Kass Legal Group, PLLC Kass Legal Group, PLLC | Business And Commercial Lawyer | Washington, DC2025-03-31T13:27:12Zhttps://www.kasslegalgroup.com/feed/atom/WordPress/wp-content/uploads/sites/1503309/2020/04/OGKassLegalGroup-2018-12-10-04-16-49-1-75x75.jpgOn Behalf of Kass Legal Group, PLLC<![CDATA[What are some common HOA violations?]]>https://www.kasslegalgroup.com/?p=472452022-08-26T19:35:11Z2022-08-26T19:35:11Zcommon HOA violations.
Not tending to the yard
While this is generally not so much a problem in apartments or condos, homeowners need to make sure that they upkeep their lawns in accordance with HOA rules.
Parking vehicles where they should not be
In large, crowded cities across the United States, parking spaces are at a premium. It is for this reason that HOAs need to be strict when it comes to where homeowners park and how many parking spaces they allot per residential unit. These restrictions might even extend to guests, particularly ones that stay for a longer period of time. If you visit someone in an HOA area, consider parking in a paid parking garage or taking a taxi or rideshare to their place.
Painting homes a different color
HOAs generally want their properties to have a uniform look, within reason. If you want to paint your house, first consult with the association to make sure your desired color abides by their rules.
By being aware of the most common HOA violations, homeowners can avoid fees and other repercussions.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[What you need to know about foreclosure in DC]]>https://www.kasslegalgroup.com/?p=472412022-05-21T14:28:58Z2022-05-21T14:28:58ZPreforeclosure fees
Preforeclosure refers to the period before you receive the official foreclosure paperwork. During this time, the loan provider may charge late fees or bill you for inspection. They also must warn you about the upcoming foreclosure using a breach letter.
Breach letter
A breach letter must notify the homeowner of:
The loan default
What they can do to take care of the default and avoid foreclosure
A minimum 30-day notice to handle the issue
To avoid foreclosure, you can make the loan current before the 30 days close, but it depends on the method used to start the process.
Judicial vs. non-judicial foreclosure
There are two processes of foreclosure:
Judicial foreclosure occurs when the loan agent files a lawsuit requesting the sale of the property if you do not respond to the summons.
Non-judicial foreclosure occurs when the loan agent sends you a letter detailing the problem with your loan and requesting mediation. You have 30 days to respond to a mediation request.
The non-judicial process is typically easier and less costly.
Stopping foreclosure
There are three common ways to stop a foreclosure. First, you have until five days before the sale to reinstate the loan. You may redeem the property by paying off the loan before the sale, or you can file for bankruptcy.
Foreclosures are scary, but you can take advantage of the time you have before the sale to save your home or make other plans.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[Why is a buyer-broker agreement important to real estate agents?]]>https://www.kasslegalgroup.com/?p=472402022-02-22T15:43:34Z2022-02-22T15:43:34ZExclusivity
The buyer-broker agreement establishes the duties that both parties have to each other. The broker is bound to do their utmost in the effort to find properties for you and make all relevant preparations. As the buyer, signing such real estate contracts puts you in a position of exclusivity with that broker. You can not work with other brokerages during the terms of the contract, though you may request the services of a different agent within the same firm.
Procuring cause
Buyer-broker agreements are also important in determining the procuring cause in a real estate transaction. Procuring cause refers to the party directly responsible for finalizing a sale, and this party usually receives an additional commission for doing so. When multiple parties claim to be the procuring cause, complex disputes tend to break out. A real estate agent making a procuring cause claim might use the buyer-broker agreement with their signature as proof of their entitlement to a sales commission.
Conflicts that might arise surrounding the circumstances of a buyer-broker agreement can be difficult to navigate. A real estate attorney can provide guidance for negotiating, enforcing or breaking a buyer-broker agreement on your behalf.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[Understanding the elements of your real estate contract]]>https://www.kasslegalgroup.com/?p=472392021-11-19T13:30:45Z2021-11-19T13:30:45ZBasic information
The purchase agreement provides information about the property as well as information about you as the buyer. Both you and the seller must be mentally competent in order to enter into this contract.
Costs and earnest money
Next, there will be a section regarding the offered price and the acceptance of the same. You must explain how you will pay for the property. You might pay in cash or make a down payment and take on a mortgage. This section will address earnest money, usually, $1,000 or more, which is usually absorbed into the down payment. Your closing costs will also appear in this section. They include the costs of transferring the property from seller to buyer, such as recording the deed.
Contingencies
You might wish to include contingencies, which will allow you to get out of the agreement under certain circumstances. For example, the sale might depend on your ability to sell your home before you complete the purchase of the new home.
Expiration and default
The contract should contain a specific date on which the agreement will expire if the seller does not accept it. Also, either you or the seller may cancel the agreement for one of several reasons. The seller might default on a contract for repair work, or the seller might not move out of the property by the agreed-upon date. If either you or the seller defaults on the agreement, the other party may initiate litigation.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[Would a shared equity agreement help with your remodeling needs]]>https://www.kasslegalgroup.com/?p=472012021-08-20T16:32:07Z2021-08-20T16:32:07ZWhat it is
In exchange for a lump sum you can use for remodeling purposes, you grant the person who provides these funds an investment in the future equity of your home. This is called a shared equity agreement. It is actually a binding contract through which you agree to a repayment date either after a certain number of years have passed or at the time you sell your home.
How it works
The amount of the repayment will depend on the increase or decrease of the home’s value. For example, the investor may give you $50,000 in remodeling money in return for a stake of 30% in future home equity. The agreement is for 10 years and if, at that time, you realize $100,000 in appreciation, you will repay the investor the $50,000 plus 30% or $30,000, making the full payment $80,000.
When problems could arise
Keep in mind that a shared equity agreement is not without its issues. If you do not qualify for refinancing or for obtaining a reverse mortgage when the date of maturity for the agreement occurs, you might have no other choice but to sell your home. Legal guidance in the realm of real estate management will help you understand more about shared equity agreements and other options you might consider regarding the home remodeling funds you desire.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[What happens at a real estate closing?]]>https://www.kasslegalgroup.com/?p=471892021-05-17T13:48:01Z2021-05-17T13:47:53Zexisting homes in the U.S., and each of these transactions had to go through the formal closing process. Several people may attend your closing appointment, including your real estate agent, your attorney, someone from the title company, a notary public and a representative of the seller.
What you sign
On the day of your real estate closing, you will sign three documents: a deed of trust for your mortgage, a closing disclosure and the promissory note. Before you sign any of these documents, especially the ones related to your loan, make sure you thoroughly review them. If you notice something different than you originally agreed to, do not sign the document until you resolve the problem with your lender or seller’s representative.
What you pay
You will pay the down payment on your new house (if you owe one) and any other prepayments tied to the purchase of the property at closing. Additionally, you will likely pay closing costs at this appointment, which usually amount to between 3 and 5% of your mortgage’s total.
Your closing appointment will likely happen four to six weeks after you finalize and sign your sales and purchase contract, depending on the terms of the sale. Your actual closing appointment may take several hours to complete.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[Negotiating a favorable commercial lease renewal]]>https://www.kasslegalgroup.com/?p=471832021-02-25T03:09:59Z2021-02-25T03:09:49ZA commercial lease in Washington, D.C. lasts longer than a residential one, so market conditions often fluctuate quite a bit between when your lease term begins and when it ends. For this reason, it may benefit you to try to negotiate new lease terms that may prove more favorable for you and your business.When negotiating your commercial lease renewal, you may find that you have more success if you take the following steps.
Start the conversation early
If you want to change your existing lease terms when your lease comes up for renewal, it is ideal that you ask your landlord months in advance. That way, if he or she refuses to compromise or negotiate, you have time to explore other options.
Know what your landlord stands to lose or gain
Your commercial landlord may want to keep you in the space if possible because finding a new tenant may prove risky and time-consuming. It may also mean the space stays vacant for a period, which might lead to financial losses for your landlord. Understanding what he or she stands to gain or lose by keeping you in your space gives you more bargaining power.
Know the market
Having a solid understanding of what options are out there may also strengthen your negotiating power. Even if you plan to remain in your existing space, knowing what other properties offer and what terms other landlords offer may help you incentivize your landlord to keep you around.Many business tenants find that having someone with considerable knowledge of local markets and commercial leases helps them negotiate the most favorable lease terms possible.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[What is a shared equity financing agreement?]]>https://www.kasslegalgroup.com/?p=471822020-11-20T17:22:22Z2020-11-20T17:22:12ZWith a shared equity financing agreement, two individuals purchase a property together. While uncommon, this situation may occur when one person cannot afford the home independently.Review the details about shared equity financing agreements to make a decision about seeking this type of real estate funding.
Structure of the agreement
With this type of agreement, one person has a financially stronger position. He or she might have better credit or higher income. That person acts as the investing owner. The other person will live in the home and serve as the occupying owner. Usually, the shared equity financing agreement states that the occupying owner will pay a certain percentage of the mortgage, property taxes, homeowner's insurance and other expenses. Often, the investing owner provides part or all of the down payment in exchange for profits when the occupying owner moves out and sells the home.
Uses of a shared equity financing agreement
This type of mortgage is most often used when parents help an adult child buy their own home. An owner-occupant landlord might also use this structure to expand access to more expensive properties. Most states require the investing owner to charge the occupying owner rent at a fair market value depending on the portion of the home he or she occupies.Investing owners can profit from this type of mortgage because they own a portion of the equity. For example, this type of investor purchases 50% equity in a property and resides on the top floor while a tenant who also contributes to the mortgage owns the bottom floor. He or she receives half the proceeds from the eventual sale of the home.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[Last-minute issues can put the sale of your home on hold]]>https://www.kasslegalgroup.com/?p=471742020-08-11T06:48:07Z2020-08-11T06:47:48ZThe issue of clear title
As the seller, you should be able to assure the buyer that there are no liens on the property. You may have obtained this information from the county recorder even before you put the house up for sale. If not, a title deed search is in order prior to closing.
The role of the bank
Financial institutions play large roles in any real estate transaction. For example, the bank may have pre-approved your buyer and you may anticipate a timely closing. However, it is not unusual for a bank to request additional financial documents and decide to review the buyer’s credit standing one last time, which could cause a delay.
The final walk-through
The last big event to occur just before closing is usually the final walk-through. The buyers have the right to expect the completion of any requested repairs and that everything works as it should, from the HVAC system to running water and flushing toilets. The final walk-through often takes place the day before closing, so any problems that arise could put that process on hold.
Other issues
A number of other frustrations can develop that might delay the sale of your home. However, your team of real estate and legal professionals can help you resolve any issues that could put a last-minute hold on that much-anticipated closing.]]>On Behalf of Kass Legal Group, PLLC<![CDATA[The importance of a title search when buying property]]>https://www.kasslegalgroup.com/?p=471412020-05-18T23:35:34Z2020-05-18T23:35:14ZWhen buying property, a title search could uncover details that may require attention to prevent a setback. A last-minute issue discovered during a title search, such as the current seller not having 100% legal ownership of the property, can delay the closing.When transferring property, a buyer must ensure that a title is clear and remains free of issues that could affect a new owner. A title search generally discloses a property's history for the past 50 years or so. As reported by Bankrate, an investigation could expose serious disputes concerning undisclosed heirs or possible fraud.Public records revealedA title search reveals public disputes filed against a property and includes liens or judgments. If a house has a mechanic's lien attached for unpaid repairs or improvements, the closing may not proceed until the seller pays the contractor.Sellers must resolve any outstanding financial obligations before the closing transaction can take place. Failing to clear a title may result in a potential legal dispute with the new buyer named as a party to a lawsuit, although title insurance may help reduce a new owner’s risk of liability. Buying property without understanding its potential legal issues, however, could result in serious problems in the future.Disclosure of restrictionsIf a former owner placed restrictions on the use of a property, a title search may describe how a new owner can use it under those conditions. Restrictions typically remain with the property and pass on to the buyer unless legally removed. A restriction that became part of the title may have come from a former owner who, for example, prohibited certain types of businesses from using the property.A potential buyer has a right to know what he or she can do with a property before making a purchase. The results of a title search can shed light on this important issue. If a buyer wishes to remove a usage restriction, a transaction may require negotiation to ensure he or she can use the property as hoped for.]]>