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Long Island Sound business franchise attorney

Becoming a business owner can be one of the most meaningful career moves of your life. Owning your own business allows you to control how your business is run, decide how your employees are managed, and steer the business in the direction that you want. When buying a business, potential owners have two options: purchase a standalone business or a franchise location. There are both positives and negatives associated with purchasing a franchise business. It is important for anyone considering such a big purchase to research what owning a franchise business entails.

Franchised Businesses Have an Established Business Model

When a business becomes very successful, the owner may choose to franchise the company. This allows other private owners to purchase the rights to operate a franchise location of the larger parent company. Many first-time business owners find the option of buying an existing franchise location especially attractive. Unlike buying or starting an independent business, you will not need to create a business model from scratch when purchasing a franchise. An effective, reproducible business model already exists. In many franchise purchases, formal training from the parent company and ongoing support are also available. Of course, if you are someone who desires a great deal of freedom in how your business is run, you may not wish to be confined by a parent company.

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Connecticut real estate lawyersOver the last few years, the American economy has largely improved, but for many families, times are still quite tough. When an individual or family is experiencing financial hardship, they may reach a point where they must start selling or liquidating some of their assets—possibly including their homes. In some cases, a homeowner may need to sell his or her home for less than the amount that remains to be paid on his or her mortgage. Such a transaction is called a short sale, and it may be one way for a homeowner who is behind on mortgage payments to avoid foreclosure.

The Basic Requirements of a Short Sale

Selling a home in a short sale is a complicated process for a number of reasons. First, there are always challenges associated with selling a house. Next, because the sale price of the home will be less than what is owed on the mortgage, the amount left on the loan after the proceeds of the sale are applied—known as a “deficiency”—must be accounted for during negotiations. Lastly, a short sale is only a good option if all interested parties are on the same page and agree to the deal. In many cases, the most challenging element of the transaction is getting the lender to allow a short sale.

If you are trying to convince a lender to agree to a short sale, you will generally need to meet a few requirements:

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Norwalk business succession plan attorney

For a lot of business owners, their professional and personal lives can become intertwined. This is especially true for small business owners. Many of these businesses were founded by the current owner, while others may have been passed down through generations. Regardless of how a business was formulated, it is important to prepare for the next step by creating a succession plan. Business owners cannot run their business forever and must prepare for a future to avoid losing the business altogether. Delegating the livelihood you have created to another person can be difficult, but with the correct legal assistance, you can ensure that your business lands in the appropriate hands.

Who Can Take Over My Business?

There are five common ways in which a business owner transfers ownership of his or her company. Many business owners will choose a person with whom they are familiar to take on their business relations. This can include a current co-owner, a family member or heir, or a key employee who they think would best run the company. On the other hand, some owners wish to have an outside party, such as an entrepreneur, come in to bring new ideas to the table and avoid familial conflicts that can come along with passing your business to a relative. Businesses that have multiple owners can sell their ownership rights back to the overarching company. 

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Norwalk real estate attorney

Every state has its own laws regarding real estate sales. In some states, hiring a legal professional is optional for home buyers or sellers, but Connecticut is not one of those. In Connecticut, state law requires all home buyers and sellers to involve a real estate attorney in the process. You may be thinking, how would a real estate attorney help me sell or buy a house? However, having an experienced real estate attorney by your side can save you from making legal mistakes that could land you in legal and/or financial trouble later.

What Will My Real Estate Attorney Do?

You may think that buying or selling a home simply requires the signing of a contract and the handing over of keys, but there is much more to it. Real estate agents will establish the selling price and the terms in a contract between the buying and selling parties. The real estate attorney will review this contract and negotiate any repairs and adjustments that should be made to the contract. This is to ensure that everything is in order and is acceptable before officially completing the large sale or purchase.

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Fairfield County reverse mortgage attorney

Mortgage payments, like any large loan, can make homeowners anxious. Most people understand how mortgages work: an individual borrows money from the bank to help finance the house, then makes monthly payments to pay off the debt. The loan must either be paid off in full or the home must be sold, which ends the mortgage payments for that particular property. A reverse mortgage works the opposite way. This type of home loan converts a property’s equity into cash payments. Some homeowners select to receive monthly installments or a large lump sum all at once. The reverse mortgage process may be a viable option for certain people, depending on their situation. There are also some qualifications that must be met for an individual to be considered eligible for this financial opportunity.

Do I Qualify For a Reverse Mortgage?

Reverse mortgages are not available for all homeowners, especially not young ones. Those individuals wishing to take advantage of this type of loan must be at least 62 years of age and own most of their primary residence. It is possible to have an outstanding mortgage on the house; however, it should be less than 50 percent of the home’s value.

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Norwalk real estate foreclosure attorney

Going through a foreclosure is a situation that no homeowner expects or wishes to be in. Foreclosure is the process by which lenders recover an unpaid loan. The lender will repossess the property and resell it to make up for the monetary loss. In many cases, this happens to homeowners who fail to pay their mortgage on time. While this may sound like a harsh and sudden consequence, certain processes must be followed during foreclosure, providing homeowners with some notice before their home is taken away.

The Stages of Foreclosure

The four primary stages involved in foreclosure cases are:

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Long Island Sound real estate attorney

Liens are common in contracts with property and high-value assets, yet many people do not know what they are and what they do. A lien gives someone the right to another person’s property. These rights remain “dormant” unless debts are incurred on that particular property. The most common example is a home loan. When an individual borrows money to help pay off a home through a loan, the property itself becomes collateral. In other words, a person agrees to allow the lender to take his or her property through foreclosure if he or she does not pay the money owed on the house. 

Tax liens work in a similar fashion. Local governments and the IRS can use liens to collect unpaid taxes. These liens do not have a single property listed, but rather, all current and future assets are available. Local governments and the IRS can collect from bank accounts and are able to collect money before all other creditors.

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Stamford, CT contract drafting attorney

In all business relations, a contract should be written to ensure that all parties complete their end of the deal. Some businesses trust verbal agreements; however, those types of agreements are not always legally enforceable, as there is no written consent to back up a claim. While a contract does require agreement from both parties, it also creates formal obligations that can be enforced if necessary, while a verbal agreement does not. Regardless of your relationship with the other party, a legal contract is important to avoid future conflict and eliminate any gray areas that may exist.

Business Contract Necessities

Business contracts have elements that are required to make them eligible and enforceable in court. Much like marriage vows, business agreements have requirements that relate to the parties signing the contract and the agreement itself.

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Stamford, CT landlord or tenant attorneyThe “bad tenant” and “mean landlord” stereotypes have always existed, and while they may not always have issues, it is fairly common for a landlord and tenants to butt heads. Tenants have certain expectations for their living space and landlords have to attempt to please every tenant in one form or another. Small issues are bound to occur between the building owner and his or her residents, but sometimes the disputes become big enough to require legal representation.

Common Complaints About Tenants

Complaining occurs on both sides of the housing contracts. The following are common issues that landlords experience with their buildings’ inhabitants:

  1. Paying Rent Late: Most people have paid their rent late at least once in their life. This may seem like a minor inconvenience for landlords, but there is more behind the scenes. A landlord’s business relies on the cash flow from tenants. Without this money, it can affect his or her ability to maintain the building and pay overall utility bills to keep everything in working order. If rent is late, a landlord can take legal action against the tenant and start the eviction process if late payments become a habit.

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