Real Estate Investment
Why and When Do You Need An Attorney
BEFORE Investment
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Setting up Business Entity/Entities and Understanding Why
Setting up Business Entity/Entities and Understanding WhyoLLC vs Corporation vs Subchapter S Corp vs LP vs Family (or Other) Trust-Understanding Liability Limitation and Asset Protection
Understanding Liability Limitation and Asset Protection-Understanding Tax Implications of each business entity
Understanding Tax Implications of each business entityoWhat forms need to be filed and whenoDouble Taxation for Corporations and Shareholders-Understanding Government Regulations of each Business Entity
Understanding Government Regulations of each Business Entity* Required Meetings (Shareholders; Board of Directors; Others)* Required Minutes of the Meetings* Required Quorums (Number or Persons) for each Meeting* Required Documents for Meeting Announcements; Proposals* Security Exchange Commission RequirementsDURING Investment
-Review of Purchase and Sale Documents
Review of Purchase and Sale DocumentsoSeller’s First Document for Review = Listing Contract with RealtoroBuyer may have a “Buyer Broker” AgreementoNeed to Review All Attached Addendums (Buyer and Seller) including(i)Buyer Inspection;(ii)Seller Holdover on Property;(iii)State Government Requirements on Lead Paint Statements-Review of Mortgage and Financing Documents
Review of Mortgage and Financing DocumentsoSecurity InstrumentoMortgageoProperty AppraisaloTruth In Lending StatementoPromissory Note-Review of Transaction/Settlement Documents
Review of Transaction/Settlement DocumentsoWarranty (or Other) Deed of TrustoHUD-1 Statement (“Settlement Statement”)oTitle Abstract (i.e., “The History of the Property”)oThe Survey Map (or Location Map)AFTER Investment
-Landlord / Tenant Issues
Landlord / Tenant Issues-Types of Tenancies (Month-to-Month; At Will; Annual; By Sufferance)
Types of Tenancies (Month-to-Month; At Will; Annual; By Sufferance)oLease Development and Requirements for Written AgreementoNon-Payment of Rent (and Other) EvictionsoIllegal Constructive Evictions-Property Repair / Improvement Regarding Contractor Issues
Property Repair / Improvement Regarding Contractor Issues•Need to review Contractor Language for Protection “Before something goes wrong" •Need a voice/representative in the Court System when something does go wrong-Working with Government Regulations
Working with Government Regulations-Review of Documents Pertaining to Sale of Properties
Review of Documents Pertaining to Sale of Properties
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