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Please let me know if personal guarantees requested by hard money lenders, for the purchase of fix and flip investment properties, purchased in the name of an LLC, are legally enforceable. Thank you
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answered on Jul 26, 2024
In California, it is generally legal for hard money lenders to request personal guarantees for the purchase of fix and flip investment properties. This is a common practice to mitigate the lender's risk, especially when the property is purchased in the name of an LLC. The personal guarantee... View More 
I am an unnamed defendant in a UD that default judgment was given due to improperly served, We never got the summons and a 60 day notice was posted without any reason or complaint as to why and due to property that is in an open probate case, owner ship and anthing else having to do with property... View More
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answered on Jul 26, 2024
Under California law, handling the specifics of getting a court to vacate a default judgment based on improper service can be complex. As an unnamed defendant in an unlawful detainer (UD) case, you will need to gather evidence proving that you were never properly served with the summons. This... View More
A default judgment was entered on myself and another without being served the summons as stated in file. I can prove when a classifed letter was sent and stayed in warehouse for weeks. I don't fall under the guidelines of landlord tenant because Myself and another never had a rental agreement... View More
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answered on Jul 26, 2024
To correct a default judgment in California based on improper service and not falling under the guidelines of California Code of Civil Procedure (CCP) 1161, you need to file a motion to set aside the default judgment. Begin by gathering all your evidence, including proof of when and how you were... View More
Each unit is underfunded by $6,500.
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answered on Jul 23, 2024
When you're in escrow for a condo with an HOA that's only 42% funded, it's crucial to understand the implications. An underfunded HOA can lead to unexpected special assessments, which means you might have to pay extra fees to cover shortfalls for maintenance, repairs, or emergencies.... View More
In the process of a workers comp case which included mental health and being followed daily then I filed divorce and he became a sheriff by lies on both cases he and his mistress took all and continue lies
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answered on Jul 22, 2024
In California, the statute of limitations varies depending on the specific offense. For fraud, including deceit and non-disclosures, the statute of limitations is generally three years from the date the fraud was discovered. If you believe you were deceived during your workers' compensation... View More
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answered on Jul 20, 2024
A Notice of Intent to Preserve an Interest in Real Property in California is a legal document used to protect your claim or interest in a property. This notice is particularly useful when there is a potential dispute or when you want to ensure that your interest is formally acknowledged and... View More
Would it make a difference if she is also a real estate agent or are deeds only done by escrow companies?
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answered on Jul 20, 2024
In California, a Notary Public can notarize a grant deed, but they cannot draft the deed themselves. Notaries are authorized to verify signatures and identities, but they are not allowed to provide legal advice or draft legal documents, which includes deeds.
If the notary is also a real... View More
zoned commercial with a mixed use building consisting of a salon on ground level with a 1700 sf residence above .Owner is going to carry a 1st trust deed of 2,550,000 for 10 years at 5% intrest only monthly payments of $10,625.00.This will help her avoid capital gains tax for now .purchase price is... View More
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answered on Jul 20, 2024
In California, the law does not specify a fixed maximum prepayment penalty for commercial or mixed-use properties. However, lenders typically include a prepayment penalty clause in the loan agreement, which must comply with California law. These penalties are often negotiated between the lender and... View More
My mortgage lender increased my loan because of the property tax. Now they did not acknowledge that I have a property tax exemption. I bought my home going on two years, and have been building up escrow. Not only did they take everything from escrow, but they also raised the amount of my loan. This... View More
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answered on Jul 19, 2024
It sounds like you’re dealing with a frustrating situation. When your mortgage lender doesn’t acknowledge your property tax exemption and mismanages your escrow account, it can lead to significant financial strain. First, gather all documentation related to your property tax exemption and the... View More
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answered on Jul 19, 2024
If you sell your mom’s house before she passes, you may be subject to capital gains tax on the increase in value since the property was originally purchased. The taxable amount is calculated based on the difference between the sale price and the house's adjusted basis, which includes the... View More
I would like to add my fiancé to the deed of my home. Do I need a special form to file?
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answered on Jul 18, 2024
To add your fiancé to the deed of your home in California, you need to prepare a new deed that reflects both your names as owners. The most common type of deed used for this purpose is a "grant deed" or a "quitclaim deed."
First, obtain a blank grant deed or quitclaim... View More
To avoid Writ of Execution to sell his Los Angeles Condo in 2005, the co-owner attempted to transfer his 1/2 equity to his brother for an alleged $431,975. No loan, and no loan documents ever existed, just the filing for a Trust Deed on the entire condo. I contend that the 7-year statute of... View More
answered on Jul 18, 2024
Thank you for your question!
If it was a fraudulent transfer, just to shield the property, you probably can reverse the transfer. The statute of limitation of the judicial foreclosure is 3 years unless it was in installments. There is a trust deed, so you may be able to do a non-judicial... View More
In June 2024, Tenant (T) recorded a Mechanics Lien (ML) on rental property in escrow that the Landlord (LL) was selling. T claimed that he got improvements done in Sept 2022 and spent $12,000. T did not give a copy of any contract for work, bills, or receipts for the money he claimed. For the ML,... View More
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answered on Jul 18, 2024
To address the situation, the first step for the landlord (LL) should be to ensure all procedures related to the surety bond and mailing the notice to the tenant (T) have been correctly followed as per California Civil Code 3144.5. Keeping detailed records of these actions is crucial in case of... View More
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answered on Jul 18, 2024
Under California law, once a Homeowners Association (HOA) is dissolved, the management of the property does not have to be done by a third party. The property owners within the community can take on the responsibility themselves. This can involve forming a new group or committee to handle the... View More
My co owner will soon have a lien on his half. We are not married.
answered on Jul 18, 2024
If other co-owners consent to the sale, you can sell it. Absent of the consent, You can bring a partition action to force the sale of the property.
what happens if an estate currently improbate with mostly to sell immediately has delinquent taxes and is scheduled to be sold at a public tax auction?
answered on Jul 15, 2024
Thank you for your question!
It would stay the foreclosure after providing proof of the successors of interest that the property is going to be sold. The tax due amount will be deducted from the sale proceeds before its distribution.
This is merely a discussion of general laws and... View More
The credit union where I have my HELOC provided unsigned copies of the documents that the notary had me sign, but I have not been given copies of the documents with my signature and the credit union's signature on them. I think the term for these documents is "fully executed copies"?
answered on Jul 13, 2024
Thank you for your question!
You can ask for the fully executed contract from the other party in writing, and they must provide you with a copy.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I... View More
My siblings and I are the beneficiaries of property through a trust. I am the successor trustee. We want to leave the deeds in the name of the trust and rent out the properties.
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answered on Jul 12, 2024
You will need a CA attorney to draft the deeds. You as Trustee will be the named, legal grantor, not the Trust itself. Be careful forming the LLC. Pick a good State, not CA, and make a good operating agreement orienting to managing the rentals. Remember there will be taxes, insurance,... View More
We own 5% of the property in the house deed but have a loan of $287,000 under my name and father-in-law. He doesn't want to take my name off the loan nor wants to pay out 5%.
answered on Jul 13, 2024
Thank you for your question!
You can bring partition action to sell the property and distribute the proceeds of the sale. Also, a real estate attorney needs to evaluate if other remedies such as quiet title are available to you.
This is merely a discussion of general laws and not... View More
Mortgage responsibility: Married couple (1 income), a Mom (retired) & an Aunt (retired). 4 people, 3 incomes
answered on Jul 9, 2024
Thank you for your question!
Yes, there are several types of joint tenancy. You can buy it under joint tenancy with the right of survivorship or tenancy in common.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and... View More
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