Drawing Up Owner Financing Contract

By Patricia Kay
Owner Financing Contract is being popularly used by many sellers and buyers of the property, today. It offers great advantages for both the parties and this is the main reason for its high popularity. This allows owners to enjoy monthly income and to sell their homes faster. On the other hand, buyers are benefited by paying small down payment plus they do not have to look for the lenders. No attorney charges and bank fees are applicable or required, so it is even cheaper for both the parties. The following steps should be followed if you wish to draw up a free owner financing contract:

Research on the internet or read through the legal magazines about this contract. You would not have any lawyers, so it is better to be your own lawyer and understand everything about the contract prior to signing it.

Decide the terms; this may include interest rates, loans and monthly payments. Convey these to you buyer and make sure you state them clearly on the contract form.

It will be highly sufficient to find the form so that the drafting becomes easy. You can also find many websites that will instruct you on filling up the forms and the necessary details to be added.

To prove that the information is reliable, use your deed.

If you still think that you need legal advice but you are unable to contact an attorney because of the heavy fee charges, look for websites that offer free legal advice on the web.

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Extending Your Lease - Mistakes to Avoid

By Tim Bishop
Achieving a lease extension on your flat can significantly add to its value. However if you're considering lease extension, be sure that you don't make any of the following mistakes.

If you are in the process of selling your property, make sure that your agent knows that you are applying for an extension. Extending your lease will add significant appeal and value to the sale.

Seek legal help and advice when drafting your statutory notice to extend. The legal process for leasehold extensions is fairly strict. Taking advice from an experienced lease extension solicitor will mean that you meet all your deadlines, and will also encourage your landlord to follow the statutory requirements in his responses.

Ask your solicitor for a reasonable quote for the transaction and when budgeting, be aware that you will most likely be responsible for paying your landlords legal costs as well as your own. However rest assured that your landlord does need to make sure that his/her legal costs are reasonable - failing which you can always challenge those costs at a Leasehold Valuation Tribunal.

A landlord offering a lease extension for a ridiculously high premium obviously wants to discourage you from extending your leasehold agreement. Try to find out the landlords reasoning behind his/her actions and attempt to negotiate on these points. If this does not work, you should remember that if you qualify (as above) then the Leasehold Reform Act 1993 legally entitles you to a lease extension. This basically means that, should you be faced with a worst case scenario, you can take your landlord to a Leasehold Valuation Tribunal and thus force him to give you an extension at the market rate. It is also worth noting that a tenant can bring a claim under s.20(c) of the Landlord and Tenant Act (1985) which states that the landlord is not allowed to claim back any legal costs he incurs during the process.

If the landlord finds out that you want to sell the property and therefore 'need' a leasehold extension, this could encourage him/her to ask for a higher premium. Try to keep your intentions private to ensure that you get a fair deal.

Occasionally you have an absentee landlord and so he can't be contacted via the traditional notice procedure. If this happens, you will have to go to the county court and apply for a vesting order. If you meet all the criteria for a leasehold extension, the county court will normally grant the extension in your favour. The court will refer your case back to the Leasehold Valuation Tribunal so that they can work out the amount of premium that you must pay to the absent landlord.

READ MORE - Extending Your Lease - Mistakes to Avoid

Leasehold Agreements and Responsibilities

By Tim Bishop
Prior to signing any legal agreement it's a good idea to know what rights and responsibilities you are agreeing to. Acquiring a leasehold property can be something to look forward to when you really know what you're doing.

Your leasehold flat is waiting for you, but something is playing on your mind: the lease is approaching 80 years and you are considering extending it before it gets that far. Maybe waiting a little longer before starting the process will be worth it. The decision to extend a lease is good if you want to keep your property on top of the market. Before you get deep into the process, it's sensible to know what you are signing for.

Knowing what to expect and what is expected from you when acquiring and extending the leasehold brings great peace of mind. It may seem obvious but not only will you be required to maintain the flat in a good condition, but you will have to meet all occupation or utility costs like council tax, electricity and gas on time.

As a leaseholder you will be expected to pay the ground rent every year. Service charges will also be applicable to you for part of the maintenance cost of the building.

However, leaseholders have more rights than you might realise. It's a good idea to know beforehand what lies ahead and to be aware of some of the issues that are in your favour. Being informed is being forearmed.

Many rights are set out in the legislation but much advice is readily available before consulting your specialist lawyer. Here we give you a sample:

* get UK contact details for the landlord
* seek recognition for a tenants' association (RTA)
* understand about any service charges and your right to challenge them
* insist on being consulted about major works and any long term agreements
* get information about insurance of the property
* understand about taking over the management of the block (the right to manage or RTM). This normally happens if you are not happy with how the landlord/lady is managing the building maintenance.

If you need to exercise any of your rights, you would be well advised to have some clear information about certain obligations and areas where you feel the need to challenge. Once you have acquired basic know how, seek out the services of a qualified lawyer. He will support you through the process.

The soothing freedom of a little prior knowledge will translate to a worry free lease extension.

Do you need advice on a leasehold extension? Bonallack & Bishop have a team of Lease Extension Solicitors who can help. Senior partner Tim Bishop is responsible for all major strategic decisions at the firm, which he has grown by 1000% in 13 years. He sees himself as a businessman who owns a law firm and plans to expand further.

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Register Gift Deed to Make It Valid

By Jeni Relo
A gift is the transfer of a property from one person to another made voluntarily. There are two persons involved in this transfer of property:

I) Donor - The Person who transfers the property.
II) Donee - The Person to whom the property is being transferred.

The donee must accept the property. And, he must accept it during the lifetime of the donor. The gift becomes void, if the donee dies before accepting the gift. A transaction of gift will be complete, only if the donee accepts the gift during the lifetime of the donor.

Who can gift property?

Any person who is the legal owner of a property can make a gift of his property. The gift must be an existing property. It cannot be a future property.

A minor is incompetent to contract, so he can't transfer a property as a gift. A natural guardian of the minor can accept a gift on behalf of the minor. This amounts to the recognition of the natural guardian of the nominated person as a manager for the purpose of the gift of property.

In case of a minor being a donee, if the gift is troublesome, he cannot forced to accept the gift. But later, he must either accept or return the gift.

Registration of a gift of property:

According to section 123 of The Transfer of Property Act, it is invalid if a gift of a property is not registered. It cannot pass any title to the donee. All the required documents should be stamped and registered. It should be attestation by two witnesses. A gift of property is invalid without a registration done.

According to section 126 of The Transfer of Property Act, a gift shall be revoked if some conditions are met. The condition must be legal. In this case, the donor and donee must have agreed that the gift shall be revoked if some specified events take place. Such an event must not depend on the donor's will.

JeniRelo works for the company Relocateeasily.com, which is a Bangalore based Real Estate Consultancy. Relocateeasily.com provides end to end relocation service. It guides you in finding the perfect home and also helps you in relocating. Relocation was never so Easy.

READ MORE - Register Gift Deed to Make It Valid

Can't We Have the Forms?

By Joel G. Block
I'm regularly asked by people who get involved in our real estate syndication and capital raising program if they can simply get the forms and fill out the securities documentation on their own. I am very quick to point out this is a terrible idea and for that reason, we do not provide forms for our attendees to fill out by themselves. Some people may think I'm holding information back or that I just want the people to pay more fees for the attorney's benefit, but this is not so at all. There are several critical reasons why we don't give out forms.

First, the purpose of the private placement is not for the benefit of the investor. The private placement materials provide disclosure and deal documentation that benefits the promoter. It's true the promoter has to advance the fees to the attorney in order to do the work, but after the deal is funded, the promoter is reimbursed for all of the expenses he or she lays out in preparation of doing the deal. Since the private placement process protects the promoter, and because the deal reimburses the costs of all of that legal work, it's like getting an insurance policy for free. So I ask, "Why would you ever take a shortcut when you are the one that benefits from the legal work?"

Beyond that, there are several critical reasons why a promoter should never try to write the private placement without the guidance of an experienced and competent attorney. First, every deal is different, and for that reason it requires the advisement of knowledgeable counsel. There are several questions and issues that will inevitably come up - the answers to which will not be found in any forms that you might find along the way. Making a mistake could cause tremendous problems for the promoter in the future.

The second reason is that once these documents are prepared and given out to the investors, a smart investor -- particularly one that makes larger investments, will pass these documents to their attorney for review. The attorney may not have an opinion about the deal, but that same attorney will certainly have an opinion about the documentation that you have prepared. If the attorney reviews the document and sees that they were done by a Bozo, that attorney might tell the investor he or she can't draw a conclusion about the quality of the investment. But that same attorney will be able to tell the investor that the documents were prepared by someone who doesn't know what they're doing - and that they client should not get involved in a "rinky-dink" situation like the one that's been presented.

The next reason is that if something does goes wrong and the investment ends up going into litigation, any good litigator or trial attorney will gain an unbearable advantage if the documents were not professionally and thoroughly prepared. You don't want to be in that situation. Attorneys tell me all the time that they love LegalZoom and other legal self-help companies. Why? Because they make 10 times more money on the litigation than they would ever make by drawing the contracts. Therefore, it should be clear and obvious that it's never a good idea to do it yourself.

Understand that the private placement materials, the operating agreement and all of the other documentation that is necessary to do a thorough and complete syndication deal needs to be accurate, all materials need to be synchronized with one another, and if the documentation is weak or if it says one thing in one set of documents and it says something different in another set of documents, you will not receive the protection of the private placement that you thought you were going to receive.

It comes down to the old concept of "penny wise and pound foolish." You may save a few dollars in legal fees on the front end, but you will pay in the long run. And this is never something that we endorse. Our program teaches promoters how to maximize their return on the investment they make in the deal. We help investors to procure investors and we show them how to close those transactions successfully and profitably. If you take shortcuts, you will pay. Remember the old oil filter commercial that said, "Pay me now or pay me later"?

Never discount the value that a competent attorney brings to the table. Questions such as what type of entity is relevant for you, what state laws are you subject to, and a host of other questions, will always come up that require counsel to help you to navigate. Don't try to do it by yourself. It will not work in your favor. It may seem like a good idea on the front end, but it's not very long before you realize that your failure to raise money is directly related to the quality of the work product that you put into the investor's hands. Further, if something does go wrong, you stand to pay dearly for the error or judgment that you made in trying to be a lawyer to your own deal. It's not a good idea. We don't endorse it, and we won't support it by sharing forms.

Syndication is the top of the real estate mountain. Successful people don't fall on to the top of the mountain. Do the work that is necessary to get on top and to stay there.

My only goal for the people who get involved with us is to help them to be successful. And doing your own paperwork is not a success formula. There is a right way to do it and there are all the other ways. Don't do it any of the other ways.

Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker, advisor and astute investor. Joel is President/CEO of Bullseye Capital (http://www.bullseyecap.com), a full-service real estate company that supports owners and buyers of real estate assets with brokerage, leasing, property management, and mortgage services. The company also provides investment opportunities to accredited investors. A leader in real estate syndication, the company invests in properties and offers seminars to assist others in acquiring the skills needed to raise syndicate capital to acquire properties. Imagine knowing how to pool funds to purchase any real estate investment, whether it is for single

READ MORE - Can't We Have the Forms?

Unregistered Land

By Ryan J Shaw
• Not all land is registered with Land Registry - over a third in England and Wales is not

• All land and all buildings have an owner - this includes waste land, scrub land, abandoned properties, disused land, empty buildings

• Adverse possession takes at least 12 years, sometimes as much as 30 years

• Unregistered just means that the property or piece of land is not registered with land registry it does not mean that it is ownerless.

Finding the owners of unregistered land UK is not an easy thing to do, there are no clear ways of finding owners; it is a case of investigating old documents and maps, speaking to people and researching information. Some people do not want to find the owners of vacant land they would prefer to try and claim the land through adverse possession, this takes 12 years as a minimum and if the owner comes out of the wood work at any time then you are in trouble. Some people suggest putting a fence round the land and using it, this is the principle idea of adverse possession but they fail to mention what happens when you fence it off at a cost of thousands and then someone comes out and proves ownership, you have wasted your money. It is easier and more honest to simply find the owner and speak to them regarding the vacant land or building, you can then ask permission to use the land or even look at buying vacant land from them. In the UK over a third of all vacant land is not registered and finding the owners of land UK searches go on all the time.

Adverse possession

In common law, adverse possession is the process by which title to another's real property is acquired without compensation, by holding the property in a manner that conflicts with the true owner's rights for a specified period. Circumstances of the adverse possession determine the type of title acquired by the disseisor (the one who obtains the title as a result of the adverse possession action), which may be fee simple title, mineral rights, or other interest in real property.

Adverse possession's origins are based both in statutory actions and in common law precepts, so the details concerning adverse possession actions vary by jurisdiction. The required period of uninterrupted possession is governed by the statute of limitations. Other elements of adverse possession are judicial constructs. Adverse possession is sometimes called squatters rights.

Finding the owners of private roads

This can be a laborious task and is complicated; you cannot go down the adverse possession due to the frontage being used by more than one party. There are ways to trace the rightful owner of any private road but it is not easy. It may be a good idea to go straight to a professional company regarding these searches.

Abandoned properties searches

Searching the owner of abandoned property would work in the same way as finding the owners of unregistered or unclaimed land.

Starting point

The starting point for any land search UK should be to contact the local Land Registry to confirm that the vacant land or building is indeed unregistered with them, you can save a lot of time and effort by doing this on the off chance that it is registered, saying that over a third of all vacant land is still not registered in England and Wales.

So what to do next? Finding the owners of vacant land is difficult, there is no easy way, you cannot simply access a database and find the information you must become an investigator. The first steps should be to

• Find any old documents
• Speak to local people
• Investigate all information given fully

You can use a company to find the owners of unregistered land, some people try solicitors to do this but they are very expensive and sometimes use outside agencies to carry out the work on their behalf at further cost to yourself. Some companies specialise in finding land owners in the UK. Charges vary so look into the matter closely. Different search terms will bring up different products and services but you should search the following terms in Google

• Find the owners of unregistered land Uk
• Find the owners of vacant land
• Find the owners of abandoned properties.

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Lease to Own Contract - How to Pen It Down?

By Patricia Kay
Lease to own contract is a popular type of deal or contract between the buyers and the sellers of the property. Many people today are using this contract as it is favorable for both the parties. If you are about to step into such a contract or you believe you will need to write it down sometime in future, this article can be a good guide for you. In this article, I have discussed the way you can write this contract, taking into consideration the legal issues attached to it.

Signing this contract makes you like a mortgage holder. Therefore, before you decide to enter into this, make sure that you have thought enough over your decision. It is not any simple rental agreement; it has great importance and may also include some risks for both the involved parties.

Make sure that you mention everything in the contract. When writing the contract keep in mind that it is a contract, nothing informal. Thus, it is better to use the right terminology for different things such as tenant and landlord, instead of buyer and seller.

An especially designed document has to be used for this purpose; otherwise it can lead to legal issues in the future. It would be a good idea to take the assistance of a professional lawyer when writing the contract.

The contract should also mention as to who will pay for the taxes, insurance and utilities. Copies of all the payments should be recorded.

Make sure that you add all these points, along with some other important issues that your lawyers may mention to you.

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Commercial Real Estate Transactions

By James Witherspoon
Purchasing a piece of property is one of the most costly investments you will most likely ever make in your lifetime. However, this cost is even more staggering when you are making the decision to obtain commercial properties. Not only are the costs higher, but the process can be more complicated, as well. Because commercial real estate transactions work with entities and business prospects there are many important steps that must be followed. By better understanding what these are, you can be better prepared for making the best decisions for your organization when obtaining property.

Important Components of Commercial Real Estate Transactions

Commercial real estate purchase is more complicated than obtaining property for personal or home use, since it often involves larger properties and larger entities throughout the deal. Some steps involved in this process include the following:

* Finding a prime location that meets your needs as a business and your needs for clientele
* Assessing the risks associated with the property
* Having an environmental risk assessment performed for the property
* Agreeing with the seller on a cost for the property that fits your budget
* Determining the details of the escrow payment process
* Looking over the property title
* Legally agreeing to the sale and obtaining the property through closing documents

The many steps involved in obtaining commercial properties can make it seem like a frightening, daunting task. Luckily, you do not have to tackle this confusing process alone. Having the assistance of an experienced business attorney can help you obtain the property that is best for your business, your interests, and your budget while staying within legal parameters.

For More Information

If would like to learn more about business law, corporate law, or the many areas where legal assistance can help you better concentrate on your corporate interests, visit the website of the Texas corporate lawyers of Slater & Kennon, LLP, today.

READ MORE - Commercial Real Estate Transactions

Security in a Renting Contract

By Fawzia Anna Rehman
The Landlord and Tenant Act 1954, Part II provides statutory protection for tenants who use a building for the intention of a business. This Act is significant in giving security for business tenants who may lose business and goodwill if they were forced to leave their tenancy at the end of their lease term. The Act was brought about at a time when the economy was in turmoil This was done as it was believed that by providing security of tenure to business tenants it would promote investments and the economy to get back on track.

It gives safety for business tenants by enabling them to apply to the court for a renewal of the tenancy and therefore for the tenancy to automatically be allowed to continue after the contractual term. Thus allowing the lease to continue on the same basis and at the same rent until it is brought to an end by the methods set out in the Act.

By a section 25 notice (under the 1954 Act) is the more prevalent means of termination by a landlord. There are strict deadlines for serving notices under section 25, and a minimum of 6 months notice must be provided but no more than 12 months prior to the date the landlord wishes the lease to terminate. however, the landlord cannot terminate the lease before the contractual termination date.

There are limitations for a landlord in disregarding a tenants application for a new tenancy. As follows are the statutory grounds:

(a) tenant's failure to carry out repairing obligations;
(b) tenant's persistent delay in paying rent;
(c) tenant's substantial breaches of other obligations;
(d) suitable alternative accommodation is available for the tenant;
(e) in cases of a sub tenancy of part, possession is required for letting or disposing of the property as a whole;
(f) the landlord intends to demolish or reconstruct the premises;
(g) the landlord intends to occupy the premises himself.

It is up to the landlord to prove the reasons on which they are relying on. If the landlord was to successfully oppose a new tenancy under grounds (e), (f) or (g) the tenant would be entitled to compensation in most circumstances.

Some tenancies are not a part of the 1954 Act, i.e. a tenancy at will, contracted out tenancies and fixed term tenancies not exceeding 6 months. You must seek professional advice on whether or not you are protected by the 1954 Act and what you must do if you are served with a section 25 notice.

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Few Facts To Consider When Appointing Online Conveyancing Solicitors

By Brad Marc
You are planning to sell or purchase a property in the United Kingdom? Well, you are not the only person who wants to purchase or sell a property in the United Kingdom. There are several others like you who want to sell and purchase property in this country. Selling or purchasing a property in the United Kingdom is not a tough task. You just need to search for the reputed conveyancing solicitors to take care of the legal proceedings of the conveyancing case. When you are considering for selling or purchasing a property in the United Kingdom, you will have to follow conveyancing process properly. You can find the information of many reputed conveyancing lawyers of the United Kingdom in the internet. If you take their assistance, it will not be a difficult task for you to do the conveyancing process at ease. However, before appointing any conveyancing solicitor online, you need to follow some simple tips.

When you are considering for finding the best lawyer from the internet, you need to check the reviews of the experts. If you do not check the reviews of the experts, it will not be possible for you to find the best conveyancing lawyer for your purpose. You will make a wrong decision and it will be a complete wastage of your money.

Apart from the reviews of the experts, you also need to check the feedbacks of the people who have taken the assistance of the lawyer for their cases. If you find the feedback of the lawyer to be satisfying, you can take the assistance of the lawyer or you can take the assistance of someone else. When you are considering for taking the assistance of the lawyer, you can always give importance to the experience of the lawyer. Always remember, expertise of a lawyer increases with his experience. If you do not take the assistance of an experienced lawyer, it will never be possible for you to get the assistance that you have expected.

When you are considering for taking the assistance of a conveyancing lawyer and appointing him over the internet, you need to check his authenticity. Do not appoint a lawyer online if you have not checked his credibility in the field.

Always appoint a lawyer based on his service record and never make a decision based on his fees for the assistance. You can find some website in which lawyers offer some great deals on their consultations. However, that does not mean that all these lawyers provide the same level of service. Some of them do not provide the expected service and by taking their assistance, you will surely make complete wastage of your money. Therefore, before paying the fees, you should ensure that you will receive the best value of your money.

The database of several conveyancing lawyers is available on the internet. You can check out the internet and collect complete information about the conveyancing services before taking the assistance of the service. Always make an extensive research work before taking the assistance of a conveyancing service.

READ MORE - Few Facts To Consider When Appointing Online Conveyancing Solicitors

New Home Warranty (Tarion): Your Pre-Delivery Inspection

By Maureen Tabuchi
Its overwhelming - the amount of information you need to know when you buy a new home. One of the most important of these is the new home pre-delivery inspection (PDI). This article will cover: what needs to be inspected, who should go, how long it will take, what you need to take with you, the documents you will be asked to sign and the documents you should receive. Finally, what to do if something gets left off the PDI list!

The purpose of the PDI is to minimize any potential dispute between the home owner and the builder. The builder is in the business of selling new homes and wants to ensure that its employees have done a good job of keeping its customers happy. The new home purchaser wants to ensure that the house is completely finished at the time of possession and that a certain quality standard is provided. The PDI is usually the only opportunity for the homeowner to do this before taking possession.

During the PDI the builder and the homeowner make a list of any items that are incomplete, missing, damaged or non-operational on the PDI Form. The PDI Form provides a formal record of the existence of the condition of the home before the homeowner takes possession. Problems that are discovered after the PDI may still be covered (see the 30 day Warranty Form below) but the onus will be on the home owner to prove that the problem existed before the PDI or that the problem arose through no fault of the home owner.

What Needs to be Inspected

Your Tarion Warranty covers work and material deficiencies for many items. Check out the Construction Performance Guidelines -a 268 page document that covers acceptable performance standards, the applicable warranty and the action that the builder or homeowner must take to rectify the problem.

The checklist covers everything from appliances to HVAC, basement leaks to a missing coat of paint. Here is a partial list:

* Foundation/ Basement
* Wall Framing
* Floor Framing
* Exterior Finishes
* Roofs
* Plumbing
* Electrical
* Interior Climate control
* Wall and Ceiling Finish
* Interior FInish
* Cabinets and Countertops
* Flooring
* Chinneys and Fireplaces
* Garages and Exterior

Make sure to inspect the interior as well as the exterior of the home.

Who Should Go?

You can ask anyone you want to accompany you or you can also designate someone to take your place. You may even choose to have a home inspector accompany you or take on this role. I think its an excellent idea to take along a home inspector with you! If you choose to designate someone to go in your place you will need to sign a form ahead of time to authorize this. See the Appointment of Designate Form on the Tarion website.

Do not take your kids or friends with you - this is not the time to celebrate your new purchase. You will need to focus and take notes on what the builder's representative is telling you. Listen carefully to any instructions provided on the use of the mechanics in the home as the warranty is dependent on proper usage. Ask about the builder's after sales service policy and who to contact should an issue or emergency arise.

How Long Will it Take

Try to make the appointment first thing in the morning and do not schedule any appointments afterwards. You do not want to put yourself in a position where you do not have enough time to do a thorough inspection. Keep in mind that a professional home inspector takes about 3 hours to inspect a home.

Do not feel pressured to rush! Remember that anything that is not written down may not be covered later under the warranty.

What You Need to Take With You

Make sure to take a copy of your Agreement of Purchase and Sale to verify all items, upgrades and finishes that were stipulated in your contract and help you determine if something is an allowable substitution.

Also, don't forget to print out a copy of the PDI checklist off of the Tarion website.

Documents You Will Be to Sign

The forms that you will be asked to sign at the PDI appointment are:

* the PDI Form (the list of deficiencies that you discover during your inspection), (Make sure ALL outstanding items are filled out before you sign the PDI form),
* the Certificate of Completion and Possession -also known as the New Home Warranty Certificate (fax this to your real estate lawyer right away - she/he will need this to close), and
* the Confirmation of Receipt of the Homeowner Information Package form. The Homeowner Information Package contains important information about the statutory warranty process dates as well as the forms 30 day and Year End Warranty forms.

30-Day and Year-End Forms

What if you uncover something after the PDI? You can fill out the 30 day warranty form - but you may need to deal with the question as to whether it existed at the time the inspection was done and if so, why it was not listed. If it is something that has happened after the PDI - the 30 day Warranty form and the Year end Warranty form are specifically for these types of issues.

A 30 day Statutory Warranty form must be submitted within the first 30 days of possession. You can list the things that have not been address or anything new that has been uncovered.

Note: you are only allowed to submit one of these 30 day forms. So wait until near the end of the 30 days to see if anything is uncovered and then submit it before the 30th day in person or registered mail. This form is available on the TARION website or in the TARION homeowners package. If you do not submit it on time then you must wait until the last 30 days before the year ending after your purchase anniversary.

TARION Claims

It is important to realize that the PDI is not a claim under the Tarion warranty. In the first year, there are two opportunities to make claims under the warranty. These are forms that are provided to you at the PDI that you fill out independently from the builder and the PDI. The first opportunity is the 30-day form and the second is the year-end form, to be submitted in the final thirty days of the first year. For both of these you must fill out the appropriate forms and submit them on time. The 30-day form should include anything that was missed during the PDI or things that weren't corrected after being noted during the PDI. The year-end form will ideally catch any of the effects of settling and of surviving a winter season.

Summary

The PDI is a form of communication between the builder and the homeowner. It lists the items that are incomplete, missing, damaged or non-operational in the home. It puts the builder on notice that these items must be rectified and protects the homeowner from being responsible for pre-existing conditions. Finally, it is an important opportunity to ask questions, take notes and learn about the care and maintenance of your new home.

READ MORE - New Home Warranty (Tarion): Your Pre-Delivery Inspection

A Guide to Finding Cheap Conveyancing Solicitors

By Natalie Madley
The economic crisis has affected us all in many areas of our lives and this has extended to not only the retail market but also the conveyancing market, including your sale, purchase, re-mortgage or transfer of equity.

People, more than ever, are watching the pennies and for this reason property solicitors and licensed conveyancers are fighting for instructions meaning that it is easier than ever before to find a cheap conveyancing quote both online and locally.

There is also a recent surge of online comparison sites which compare conveyancing quotes - making finding a cheap conveyancing solicitor easier and more accessible than ever.

However, where a service is the cheapest, this does not always mean that you will be getting a good comprehensive service and you should also ensure you have as much information as possible both about the firm and the fees before committing.

This guide provides some of the things you should watch out for and how to find that PERFECT quote.

1. Get more than 1 quote! You should get at least several quotes from a mix of sources and from solicitors local and further away. There are many websites at the moment, which will find and compare cheap conveyancing quotes and these too can provide a variety of quotes.

2. Take time to read the quote! If you have any questions speak to the solicitor/licensed conveyancer who have provided the quote. If there is something you are unsure of you should ask now before you instruct the firm formally.

3. Watch out for hidden Fees! Although this is not the case with ALL firms, some will have hidden fees, which are in the small print of the quote and which you must look closely for. If you spot anything - ask them if this will refer to you.

4. Get the Full Quote in Writing. Ensure you get a full quote in writing; sometimes extra fees are unavoidable and cannot be foreseen at the beginning of the transaction. However it is important to get the most accurate quote possible.

5. Do not be afraid to ask questions. Conveyancing can be a confusing process for most people so do not be afraid to ask too many questions.

Where a firm is co-operative and willing to help you at this early stage this is normally indicative of the customer service you will receive during the transaction.

The most important thing to keep in mind is make sure you are comfortable with your solicitor and you are happy with the initial service received before you instruct a firm.

We at Havillands & Co. Solicitors are a national conveyancing centre with expertise in providing residential and commercial conveyancing. Our property solicitors have over 40 years of experience on all aspects of conveyancing and property law.

READ MORE - A Guide to Finding Cheap Conveyancing Solicitors

Real Estate Law - Mortgages

By G Wayne Cooper
Mortgages are the most common instrument for financing the acquisition of real estate. Generally the buyer or mortgager will give a mortgage to a lender, such as a bank and savings and loan. The mortgage gives the lender the legal right to file suit in court to foreclose the buyer's ownership rights in the property in the event loan payments are not made as promised. After the suit is initiated and the judge hears evidence, the judge issues a decree of foreclosure.

After the decree is issued, a sheriff's sale occurs and property is auctioned off to the highest bidder. The money received from the sheriff's sale, is used to repay the debt owed the lender. If the money received exceeds the debt, the surplus goes to the mortgagor. If the money is not sufficient to pay the debt, the lender can usually obtain a deficiency judgment against the borrower for the balance due.

Mortgagors are protected in most states with rights of redemption. Prior to the decree of foreclosure. The mortgager can sometimes stop the foreclosure process by simply paying all past-due installments along with those expenses incurred by the lender because of the default. The ability to stop foreclosure is generally called the "statutory redemption."

After the decree of foreclosure is issued, the mortgagor is still protected in a majority of the states by redemption. Usually six months to a year. During which he or she can regain the property by paying off the whole amount of the mortgage. Along with the lender's default expenses. This generally called the right of "statutory redemption." Mortgages sometimes contain clauses which waive rights of redemption. Generally these clauses cannot be enforced.

The process of mortgage foreclose is usually very time consuming. The delays associated with the suit, sheriff's sale, and possible redemption can often delay the sale for one or two years.

Trust deeds are a method of financing the buyer first obtains the deed from the seller. The buyer then gives a trust deed to a trustee. The trust deed contains language which allows the trustee to sell the property if the buyer defaults on the loan payments. Note that a court order is not required to cause the sale and that is a sale conducted by the trustee rather than by the sheriff.

In some states there is no redemption periods associated with trust deeds or they are very short. For these reasons, sale after the default often occurs more rapidly under a trust deed than under a mortgage. Therefore, lenders frequently prefer trust deeds to mortgages.

A mortgage with "power of sale" is similar to a rust deed. No foreclosure suit is required and a private sale occurs. This sale is conducted by the mortgagee. Some states do not permit mortgages with power of sale. And those states which do permit them carefully regulate by statue the conduct of the lender after default.

He says have a criteria sheet made-up on what to look for, on a hundred properties a month with his first line of questioning. Then he'll get about ten of those properties to see if they pass his work-the-numbers sheet. From there, only one or two properties a month will pass for him to go have a look-see! At this point if the buildings pass will he finally makes an offer to buy. This process is called the 100/10/1 method.

READ MORE - Real Estate Law - Mortgages

Nature of the Landlord-Tenant Relationship

By G Wayne Cooper
Landlord-tenant relationship arises when the owner of a freehold estate (fee simple absolute, a conditional estate, or a life estate) transfers to another, the right to temporally posses the realty. Generally, the right of possession is given in exchange for the payment of rent.The temporary transfer of right of possession is referred to as leasing or demising the property. Since the transfer of possession is temporary, the owner of the freehold will eventually regain possession. This power to regain possession is called the right of reversion. The owner of the freehold is called the landlord or lessor and the the party receiving the temporary right of possession is called the tenant or lessee. After transfer, the tenant is said to own a leasehold estate.When a written document evidences the relationship between the parties, the document is usually called the lease or rental agreement. Most leases constitute a blending of the Law of Conveyancing and the Law of Contracts.The conveyancing aspect of the transaction is concerned with transferring a leasehold estate to the tenant. The contract aspects relate to the agreements between the parties on such issues as payment of rent. Who shall repair the realty, the amount of security on cleaning deposits and the conditions under which they can be returned and limitation on uses of the property,The law treats tenants as owners of non-freehold estates. These estates do not occupy the same status in the law as freehold estates. The owners of freehold estates are said to be seised of the property. Owners of estates are seised, though they do possess the realty.Because of this, the landlord retains some obligations of ownership, like the duty to pay the property taxes. Further, the tenant's estate will be treated as personality.

This is if a tenant dies the tenant's leasehold interest may pass via the tenant's will to those who receive the decedent's personality.Because leases are two-party contracts, the law assumes that parties negotiate the terms of the lease at arm's length with each party protecting his own self-interest. Accordingly, there is no standard lease document. Most printed lease documents have been prepared by the attorney for landlords. As a result, this entails the scope of the landlord-tenant relationship. Lastly, for the good of the tenants, the management and for the owners good, these procedures are made to follow for the safest environment.

Gary says have a criteria sheet made-up on what to look for, on a hundred properties a month with his first line of questioning. Then he'll get about ten of those properties to see if they pass his work-the-numbers sheet. From there, only one or two properties a month will pass for him to go have a look-see! At this point if the buildings pass will he finally makes an offer to buy.

READ MORE - Nature of the Landlord-Tenant Relationship

Leasehold Extension on Your Flat

By Tim Bishop

You have enjoyed living in a leasehold property for the last 2 years, what's next? Leasehold extension is next sensible move - but don't panic and let it spoil your fun.
Well, I'll move out then and find somewhere else to live for a couple of years, you tell yourself.

Stop! It's not because you have lived in your flat for over two years that means you now must extend the lease nor is there any law that stipulates this.

Ask yourself: do you know how many years are left on your lease? If not, then find out. Has it dropped below 80 years? This is where your difficulty lies.

I'm not going to stay here for another 80 years, you protest. Who bothers with a leasehold extension? I probably won't live that long!

No, but your flat will and someone will want to buy it, whether that happens in one year or ten, twenty or thirty.

So let them buy it, let them extend the lease, what's the problem?

The problem is that your flat will have lost value and potential buyers will not only be put off by a short lease, but it is unlikely they will be able to secure a loan to purchase it -as mortgage companies really don't like lending on properties with short leases.

Oh.

Precisely. You understand what lies ahead if you don't apply now to extend your lease.

Ok then, so how do I do this and what does it involve?

Step One: by doing some simple research, you can read all about the process yourself and what it involves. When you know more on the topic you are able to discover exactly what your rights are and what are the responsibilities of your landlord.

And that's it? I just fill in a few forms, sign, send away and hey, I've extended the lease. Oh, and any big costs involved? Just a tiny administrative charge I guess?

No quite. Step Two: speak to a lawyer who specialises in leasehold extension. You will need the guidance of a professional to see you through any loopholes, clauses, discrepancies and agreements. The process of extending your lease is not difficult but it does sit in the legal sphere - and that means correct and professional experience and handling.

Two straightforward steps this is all?

Exactly.

Wey, hey...I can continue to enjoy my little pad. I'm off now to extend my lease!

READ MORE - Leasehold Extension on Your Flat

Bulls in the Real Estate Market - The Fundamental Concept

By Colin Scott

In this particular type of market the notion of buying is a very good one, the reason for the great benefits is because of the large amount of property inventory made accessible because of quick fire sales and home foreclosures. However there are also the responsibilities which come along with this venture as there will be homeowner insurance, monthly mortgages also the homeowner's tax and the maintenance of the property.

A very important thing for a buyer to know is all of the short fall and gains of this particular venture, because if you are a renter you will only be required to pay the monthly rent and nothing more. To be qualified for ownership requires you the candidate to have a steady paying job and a good down payment, and the advantages for investing right away is because of the low interest rates, a tax break on your income and also the advantage of first time buyer incentives.

As a homebuyer you will need to have information on all of the major Californian cities, as the median income for the household in Berkeley was about $59,335 against that of $70,079 in the county of Alameda and also $61,154 in the state of California. The median age in California was 36 years, compared to 34 years in Berkeley and 37 years in Alameda. Also as a home buyer you will need to go online and find a site that gives information about all the major cities and all places of interest like schools, latest demographics plus economic indicators.

READ MORE - Bulls in the Real Estate Market - The Fundamental Concept

Facts About California State Taxes

By Colin Scott

The taxes of California fall in three different categories such as taxes on property, taxes on income and taxes on sales. The first one to be put in focus is the income tax as is paid on personal income and varies depending on the size of property. There are six different tax bands and for the first $6,622 dollars of income one percent of tax will be deducted, and this rate

goes up by about two percent when the new tax bands are between $6,000 and $15,000 dollars.

The third due bracket is the one that is in the range of $15,000 to $24,000 dollars and the rate for this is four percent. And as the brackets go up so does the percentage by two percent and when it reaches about nine to ten percent it is then payable. For the incomes which are over a million dollars a surcharge of one percent is applied, thus making the highest income margin tax rate in the state of California? The submission of your tax returns should be done by April fifteen each year, they should be made on these following forms form 540A, form 540, form 540EZ and also form 540-ADS.

If couples are going to file there due returns together the levy brackets will be doubled, the issue of sales tax is very different throughout California. In the year 2002 the rate was about 7.24 percent and it included state taxes, local taxes and also county taxes, and the state component is roughly 6.25 percent and can vary depending on the state.

READ MORE - Facts About California State Taxes

The Backbone of the CEQA Process

By Trevor Street

The Initial Study Checklist will determine what type of CEQA document will be required for a project, whether it be a Negative Declaration, a Mitigated Negative Declaration, or an Environmental Impact Report. The questions posed in the Initial Study Checklist can also serve as significance threshold in the preparation of an Environmental Impact Report.

The determination of what type of CEQA document is required for a project is based on the responses to 89 questions covering 18 environmental issues contained in Appendix G of the Guidelines to the California Environmental Quality Act, prepared by the California Natural Resources Agency.

According to the California Natural Resources Agency, Appendix G is a sample form that may be modified as necessary to suit the lead agency and to address the particular circumstances of the project under consideration. In addition, the Third District Court of Appeal recently issued an opinion that clarified that all substantial evidence regarding potential impacts of a project must be considered, even if the particular potential impact is not listed in Appendix G. (Protect the Historic Amador Waterways, supra, 116 Cal.App.4th at 1109.)

In practice, Appendix G serves as the basis for the majority of Initial Study Checklists prepared by a lead agency. Even if a lead agency uses a modified form, the information contained in the Guide to the CEQA Initial Study Checklist 2010 can be useful.

Each of the 18 environmental issues described in Appendix G are covered in standalone chapters for easy reference. The CEQA document preparer can select what environmental issue they are interested in and find all of the information in that chapter.

This is not a book that has to be read cover to cover to be understood, but instead can be used as a quick reference source for whatever environmental topic the Initial Study Checklist preparer is interested in.

READ MORE - The Backbone of the CEQA Process

Dividing the Family Home

By James Witherspoon
(Legal/Real-Estate-Law)

For many couples who have been together for several years and established a life together, the family home is their most valuable asset. Because there is so much money that has gone into the home over the years (and may still be owed on the home), it is often an area of contention during divorce proceedings.

Because each state has different laws concerning family law, it is important to understand how your state's law applies to you. For experienced legal counsel regarding divorce in your state, contact a lawyer in your area at your soonest convenience. There are several legal procedures that you will be required to engage in no matter what choice you decide to make, so it is best to let an experienced attorney handle the paperwork, deadlines and other minute details.

READ MORE - Dividing the Family Home