Complex Situations That You Should Get Legal Advice For
September 1, 2021 | Kirk Callender
When it comes to getting involved in real estate, it turns out that the process can become pretty complicated pretty quickly. Whether you’re buying, selling, or renting, it’s important to make sure that all of your legal i’s are dotted and t’s are crossed. In some cases, that means seeking legal counsel to make sure you don’t miss anything or cross lines you aren’t supposed to.
No landlord (or tenant, for that matter) actually wants to be involved in the eviction process. It’s far easier for everyone if the landlord-tenant relationship is amicable and everyone behaves as they should, honoring the lease agreement. Unfortunately, according to All Property Management, that isn’t always the case and sometimes tenants need to be evicted. There is a legal process that landlords must go through in order to legally evict a tenant. If you aren’t familiar with it or if you don’t know exactly how to go through it, seek legal counsel before making any moves.
Adding a Partner
Becoming a landlord means you’re officially a business owner. Being a business owner comes with a lot of responsibility. If you find it overwhelming, you may consider adding a partner to help share the load. Adding a partner can be tricky, and it’s important to make sure it’s done properly. It can have significant ramifications for your business. According to Freeman Lovell, a multi-owned LLC will be taxed as a partnership by default. Additionally, if you happen to part ways, you’ll want to have defined how that is expected to happen beforehand. Getting legal help can go a long way towards making sure that everything is set up and structured in an ideal way for your business.
Getting Set Up
It’s not a bad idea to get legal advice from the get-go, in addition to getting it along the way. According to Rod Khleif, seeking advice about how to structure your business, what your legal responsibilities are, and how to make sure your investment is protected is always going to be a good idea. By getting legal counsel at the beginning, you’ll be setting yourself up for greater success and hopefully avoiding legal mishaps that could land you and your business in trouble.
Certain situations that sometimes come up in real estate are best navigated with the help of professional legal counsel. Evicting tenants, adding a partner to your real estate business, and even getting it set up in the first place can all be pretty tough to figure out on your own. Seek legal advice to help speed things along and make sure that everything is done as it should be the first time.
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