’ businesses to avoid competition that may result in a new tenant going under. After drawing up a lease agreement, ensure that it includes a detailed list of each party's responsibilities. That may include cleaning, utilities and hazardous waste storage.
3. Ensure adequate insurance
Any owner of any property knows the importance of having insurance. While that provides some coverage, the lessor also needs to obtain the proper amount of tenant insurance to cover third-party liabilities. As a lessor, ensure that the insurance stays up-to-date and gets included in the contract.
While owning property comes with benefits, it also means facing potential risks. Taking appropriate steps beforehand to find the right lessees may prevent unneeded headaches down the road.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472432023-04-20T09:02:45Z2023-04-25T08:59:36Zpotential risks that businesses should be aware of when leasing commercial property.
1. Lengthy lease terms
One risk associated with leasing commercial property is being locked into a lengthy lease term. Long-term leases can be problematic if a business outgrows the space or if the location is no longer suitable for the company's needs.
2. Unexpected costs
Leasing commercial property can also come with unexpected costs, such as maintenance fees, property taxes and insurance premiums. These costs can add up quickly and put a strain on a business's finances.
3. Restrictive lease terms
Some commercial leases may contain restrictive terms that limit a business's ability to modify the space, display signage, or operate during certain hours. These restrictions can negatively impact a company's operations and growth.
4. Market fluctuations
Market fluctuations can impact the value of commercial property, which in turn can affect the cost of rent. If rental prices decrease in the area, businesses locked into long-term leases may find themselves paying above-market rates.
5. Zoning and permit issues
Lastly, zoning and permit issues can pose significant risks to businesses leasing commercial property. If a property is not zoned for a specific type of business or if the necessary permits are not in place, businesses may face fines or have to move.
While leasing commercial property can provide many benefits, it also comes with potential risks. By being aware of these risks and taking proactive steps to mitigate them, businesses can enjoy a successful leasing experience and focus on growing their operations.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472422023-03-02T07:14:36Z2023-03-07T07:13:36ZDeciding the details of the inheritance
It is important to create a will that covers the details of who gets what when one spouse passes away. By having each parent create a will, they can list and divide specific non-marital assets between the stepchildren and biological children. These are the assets owned prior to the marriage. It is important to ensure each child receives an asset that another child or the surviving spouse cannot claim.
Creating a trust
In addition to using a will to divide assets, creating a specialized trust also ensures that your children and stepchildren have their inheritance protected. Putting assets in a trust recategorizes who the property belongs to, as it moves from being marital property into being the property of the trust’s recipient. Although there are restrictions on the items that are eligible for placement into a trust, the benefits of setting instructions and standards that govern the passing of assets make a trust desirable.
Failing to address the complexities of making a well or establishing a trust with a blended family could leave your children, stepchildren or spouse weighed down by lengthy legal battles. Be proactive in deciding how to divide your assets through a will or specialized trust.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472412022-12-14T15:08:55Z2022-12-16T15:06:35ZTrusts and estate planning
A trust is a distinct legal entity that can hold property rights in a manner similar to an individual or corporation. Trusts allow people to manage the distribution of their assets during life and after death. By using a trust in your estate plan, you can transfer property to your heirs without making them go through the probate process. You can place a wide range of assets in your trust, including financial accounts, artwork, stocks and real estate.
Transferring real estate
A common use for trusts is the transfer of homes and other real estate properties. You can ensure your land transfers to your beneficiaries by creating and including a trust in your estate plan. Furthermore, if your real estate holdings contain mineral resources, you can use your trust to transfer the rights according to your intentions. For example, you can place your oil and gas rights in a trust to protect them and transfer them to your heirs. This allows your beneficiaries to obtain rights without undergoing probate, which can be time-consuming and costly.
You can keep property and assets in your family by developing an estate plan with a trust to manage your real estate. A trust can also help you specify plans for your assets and facilitate property transfer for your beneficiaries.]]>On Behalf of Lenington, Gratton, & Associates LLPhttps://www.lga-law.com/?p=472222022-10-19T14:22:24Z2022-10-21T14:20:16Zconstructing or extending physical structures over a boundary line.
If a neighbor creates an intrusion onto your property, you may amicably discuss its removal or consider filing a legal action. Gathering evidence such as a property survey, photos or videos, could help you show the court an encroachment occurred and the harm it caused.
What are some examples of encroachment?
An unintentional encroachment may seem harmless, but it could affect your property's marketability. Examples include a neighbor's trees or rose bushes that grow past the boundary line and onto your property. A yard full of fallen apples, for example, could make it difficult to sell your home.
Intentional encroachment could occur when a neighbor builds a structure over the property line. Before building a fence or paving a driveway, a neighbor must measure the boundary lines prior to purchasing materials. Failing to take measurements and ordering more materials than necessary could lead to three or more feet of fence extending onto your property.
What happens when someone crosses the property line?
You may ask your neighbor to remove an encroachment, or you could ask the court, which may then award damages. A judge may also order a neighbor to remove an offending object and repair the harmed property.
A neighbor might also affect the use and enjoyment of your property by interfering through sight or sound. Setting up a pole barn or other structure may block an attractive view that shaped your decision to buy the property. A neighbor who Installs a swimming pool and hosts frequent backyard parties could create a noise nuisance that audibly encroaches onto your land.]]>