Skip to main content
Daniel S Willard
Avvo
Pro

Daniel Willard’s Answers

5 total

  • I have a located a real estate investor who is interested in fronting me the $5,000 down payment for a rent to own scheme.

    However, I am concerned that he may want to "end run" me if I give him the details on the property. Is there a way I can structure an agreement with him so that he is obligated to work with me on this property that I brought to him?

    Daniel’s Answer

    • Selected as best answer

    Questions about rent-to-own schemes have become much more common in the current economy so the responses to this question may have broad appeal. Please be sure to read all the disclaimers and to get competent local legal advice.

    In addition to the issues raised in the response to this question from a highly rated attorney, I would add that there are an array of other investment vehicles beyond the ones other counsel raised by way of illustration. Without being exhaustive, there are limited liability companies, limited liability partnerships, limited liability limited partnerships and real estate investment trusts. Those alternatives illustrate other counsel's point that you have a number of options and should hire competent legal counsel to help you select from amongst your options.

    In addition, real estate settlement companies do not all know everything there is to know about this kind of deal and they may seek to document the transaction as a sale, instead of as lease to own, which may create problems later. This is another area where you may want to be sure you have competent legal counsel by your side.

    Of course, all manner of factors and factual scenarios can intervene that would alter any general response, including this general response. This response is not intended to and cannot address all possible issues.

    No attorney-client relationship exists between the questioner (or reader) with Daniel S. Willard, Esq. or Daniel S. Willard, P.C. and no attorney-client relationship is formed or created by this response or any other response on this website.

    This is at best a general overview. I encourage you, and all other readers, before you act (and before you decide not to take some action) to seek competent, local legal counsel who can address the specific facts of your particular situation.

    This web site and the responses herein, including this response, are designed for general information only. The information presented at this site should not be construed to be and is not formal legal advice.

    If you are rating these answers, other counsel provided the broadest overview, so if you are unsure to whom you award "Best Answer", this response is only an add-on.

    See question 
  • Signature is not clear as to the beneficiary on an account--where do we go from here?

    The POD on the account could be the father or the son, or neither, since the POD box is not actually checked. How can we determine who the beneficiary should be? Father and son have same name and there is no suffix on the card.

    Daniel’s Answer

    This question seems to have been posted twice, in slightly different phrasing.

    As other well-qualified counsel responding to both questions indicated, this question should be run through your bank's legal counsel.

    I represented FWB Bank in Montgomery County for many years before that bank was bought up by Grand Bank, which was itself bought up.

    As other counsel responded to the other question, this matter could be ripe for the procedure called interpleader, which I used for FWB Bank but which must be handled according to the procedural rules.

    I assume, as I think other counsel does, that you ask about a POD clause (which for other readers is a "pay on death" clause) because there may have been a death and accordingly there may be a dispute between an estate and either a possible beneficiary or a survivor. Therefore, your counsel must consider estate issues.

    Ditto, upon a factual review, if no claim is made on the account, you would want ultimately to consider the abandoned property laws.

    Without being exhaustive, there are also applicable federal and state banking laws and federal and state agency regulations that may apply, depending on the nature of your bank's charter.

    I want to be clear that I am by no means seeking to intervene between you and your existing bank counsel, to whom you should raise this issue immediately.

    Of course, all manner of factors and factual scenarios can intervene that would alter any general response, including this one. This response is not intended to address all possible issues.

    This is at best a general overview. I encourage you, and all other readers, before you act (or decide not to take some action) to seek competent, local legal counsel who can address the specific facts of your particular situation.

    This web site and the responses herein, including this response, are designed for general information only. The information presented at this site should not be construed to be and is not formal legal advice.

    No attorney-client relationship exists with Daniel S. Willard, Esq. or Daniel S. Willard, P.C. and no attorney-client relationship is formed or created by this response or any other response on this website.

    See question 
  • Beneficiary is not clearly marked on signature card for savings account. I work for the bank where the account is held.

    The POD name could be the father's name or the son's name (both have the same name) because there is no suffix listed. The block stating that a POD was named is not checked so it is not clear that the intention was to have a beneficiary on the ac...

    Daniel’s Answer

    As other well-qualified counsel below indicated, this question should be run through your bank's legal counsel. I represented FWB Bank in Montgomery County for many years before that bank was bought up by Grand Bank, which was itself bought up.

    As he points out, this matter could be ripe for the procedure called interpleader, which I used for FWB Bank but which must be handled according to the procedural rules.

    I assume, as I think other counsel does, that you ask about a POD clause (which for other readers is a "pay on death" clause) because there may have been a death and accordingly there may be a dispute between an estate and either a possible beneficiary or a survivor. Therefore, your counsel must consider estate issues.

    Ditto, upon a factual review, if no claim is made on the account, you would want ultimately to consider the abandoned property laws.

    Without being exhaustive, there are also applicable federal and state banking laws and federal and state agency regulations that may apply, depending on the nature of your bank's charter.

    I want to be clear that I am by no means seeking to intervene between you and your existing bank counsel, to whom you should raise this issue immediately.

    Of course, all manner of factors and factual scenarios can intervene that would alter any general response, including this one. This response is not intended to address all possible issues.

    This is at best a general overview. I encourage you, and all other readers, before you act (or decide not to take some action) to seek competent, local legal counsel who can address the specific facts of your particular situation.

    This web site and the responses herein, including this response, are designed for general information only. The information presented at this site should not be construed to be and is not formal legal advice.

    No attorney-client relationship exists with Daniel S. Willard, Esq. or Daniel S. Willard, P.C. and no attorney-client relationship is formed or created by this response or any other response on this website.

    See question 
  • Please define who the Holder and Maker are in a confessed judgement.

    I am lending someone some money, and he agreed to sign a Promissory note with confessed judgement

    Daniel’s Answer

    OMG! Get a lawyer immediately!

    In Maryland, if you lend money to a consumer and use a confession of judgment provision, it is illegal and you risk legal prosecution.

    The same goes for any other consumer transaction. If you sell goods to a consumer and seek to use a confession of judgment provision, you also are at risk of criminal prosecution.

    Do not use a confession of judgment provision in any agreement without competent legal advice.

    I speak as someone who has had Maryland's midlevel appellate court issue an "unpublished" opinion confirming the enforceability of my client's confessed judgment provision.

    Please see my disclaimer below and get competent legal counsel immediately.

    Of course, all manner of factors and factual scenarios can intervene that would alter any general response, including this one. This response is not intended to address all possible issues.

    This is at best a general overview. I encourage you, and all other readers, before you act (or decide not to take some action) to seek competent, local legal counsel who can address the specific facts of your particular situation.

    This web site and the responses herein, including this response, are designed for general information only. The information presented at this site should not be construed to be and is not formal legal advice.

    No attorney-client relationship exists with Daniel S. Willard, Esq. or Daniel S. Willard, P.C. and no attorney-client relationship is formed or created by this response or any other response on this website.

    See question 
  • I had done some advertising with a company in Florida and the company went out of business. What can I do to get my money back?

    The company to my knowledge has not filed for bankruptcy. I live in Maryland and I am looking for help.

    Daniel’s Answer

    Maryland has a statute called the "long arm statute" that allows some suits in Maryland against out of state businesses. Under a series of Supreme Court cases, one huge question is whether the Florida business had "substantial minimum contacts" with the State of Maryland. Possible ways you might get jurisdiction over the company in Maryland could include the following: There might be language in your advertising contract that provided for Maryland jurisdiction (unlikely); or representatives might have met with you in Maryland; or the company might advertise in Maryland.

    This could cost a lot of money and the company may not have filed bankruptcy but still not have assets to pay a judgment.

    Of course, all manner of factors and factual scenarios can intervene that would alter any general response, including this one. This response is not intended to address all possible issues.

    This is at best a general overview. I encourage you, and all other readers, before you act (or decide not to take some action) to seek competent, local legal counsel who can address the specific facts of your particular situation.

    This web site and the responses herein, including this response, are designed for general information only. The information presented at this site should not be construed to be and is not formal legal advice.

    No attorney-client relationship exists with Daniel S. Willard, Esq. or Daniel S. Willard, P.C. and no attorney-client relationship is formed or created by this response or any other response on this website.

    See question