My next Rentals • The best web for know all about rentals 【 2021 】 » May 20, 2021

Daily Archives: May 20, 2021

Rental
Read more

Can a landlord refuse rent payment?

When a tenant moves into a rental place, the most obvious expenses. That occur monthly or yearly is the rent to be paid. While moving in, the first and the last thing that matters to you is to pay the rent. So, think of the situation when the landlord refuses the rent payment, which serves as one of the income of the landlord. This made a tenant worry about the reason for doing so and whether it can cause eviction of the tenant. So, Can a landlord refuse rent payment?

There are some cases when this can happen as follows: 

  1. If the tenant pays only part of the rent, the landlord can refuse to take it. As in most of the agreements, the clause to make a full rent payment is mentioned. There is always a specified amount mentioned to pay monthly. It depends on the landlord whether they take the amount of rent partially or not, which could be seen in the past. If they have no issues accepting late or partial payments. Then they cannot refuse payment unless they give the tenant a notice to make full payment only. 
  2. If the landlord has given an eviction notice to the tenant unless tenants have meant to cover rental arrears. When the landlord issues an eviction notice. He/she definitely refuse to take the rent payment. This issue can only be solved if the tenant gives rental arrears. 
  3. The lease agreement has come to an end and the landlord has given the notice to vacate the place and there is no chance to renew it. The landlord won’t be accepting any further rent from the tenant.

The tenant pays the rent through another method, other than mentioned in the agreement, the landlord won’t accept the rent payment. The landlord won’t be obliged if the tenant makes the payment through the wrong mode. For example, the tenant has an agreement to pay the rent in cash but he/she makes a cheque payment, the landlord has the right to refuse it. 

Can a landlord refuse rent payment?

If the landlord starts turning down the tenant’s rent payment, the tenant should be aware that he/she may not be evicted due to this. Sometimes, landlords try to get rid of the tenants and use these tricks as they can’t legally evict them. The tenants should be aware of their rights and play safe to prevent unlawful eviction.

Landlord-Tenant law 

These laws vary from one state to another. But all of them try to protect the tenant from eviction without a cause. The notice of eviction can only be given in the following cases:

  1. The tenant has damaged the property. 
  2. The continuous late rent payment.
  3. Any illegal activity performed in the rental unit. 
  4. Violation of lease agreement more than once or twice and even not taken any preventative measures to stop or prevent them.. 

In these cases, the landlord provides the tenant with the “unconditional quit” notice. The tenant does not have any chance to make up with the landlord and can’t stay in the same unit. According to the state laws, the tenant has to timely pay the rent but what happens if the landlord refuses it`? As long as the tenant has not gone against the lease, their rights are safe. If they tried to pay the rent, he/she can prove that they have made the payment or at least tried them. 

How to prove that the tenant has paid the rent?

In case the tenant has made the full rent payment on time without any delay and even if the landlord has not given any notice, then the tenant has to prove that he/she made a full attempt to make the payment. In order to collect proof, the tenant can send the rent payment via registered mail to the landlord’s address which is registered in the lease agreement. The mail option provides the document which provides the details of payment and when the landlord received it. If the landlord refuses the payment, that will also be recorded. This way the evidence can be shown in the court if anything happens. 

No discrimination and no racism

The landlord can serve an eviction notice without any cause, but sometimes it might be illegal. For instance, the landlord refuses rent payment to evict you because of the colour, caste, religion, status or any other. The eviction on the basis of discrimination and retaliation is illegal in mostly all countries and states. This method is illegal and the tenant has filed a lawsuit against the landlord and can take other necessary steps required. 

Author’s Note- 

The landlord can refuse rent payment only in case of partial rent payment, valid eviction notice, the term of lease agreement turns out or payment made in the wrong mode other than specified in the agreement. The tenant should make sure, he/she may not get evicted without any cause and illegally.

Published by:
Rental
Read more

Can a landlord prohibit guests?

When a landlord leases his/her property, most of the day-to-day rights are transferred to the tenant. Whereas the landlord remains the owner. It means that the tenant can decide who can come or move out of the rental unit. But the things the guests might do, the tenant will be held responsible for that. Landlords may prohibit guests if it is mentioned in the agreement or they are living in the same unit. And the question arises that Can a landlord prohibit guests?

Lease Agreements – 

Most of the lease agreements do not have clauses regarding the prohibition of the guests, which may be an issue in the future and can cause conflicts between the landlord and the tenant. Mostly, there are no rules for stopping the guests from coming. It mostly depends on the tenant to allow them or not. But in case, the landlord lives in the same apartment, he might impose some restrictions for the same.

If the landlord has clearly mentioned the prohibition of guests in the unit in the agreement. The tenant has to either agree to the terms or has to find some other place, where they can get their type of lifestyle. In case, you have signed the agreement without reading it carefully, the debt is of the tenant. It’s his/her choice to stay in the wrong place or move to another place. 

The landlord cannot prohibit the guests when they are not living in the same unit, unless and until the landlord must have a legal reason against the tenant or has a solid purpose for the same. The landlord should move with caution in these types of cases. This may lead to filing a lawsuit against the landlord for acting rashly and unconsciously. 

Yes or No?

The answer to the question that can a landlord prohibit guests is NO in most cases. The exceptions are found everywhere, sometimes, there may be some rule and regulations that are made by the landlord part of the property agreement, in which the tenant cannot break the rule. If the property is misused or involved in illegal activities, the landlord can move the tenant and the guests out. 

Can a landlord prohibit guests?

States have different rules for can a landlord prohibit guests- 

Different states have different landlord-tenant rules. It is necessary that the tenant keep himself/herself updated with these rules and local laws before inviting a guest without the landlord’s permission. Mostly all states allow a landlord to set up reasonable guest limitations and rules for the entry of the guest at the tenant’s rental unit. Might possible, some states allow a certain number of guests while others may not and a landlord prohibit guests. 

The agreement should cover the following: 

  1. Period for how long, the guest is going to stay. 
  2. When the guest can become a tenant?
  3. No. of guests allowed at the unit at a time depending upon the size and proximity of the property. 
  4. Can guests use the common areas and their limitations? 
  5. Any violation done by guests, the tenant will be held responsible. 

Better relationship between the tenant and the landlord?

This can be done by having transparency and mutual contact. The tenant must inform the landlord before any visitor arrives. Just like other people, the tenants have little right to enjoy freedom, privacy and to meet their family members. Tenants to have a legal right to invite the guests and the landlord cannot ask them who the guest is and for how long they will stay. In case, they live for a long period, the landlord and the tenant must discuss the legal agreement made and solve the issue.

Avoid conflicts with the tenants? 

  1. The clauses and rules that are made by the housing committee must be shared with the tenant by the landlord openly. 
  2. Tenants and their relatives must follow the rules and regulations of society.
  3. Both sides of the party should agree on the rules. The neighbours should not be disturbed. 

A way to keep a check that the guests are not causing problems is to keep property scheduled checks or reviews that can be maintained weekly, monthly or yearly as per the landlord’s wish.

While checking, make sure that – 

  1. Signs that someone is becoming an illegal tenant. 
  2. A sign that the guest has damaged the property. 
  3. Any parking violations by the guests. 

Common Problems found by the landlord- 

1. Lot of noise due to loud guests and causing a problem to the neighbours.

A notice can be given to the tenant in order to ensure that the trouble is caused and solve it at the earliest. 

2. Suspect that guest is dealing with drugs- 

In this case, you may take the help of the local police. The landlord cannot directly accuse the tenant but he/she can make sure that illegal activities are not taking place in the rental unit. 

3. Pets of the guests are causing troubles- 

The tenant has to talk to the landlord if the guests violate any rule against the agreement. Tenants must ensure they or the guests do not violate any rule.

4. The guest staying for a long period- 

If the guest is living for a long period, the landlord can add him/her to the lease agreement or evict them for staying illegally without any agreement with them. 

Keep things clear and easy to prevent a landlord to prohibit guests- 

The best thing to avoid any conflicts between the landlord and the tenant is to keep things clear from day one. The agreement should include any guests rule or limitations and make sure the tenant is aware of that. Communication between both of them makes the situation easy to handle. 

Published by:
Rental
Read more

Can a landlord keep your stuff?

One of the most common arises when we enter into a lease or rental agreement, can a landlord keep the tenant’s stuff or he/she has the right over the tenant’s belongings? The answer is NO in most of the cases but in some cases, it can be a yes also. There might be a few reasons for the scenarios. 

In most cases, one cannot directly have the right to the tenant’s property or the landlord cannot sell or use it due to non-payment of the rent. But he/she can simply drive to the court for the eviction of the tenant or to perform any function like selling, claiming, etc. 

Is it legal for a landlord to take a tenant’s belongings?

If the tenant leaves things when moved out, evicted can the landlord sell them, keep them or throw them away. The things might include, furniture, clothes, appliances, or anything. 

A landlord can keep the tenant’s stuff in the following situations :

1. The tenant moved out without giving notice, the landlord gave an official notice, or the tenant made an agreement with the landlord to move out.

The tenant’s belongings can be kept with the landlord in this case. And can be used, sold or thrown away as per his wish. In case, if one thinks the tenant has moved out without notice, the place might be considered abandoned. If the rent is paid up as per the agreement, the place can’t be considered abandoned. Just the tenant has to make sure, before going for a long vacation or trip, he might inform the landlord and pay up the rent on time. 

Just in case, the landlord thinks the tenant has abandoned the place, he cannot take up the tenant’s things, he/she          must have to do the followings things first:

  • Apply to the tenant board for ending the tenancy of the tenant.
  • Give notice to the tenant and the board, if he/she wants to get rid of the tenant’s belongings within 30 days. 

In case, the amount of rent is due, he/she has the right to collect the overdue rent and even the extra charges for shifting and keeping the tenant’s belongings. If the tenant does not pay within 30 days or ask for stuff, he/she loses the right to his/her stuff. It only happens when the tenant has abandoned the place. Otherwise, just for not paying the rent, the landlord cannot have the right to the tenant’s stuff.

2. When the tenant is evicted by the tenant Board. 

In this case, also the right to use, throw or keep the tenant’s stuff can be under the landlord. – In this case, the tenant has about 72 hours after the committee makes an order to evict you, for the sheriff to evict tenants to get the belongings. During these 72 hours, he has to keep the tenant’s stuff and allow him/her to take them anytime as per the landlord’s instructions. If the landlord does not do this, it is against the law. The tenant and landlord come into an agreement or agree to some rules as per their satisfaction. And this should be in writing. 

3. The tenant moved out without any notice or agreement.

In case, the tenant moved out from the rental unit without any information, the landlord has the right over the tenant’s stuff. In this case, he/she can keep, throw or give away the tenant’s stuff without consulting them even.

Can a landlord keep your stuff?

The landlord can immediately sell, keep or throw the tenant’s stuff in the following cases:

  1. The tenant gives the notice to end the tenancy to the landlord.
  2. When the written notice is given by the landlord to end the tenancy.
  3. When the landlord and the tenant makes an agreement to end the tenancy. 

So, it is necessary that the tenant makes sure that he/she shifts the belongings before moving out. The tenant should make sure to shift the belongings before. Or on the date stated on the notice even if it is the day before the rent is due. Even make sure the tenant has a word with the landlord. In case he/she wishes to shift the stuff after a day or when the tenant gets a new rental unit to save from any future problem. 

Under no circumstances, other than mentioned above, one has no right over the tenant’s property. And cannot keep the tenant’s stuff for any reason. It is against the law and the tenant has sued the landlord for doing this for any reason. If a landlord is owed money by the tenant, he must get an order from the court in order to take any action.

Author’s Note:

The landlord does not have the right to the tenant’s belongings in any case, just other than a few. The tenant should always make sure to take all the stuff with him but has still no right over the stuff. The landlord and tenant must agree to the rules and clauses mentioned in the agreement and in the law books. 

Published by:
Rental
Read more

Can a landlord break a lease?

A lease agreement is a legal contract between the two parties that comes in mutual consent when one party conveys land or personal property to another party for a specific period in return for the payment. It outlines all the aspects of the rules and regulations under the lease arrangement. And Can a landlord break a lease that is necessary to be followed by the tenant? 

Terms and conditions in the lease agreement mostly consist of :

  1. Duration of the agreement – For long the lease agreement will be in effect or when it will end. 
  2. Rent/ amount of rent – The amount of rent that will be paid to the owner each month or quarterly or annually, and the consequences for failing to pay the agreed-upon amount by the due date.
  3. Any Deposits required – The amount of any deposits required, and the purpose of each deposit, and the conditions for the return of any deposit at the end of the lease.
  4. The number of occupants – The maximum number of occupants permitted in the building. 
  5. Insurance for any risk – Whether the lessee is required to maintain insurance on the property. 
  6. Repairs and Maintenance responsibility – Who will be responsible for repairs and maintenance to the property. 

Now, after knowing the lease agreement, the question arises that;

Can a landlord break a lease?

Yes, he may or may not break the lease depending on the situation. These situations may vary from one condition to another in the sense of legal documents or any breakage of any rule or due to any other situation availing in the present. Every state or country has different laws regarding landlord/tenant laws. 

landlord can break a lease?

Let’s see when a landlord breaks a lease :

         1. If the landlord wants to move- in the property – 

This process is known as owner Move-in eviction. The landlord has to provide notice before 60 days with reasonable notice if the landlord wishes to move-in before the expiry of the lease. The landlord must move-in once the tenant vacates the place. And use it as the home for a minimum of 36 months. Otherwise, the tenant can sue the landlord for wrongful eviction and can get back into the property. 

        2. If the landlord wants to sell the property – 

The landlord has to go through the lease agreement before thinking of selling the property. If he/she has the “lease termination due to sale “ clause, they can easily proceed before. Simply, the landlord can give a standard notice warning to vacate the property. Or declare an end to the lease if the property is sold before the end of the lease. This clause is not compulsory in every agreement. And the tenant can try that this clause must not be there to prevent any future conflicts. 

        3. If the tenant fails to pay the rent on time or late –

 the landlord can issue a notice of lease termination in case the tenant fails to pay the rent to the landlord and afterwards can also sue the tenant in case of not vacating the place. 

         4. If the tenant violates any clause in the agreement – 

the landlord can terminate the lease agreement in case the tenant violates any clause mentioned in the lease agreement and can sue the tenant in case of not vacating after sending the official notice. 

         5. If the tenant violates any responsibility imposed by the law –

some rules and regulations are imposed by the law or state, that are necessary to be followed by the tenant and in case any of the rules are violated, the termination can be done. 

          6. In case of any renovations –

the landlord can terminate the lease in case there are some renovations to be done in the buildings which need to empty the place but have to send the prior notice but in this case, the lease can be broken by the landlord. 

In any case of disagreement or any of the above cases, the tenant and landlord must have mutual consent to prevent the lease termination. The following cases perfectly showcase that the landlord can break a lease in the above cases. But it is also necessary that the landlord sends the official notice before the termination. 

In case the tenant continues to stay at the same place even after the letter of termination, the landlord can take the step of eviction. 

What is eviction when a landlord breaks a lease?? 

Eviction is the physical removal of the tenant from his/her property ordered by the court with the help of the law- enforcement officer. For the termination of the lease, the landlord has to file a lawsuit if the tenant continues to stay even after the notice. In this case, the officers help in the removal of the tenant. 

Author’s Note 

It is quite simple that the landlord can break a lease in case of a few matters. Like the landlord is moving in, the selling of the property, violations of law, rules, and regulations, or any renovations, etc.  The landlord can even take the help of the court in case the tenant doesn’t empty the place even after the notice provided. So, it’s better to check the agreement before confirming and signing and check for a breakage agreement by the landlord.

Published by:
Coporation
Read more

Can an organization own a corporation?

A corporation could be a lawfully based mostly institution that’s separate and well-defined from its homeowners. firms fancy most of the rights and responsibilities that a personal firm enjoys. they will own assets, use folks, will take loans and borrow cash, will sue and be sued, and pay taxes. they will be thought of as a “legal person “.

Corporations

Corporations have some vital parts like liability, which suggests that each owner or we are saying shareowner encompasses a liability reckoning he/she has endowed within the corporation. Shareholders could participate in the profits created by the corporate through dividends and stock appreciation. However, they’re not in person chargeable for the company’s debt. Most of the well-known businesses within the world are firms. for instance, Microsoft Corporation, Google, Coca-Cola corporation, and plenty of additional.

Corporation own a corporation

To become an organization, an easy and direct procedure is concerned however, it varies from state to state or the state tend to reside in. the primary most typical issue is to use for an editorial of incorporation with the state and issue stock to the company’s shareholders. The shareholders can elect the board of administrators with mutual consent. A person may be concerned in additional than one business. once an individual is concerned in additional than one business or multiple businesses, the primary question that evolves in our mind is :

Can an organization own a corporation?

So, the solution to the present question is affirmative. Several entrepreneurs originated multiple firms to contour their taxes, to learn their shareholders, or to boost their company finances. Let’s get into details concerning all this. There are 2 most typical styles of the corporation that are:

(i) S- corporation

(ii)C- corporation

“S” and “C” firms just describe a federal tax election created by the corporation. They each principally lie the federal country.

  • S- Corporation

S firms are those corps that provide tax benefits and they will solely acquire up to one hundred shareholders. This helps to limit private liability for businesses and acquire company tax edges. Sometimes, the corporation directly passes financial gain to the shareholders’ accounts to avoid wasting themselves from double taxation. Filing underneath the S- an organization could be a very little additional long and additionally needs cash.

  • C- Corporation

In this form of a corporation, the taxes are individually paid from the entity apart from shareholders or homeowners. These firms don’t have any limit on the number of shareholders. it’s the business structure that helps to set-up a fancy network of ventures during this corporation. it’s fewer limitations than S- firms.

S- corps and C- corps have several similarities however they’re different in their complicated technique of taxation and possession. C- corps are subject to double taxation whereas S- corps are pass-through tax entities, permitting them to avoid being taxed at the company level and once more on shareholders’ financial gain taxes. Once it involves company possession, C-corps haven’t any restriction on possession, which matches back to our purpose concerning them having unlimited growth potential.

However, S- corps do not have that luxury as they are restricted to no over one hundred shareholders. Also, S- houses can’t be owned by a C- corp, alternative S- corps, LLCs, partnerships, or several trusts. however, a chouse has no limits on who or what may be a shareowner. Compare firms and LLCs with our business comparison chart.

Which corporation can own any other corp or the other form of business?

S- firms have several restrictions relating to their possession. The shareholders may be the homeowners, however, they can’t embrace – non-resident voters and partnerships and firms. S- corp is that the organization that may own the other corps like C- firms, LLC, and others. Once an S- house owns a C- house, it provides flexibility that even helps in tax edges. Filing for C- corporation is a straightforward and painless procedure.

How to incorporate different corporations?

Basic steps that are concerned in incorporation are :

  1. Choose the name and address of the firm
  2. Choose the state within which the owner or promoter desires to include.
  3. Select the simplest form of the corp. for the business: LLC, S- Corp, or C- corp.
  4. Determine the board of administrators.
  5. Choose the share type: dividends, equity shares, or stock.
  6. After the clearance by the state, the certificate of incorporation may be obtained.
  7. The method and file the incorporation

Author’s Note

So, it may be simply finished that each style of firm principally has a constant procedure for incorporation. However, once it involves possession and tax edges, the S and C corps have different behaviours. And S- house will merely own C- house and even have the tax edges.

Published by:
Coporation
Read more

Which Business Form has the Advantage of Limited Liability?

Limited liability is a business structure where a person’s financial status or liability where the corporate loss will not exceed the amount of investment in a partnership or limited liability. Limited liability is one of the advantageous things for investors. Which business form has the advantage of limited liability?

Limited liability and capital accounts

Limited liability and capital accounts

Some partnerships organize their partnerships just to retain liability to allow partners to only retain liability for payments of debts to the capital accounts in the business. Rather than requiring partners for personal whole debts and losses, it is a requirement of a partnership agreement to assume liability for the debts only for the extent of the capital of the business. Each partner begins with investing in their business and it grew in the share profit or whether they add further investment into capital.

Shareholder liability

It is an individual institution that legally owns one or more shares of a public corporation. Shareholders are not personally liable for the debts of the business or corporation. They possess limited consideration over debts and limited consideration for unpaid considerations owed by them to the business of the corporation. Creditors should not impose liability on shareholders, considering it as a whole legal entity. Creditors can sue the corporation for unpaid debts but cannot sue shareholders personally.

Limited liability entities

which business form has the advantage of limited liability

Limited liability entities are required to register their organization, where they held, where they operate under the laws of states as to hold in jurisdictions. The owners of these entities have many advantages of limited liability but before these, you need to conform to your corporation under state laws, otherwise, you are not liable to enjoy these advantages comes under limited liability.

Although in unlimited liability obligates shareholders and owners to cover the assets of liability personally of and organizations, where limited liability entities are not liable for involving personal assets of any individual. Limited liability partnerships, limited partnerships, and limited liability companies are three common forms of limited liabilities.

How does a limited liability company work?

In short Limited Liability Company helps you to keep your personal finance away from paying debts and obligations of your company or business. Limited liability is a legal structure in which members of the corporation cannot be held personally for any liability.

An LLC enforces you to pay taxes; it is still profitable to pay your personal tax rather than paying the corporation’s taxes. A limited liability company is a hybrid business structure that is a combination of flexibility, simplicity, and tax advantages of a partnership within the liability of a corporation.

According to IRS today about 2.4 million businesses identify as LLCs and they are growing in numbers day by day faster than the rest of the business types. There are no specific conditions over the addition of members in an LLC.

If you have business partners or employees, an LLC protects you from personal liabilities. Limited Liability is a legal structure of organizations that limits the extent of economic loss.

The pros of limited liability

Limited liability:

Members of the corporation are not personally responsible for any actions of the corporation. This means the assets of members; like cars, homes, estate, etc. are under the protection of creditors. This protection is long-living, till you run your business. This helps to keep personal finances away from the business.

Pass-through federal taxation:

The profit of an LLC is a pass-through entity, which means its profit goes to all members of the corporation rather than profiting a single entity, and taxes on the company level rather than the individual. And if your business is facing some losses then you can lower your tax burdens with your members.

Management flexibility:

An LLC manages its members, which allows all owners to make day-to-day decisions on equal half. This is helpful for those people who do not have that much experience in business and it is hard for them to make decisions over what will be best for the business. Its management flexibility makes members important in the eyes of everyone.

Easy startup and upkeep:

The initial fee for an LLC paperwork is relatively light, though there is a wide variation in fees and taxes according to state to state. Besides these variations, this process is simple for owners to handle without special expertise, or you can consult a lawyer or an accountant in the case of help.

Which Business Form has the Advantage of Limited Liability?

There are some business organizational ones include advantages of limited liability the like following:

Partnership:

Compared to other business types es, the partnership is the job of minimal paperwork and includes less legal documents. There is no single superior and others are inferior, partners are combine expertise. All work is distributed among whole members.

Corporation:

A corporation is a business organization that acts as a separate entity from its members. A corporation pays its own taxes before distributing the profit among the members. There are certain advantages to members that they are not responsible for business debts and taxes.

Sole proprietorship:

This is the easiest business setup. There are no multiple owners. Just a single owner who is free to make his own decisions without asking for anyone’s consent. Even the tax reporting is easy in this business and the start-up is even costs low.

Co-operative:

A cooperative is a private business or an organization in which a group of individuals works for the same goal. The options of funding are greater, even the disruption is less.

Limited liability company:

Which business form has the advantage of limited liability? The most common form of a business for small businesses is a limited liability company. It is a defined separate legal entity. Even the management of the limited liability is flexible. All members are free to make choices regarding changes or some alterations in business.

 

 

Published by:
Rental
Read more

What is Real Estate Security?

What is real estate security? It is land along with any permanent possession attached to the land; this can be any permanent manmade addition, such as houses, vehicles, or buildings.

In simple words, real estate is a kind of real property but its characteristics are quite different from permanent property. For example, boats, vehicles, ornaments, etc. are personal property that is movable. And the land, buildings, etc. are real property that is immovable. Many confuse permanent property with real property.

Physical Features of Real Estate

  1. Immovable: As real estate contains lands and buildings which are obviously immovable, but they are alterable and removable too. Real estate compiles above and below the land.
  2. Uniqueness: Two pieces of land cannot be the same. They can share similarities to some extent but cannot be the same whole together.
  3. Indestructibility: Land is a permanent kind of property that is long-living, durable, and cannot be destroyed. The land is neither be created nor be destroyed.

Economic Features of Real Estate

  1. Scarcity: Scarcity means having not much around. The scarce characteristic of land is, it is immovable just a limited piece of land, and once it is gone forever. Once you lose, its property value also changes. If the land has a positive impact then the prices will be higher.
  2. Improvement: It means adding arrangements to your piece of land. Building house, pool, garden, etc. are the improvements of your land, it increases the value of your estate.
  3. Area preference: Since land is the scarce featured property, you have no choice over appearance or making of it but you have a choice over the selection of area. If you are looking for a building house then you can make choice over, is there any school nearby, local market availability, bus station, etc. on behalf of such demands you can choose which area will be convenient for living.

Types of real estate

  1. Residential real estate: This piece of land is for residency purposes. One can build a house, duplex, flat system, condos, cooperatives, etc. by their own wish.
  2. Industrial real estate: It is a land which is purchased for the industrial purposes such as, manufacturing, production, storage, distribution, research and developing, etc.
  3. Commercial real estate: Any property mainly used for the business purpose is a commercial real estate. Commercial purposes such as, huge complexes, grocery stores, gas station, hospitals, hotels, parking facilities, etc.
  4. Land: Land is just an undeveloped property. This is raw in feature, without any improvements in it, which is totally vacant land, agricultural land, etc.
  5. Special purpose: The property which is purchased for the special purpose, mainly it is for the public usage and in possession of the government itself. These lands are for cemeteries, place of worships, building schools, libraries, and parks, etc.

Real estate Security

Means the security of public interests such as, security of lands, companies, houses, buildings, etc. It is an investment of trust, commercial mortgage securities, interests in pooled investment entities, etc.

  • The term real estate security means the security of any kind of electronic agreement, certificate, or an oral, written agreement, opportunity, or understanding is a lien upon any specific public or government capital for security. Many real estate investors are lien for major security exchanges throughout the session.
  • Investors mostly expect financial security to exhibit more profits. A real estate security comes with certain reasonable conditions too. Sometimes we consider real estate as a security, but it’s not. It is not security when you actually look after but it is when you sign an agreement based for three specific components-
  1. Expectation of a profit with financial security.
  2. Common enterprise.
  3. Depending solely for the success even with the effort of others.

This last component may look unreasonable for investors.

  • Your home residency would not open a way of an income unless you rent it and your primary residence would not generate cash, for generating cash flow the two factors are essential-
  1. Stocks generate mainly dividends.
  2. Investment property helps in generating rent.
  • Carrying costs of your primary residency is a responsibility, but have you ever think your home requires ongoing payments, such as
  1. Bills of appliances.
  2. Mortgage payments.
  3. Utilities.
  4. Taxes.
  5. Insurance.
  • These are some significant expenses, you might don’t feel any burden of it because it is providing a roof over your head, however, this high investment will not make money through it.

Other Notes of Real Estate Security

  • Your primary residency is a liability investment, you cannot look toward it is a real investment because you cannot generate money through it. Maybe you can rent your property to a tenant, still, it won’t make that significant money throughout,
  • A real estate security is an investment you enter into with another party. You are not engaged in maintenance and management of the estate, it is just like buying shares of an investment company. The principals of publicly traded real estate securities are globally available for operating estates of company, investing trusts, and operating residential, commercial securities.
  • You can make money through the real estate with ensuring a real estate security if you have land if you do certain improvements in it like building smart house, pools, lifts, garden, etc. it will increase the value of that particular property, and after adding all these things you can sell property with more profit making value.
  • But sometimes you can face defeat also, as the value of the property may fall due to many reasons like, increasing vacancies, declination of rents due to economy, resulting into declination of tax, technological development, sensitivity over the security of finance, etc. can affect such important factors too.
  • Real estate security provides a way to invest in companies that own commercial properties such as complexes, shopping malls, hotels, motels, building, apartments, etc.
Published by:
Legal
Read more

Can You Remove Someone From a Lease Without Their Consent?

Can you remove someone from a lease without their consent, is it quite a difficult job if this is unreasonable? A lease is a contract, outlining the terms and conditions under which one party rents the property which is owned by the second party. Leases are legal documents that represent the terms and conditions forthcoming for the rental agreement. These leases bind both parties with an agreement and enforceable to both of the parties.

Not all leases are the same they vary with the content of it, but there are some common features; the lessee and lessor, rent amount, due date, etc. The landlord; the person who owns the property before the tenant occupies the property.

Types of Tenancies

Tenancy for years:

These types of tenancies are for a specific fixed duration. In common law, it can occur to extend the duration, but in such case, there would be certain conditions placed, like tenancy up to some event such as; until our nephew shifts here and so on. Tenancies of years may include the rental agreement of some years, months, or even specific weeks still be called ‘’tenancy of years’’.

At will tenancy:

In case, if landlord, does not want to evict his/her tenant but wants his property for a specific duration then he can do that thing too without evicting the tenant.

Periodic tenancy:

It is a tenancy of year to year, month to month, or week to week. This is for the estate which stays out of occupation for a specific period.

Tenancy at will:

In this type of tenancy, either tenant or landlord holds the authority of terminating the tenancy at any time with proper notice. The tenancy may last for several years but can terminate at any time either by a lessor or by lease either for a proper reason or not. For terminating it proper notice is required.

Tenancy at sufferance:

In this kind of tenancy, the tenant remains in possession even after the termination of the lease, until the landlord ejects him/her from the estate. In such cases, the tenant is kind of trespasser here and possession over such property does not fit into true estate land, here the law recognizes the authority over the land and holds the tenant reliable for rent, here no one is liable to question can you remove someone from a lease without their consent.

Breach of Lease

Can You Remove Someone From a Lease Without Their Consent?

A breach of lease occurs when either landlord or tenant breaks violates rights. Some people maintain a landlord-tenant relationship without melancholy but this happens even if both parties are great at creating problems. There are certain conditions of the breach.

  • When tenants bring alterations in a property without the consent of the estate owner;
  • If a tenant makes noise throughout the day;
  • Allowing pets at the property without permission of landlord;
  • Damages caused due to tenant’s negligence;
  • Engulf all the parts of estate for personal use without sub-holding to limits of usage in property;
  • Not following society’s obligations
  • If the tenant does not leave even after termination of agreement over occupancy of the estate;

Removing Someone From a Lease Without Their Consent, is it Feasible?

Can you remove someone from a lease without their consent is the main problem for most of landlords. There are certain situations when removing tenant is vital:

  • When it becomes mandatory to eject a bad tenant from your estate, removing him/her is the best option whether he/she like it or not.
  • But keeping the rights of a tenant of occupancy of the property, someone cannot erase those rights for themselves own self.
  • For landlords, there are still some situations where they can remove tenants from their estate with proper notice.
  • Or if landlords do not want to eject tenant then they can introduce new terms and conditions with proper notice.
  • This termination before the expiration of tenancy can only be done if the rights of the lease have been violated.
  • The deadline for an eviction is at least 30 days after filing an eviction notice.
  • Even if the tenant breaches the lease, landlords have remedies to go through the removal of the tenant.
  • The popular remedy is, the landlord can carry out repair work of the estate and reclaim money from the tenant, in case of some equitable remedy.
  • If the breach by the tenant is fixable then there is no need to remove him or her and restrain him or her from the property.
  • Can you remove someone from a lease without their consent; the answer will be partial in this case, because for both parties, the statute has provided rights and remedies, you cannot challenge those rights for a personal whim.

Common Tips for Renters

  • Always make sure you notify your landlord about changing living arrangements.
  • A divorce settlement can leave an impact on remaining as a tenant for the same estate.
  • If your roommate just moved out and you can’t afford to pay the whole rent.
  • If you are about to bring a partner to live with you then make sure you notify your landlord.
  • Your wise living will not create any problem in your duration of the tenancy.
Published by:
which business form has the advantage of limited liability Legal
Read more

Can You Add Members to an LLC?

LLC is known as a Limited Liability Company. It is a kind of pass-through taxation of partnership and sole proprietorship with LLC. In US states certain businesses such as legal medical services cannot have limited liability licenses. But they must require a Professional Limited Liability Company (PLLC). This article is about, can you add members to an LLC?

Features of an LLC

  • An LLC has a hybrid legal entity. Because it possesses both characteristics of corporation and partnership or sole proprietorship.
  • It shares its characteristics of limited liability with the corporation and shares pass-through taxation with partnership or sole proprietorship.
  • It is a legal entity.
  • LLC is said as ‘organized’ rather than ‘incorporated’ because its documents are always said as ‘articles of organization’ instead of ‘articles of incorporation.
  • LLC has a legal partnership with the arrangements that require the fulfillment of ‘articles of organization’.
  • Sometimes it is difficult to veil LLC because it does not have many formalities for one to maintain.
  • The regulations under limited liability vary according to the different states and their regulations.
  • As liability varies from state to state, although, the requirements under the LLC vary from state to state.

Importance of an LLC

  • LLC draws some additional benefits to your corporation and partnership or sole proprietorship.
  • It maintains the limited liability status among legal entities.
  • Having LLC benefits in certain lawsuits, such as, if your company had been caught in certain illegal activity, then the court goes through the assets of the corporation instead of the owner, for the sake of damages.
  • But if the owner was involved in a certain scam then here the case changes, the court does not compensate to limited liability.
  • It is not compulsory to have LLC for your business or corporation, but it is one of the several methods of organizing your entity.
  • In the case of a sole proprietorship, it is not compulsory to have LLC because there would be only one person working as the main of the corporation and does not need any kind of protection from debts.
  • It is helpful for, if you are not sure that your business would make that much money then you can always decide to have formed an LLC later for least debts.
  • If you are willing to start a business without an LLC, then you might commingle your personal finances with your business finances.
  • If you are a single member of an LLC, you are your own decision-maker and do not have to make decisions encompass from other partners.
  • A corporation having multiple owners also delineated by different obligations, and not a single person would be responsible for paying debts of an LLC.

How to Apply for Adding an LLC?

  • First of all, you have to choose a trading name or business name. While making sure your entity’s name does not infringe on any existing business or trade.
  • Secondly, you need to file articles of organization. To create your LLC you must have to file articles of organization of your state’s office.
  • Some states mention ‘articles of organization’ as a ‘certificate of organization’.
  • Choose your registered agent. LLC requires a registered agent because this agent possesses a physical address in your state to request your LLC.
  • Most people with small businesses choose to manage their LLCs on their own, but the request of an LLC includes the involvement of some outsiders to manage your LLC.
  • Then you have to create an LLC operating agreement to establish your business with an LLC to run in harmony.
  • If you want to hire employees you first need to have an EIN number that would allow you to have it taxed as a whole business of the corporation, instead of giving debt to a single person.
  • LLC agents check for the business license before handling you with an LLC. So first make sure you have a proper business license ensuring what kind of business you do to make it public record.
  • After handling you with an LLC, you have to file annual reports.
  • You cannot use the same LLC of state for settling the same business in another state, you have to apply for a new LLC.

Can I Add Members in One LLC?

Many business holders manage to have their LLC because of its vulnerability and to provide it with the limited liability of a corporation or trade. It removes all the complexity and manages incorporation. If one has his LLC and wants to add members to his LLC then he needs to work with the consent. Every member and make an agreement passing the consent of every single member. Following are some steps to keep in mind and obligate during you add new members in on LLC:

  • Before adding members figure out terms and conditions and give a clear vision of obligations members have to follow.
  • Voting of members should be done over the terms of the corporation to make sure of the consent and it is compulsory to operate an agreement.
  • Make these entire procedures official.
  • Keep updated your articles of organization. This will amid all the paperwork when you requested an LLC.
  • Then file a tax form. Now you are no more a sole proprietor if your corporation has more than one owner. Then consult your business attorney to avoid lending of taxation on a single owner.
  • If you want to change the trade’s name with the whole consent of its members too. Then you have to notify IRS and register a new name.
  • But the state government governs the rulings over management and formation of who can be a member of the same LLC.
  • This LLC saves owners and shields them from personal liability for the corporation’s payroll of taxes and other debts.
  • The operating agreement should have the content of delivering a working guide for every member of a single LLC. This agreement is for the revocation of obligations.

Understand the Consequences Before Adding Members to an LLC

Can you add members to an LLC? Yes. When you add a new member to your trade, he might overcome with growing your business. But at the same time, the profit will also get distributed among all the members. Once someone becomes a member of your corporation it becomes hard to remove him. Bringing a new member to your corporation helps to change the tax status of your profile. Before making a decision over adding a new member vote on an Amendment for adding.

Published by:
Legal
Read more

Can the Executor of a Will Change the Will?

The executor of a will is a person, who handles the inheritance legitimately. The person who hired him to look after the distribution of his inheritance after his demise. The executor is responsible for maintaining, handling, and completing the whole process of the decedent’s property. Can the executor of a will change the will? The executor cannot sway with his own benefit there are some responsibilities he has to obey:

 

Responsibilities of the Executor of Will

  • An executor plays a crucial role in implementing. He delivers the wish of the deceased as it is mentioned in the will.
  • An executor, therefore, cannot behave bias on behalf of his own benefit and cannot change the will on his wish.
  • The executor has the authority to dispose of the intentions of the testator as per his wish.
  • He is responsible for settling and disposing of the assets as per the will of the estate owner.
  • The only executor can probate the estate at its correct time and requirement, and only he has the authority to apply for the probate.
  • An executor should be sound-minded. He should provide all the documents and also be there to complete the whole procedure.
  • If the testator lends someone money or took any expense before his demise, this work is done through the assets left by the deceased.
  • In case there is no one mentioned as an executive in a will, then the court decides who will administer the will. Then the administrator will dispose of the will on behalf of the testator.
  • Even if in one of the cases where the nominee itself is an executor and the will has mentioned there will be equal distribution of the estate. Then the executor nominee has sole responsibility to distribute equal assets.
  • If the executor behaves allegedly, the family of the deceased or nominees has the right to file a lawsuit against him.

Can the Executor Change the Will?

Simply no, the executor is the legally authorized person, present there for listing the deceased’s wishes as it is delineated to him in the form of will. There are strict rulings and obligations for every executor even if he/she is one of the nominees. There are certain things that the executor cannot do, according to his own will, rather than the testator.

  • An executor is a fiduciary element of the system. This term is for those who lend by the responsibility of one’s will and acting on behalf of him with honesty.
  • They work for the best management of assets, affairs regarding the estate, or any other duty regarded them by the testator.
  • Beneficiary’s action of an executor for himself and disagreement of nominees over will.
  • In case of a dispute made by an executor, the court has the right to remove the executor.
  • If you could prove before the court that the executor is handling the assets incompetently and misleading them. The court will remove the executor from the case and give you a replacement. As every court has a priority list of individuals who can better take care of the assets and obey in conduct.
  • The executor has great formal authority as they have a big job of managing the assets, paying debts and distributing finances, etc.
  • Executors have a right to change the will. But if this is the demand of the testator only then he can do this job. Without his consent, he is not liable for making hustle and bustle in the will.
  • The authority you give them isn’t limitless. But there are systems too, to keep a check on the accounting over the expenses done by the executor.
  • It is better to hire an executor who is trustworthy to you and you can guarantee him with the internal affairs.

Things to Keep in Mind Before Preparing for a Will

Can the executor of the will change the will? A will is basically an estate plan. A plan of giving whom the power of attorney, also giving whom the finances, and many more. The thought of going to die, makes some people shiver.

The death of a person, without a will, triggers intestacy laws. They take the responsibility of the management of assets, paying debts, and distributing equal estate within the members of the family or among the demised person’s children.

Some people possess the least amount of assets; the distribution of such estate is an easy job. But the one who possesses a large amount of estate and doesn’t have a specific idea about managing. Always go through a piece of expert advice and not try making it by you. However, those self-prepared wills aren’t properly draft and signed. To avoid mistakes, reducing taxes, and potentially save your money, consult with your estate lawyer.

Be careful while selecting nominees, guardians, and trustees. Some people find this job of making own will act of mortality. If you have children and want to raise them with amenity then leaving to prepare a will is not a worthy option for you.

Any time you can bring a significant change in your life. The birth of a child, a death of an individual who was the only financial supporter of a family, the retirement of guardians, etc. It is a good time to review your will.

 

Published by: