What Should I Know Before Buying a Home in a Community with an HOA?
Video Summary
What should I know before buying a home in a community with an HOA? Well, if you’re using a realtor, you need to ask them to provide you with a copy of all the restrictive covenants and review those to make sure that you understand them or have a lawyer maybe review them for you. You then need to determine what the monthly assessments are so that you know how much you’d be obligated to be paying each month. You need to ask for a budget for the assessment to see if they have line items for reserves and the budget meets with the present statute. Also ask for the minutes of the last meeting, which may indicate whether or not there is a proposed assessment that the board of directors is considering. So all of these are necessary. You may also inquire as to whether or not there are two or more homeowners’ associations and that there may be a master association that requires payment of a due and a regular homeowners assessment, a homeowner association that assesses your property. If you have any questions, give me a call at 727-847-2288.
- Published in Estate Planning, Real Estate, Videos
Does My Will Need to Be Notarized to Be Legally Valid?
Video Summary
Does my Will need to be notarized to be legally valid? No, it does not. Your Will must be signed in the presence of two witnesses, and the presence of the person making the Will, as well as each other, in order to be a valid Will. So no, it does not need to be notarized. Many times you see where there is a notarization attached to a Will, and this is called a self-proving Will, which proves that everyone was present when the Will was signed, so that you don’t have to locate these witnesses to prove the Will after you don’t have to do it, but your heirs don’t have, or the personal representative doesn’t have to contact the witnesses to confirm that everyone was present at the same time when the will was signed. If you have any questions, give me a call at 727-847-2288.
What Happens If the Person I Chose as Trustee Can’t Serve or Dies?
Video Summary
What happens if the person I choose as trustee can’t serve or dies? Your trust document should name a successor to the named trustee. If the trust document does not name a successor trustee or all the successor trustees are deceased or not qualified to serve, then the beneficiaries will need to petition the court for the appointment of a successor trustee. If you have any questions concerning this, give me a call at 727-847-2288.
- Published in Estate Planning, Trusts, Videos
How Do I Convert My Sole Proprietorship into an LLC?
Video Summary
How do I convert my sole proprietorship into an LLC? Well, the first thing you need to do is contact the Secretary of State or your attorney and have them organize or set up an LLC with the Secretary of State. Once that’s been established, well, then you simply title your assets into the name of the LLC and open up a bank account under the LLC for which you’ll need to obtain a federal identification number. You should also consult with an attorney about signing an operating agreement, which will indicate who the owner of the LLC is. And if it’s a single member LLC, he’ll explain to you that the LLC assets may be subject to your creditor’s claims if you have a judgment against you. It’s recommended that you have more than one person as a member of your LLC, which prevents this from happening. If you have any questions, give me a call at 727-847-2288.
- Published in LLC's and Corporations, Videos
Is It Legal to Rent Out My Home on Airbnb Despite HOA or City Restrictions?
Video Summary
Is it legal to rent out my home on an Airbnb despite HOA restrictions against running them out or city codes which also prohibit the running of the property for an Airbnb? If you do rent it out, then the homeowner’s association can fine you for violating the restrictive covenants. If you do that in violation of the city ordinances, it’ll be a code enforcement violation, and they can put a lien against your property for this. Also, just as a side note, whether or not it’s permissible or not, if you undertake to lease out your property or rent your property out on Airbnb and it’s your home, it may jeopardize your homestead exemption. Doesn’t have anything to do whether or not it’s authorized by the HOA or by the city or county ordinances. If you have any questions, give me a call at 727-847-2288.
- Published in Real Estate, Videos