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Lance S Davidson
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Lance Davidson’s Answers

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  • Am I required to turn over tax records and other documents to a mortgage broker just to get a rate quote for a mortgage?

    I want to choose the best mortgage available, but each of the brokers and banks I have contacted have asked me to provide copies of all my personal financial information, tax records, bank statements, pay stubs etc.. Is this normal, and am I requ...

    Lance’s Answer

    No, you are not required by law. You might be required to do so, however, if you accepted an agreement to be represented by a mortgage broker on your behalf and the agreement specifies the disclosures by you to be made. And many mortgage brokers/banks do require documentation to assure that their rate quote is based on your true financial circumstances. Still, many mortgage brokers/banks may provide your with a nonbinding rate quote absent the demanded financial documentation. Good luck.

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  • My sister is executor of our father's estate. We own property & business we own equally. I get nothing. Is this legal? ,

    The business is a Chapter S Corp. My tax returns show, under rents, royalties, dividends, etc. That I'm getting large sums of money. I get no money, insurance, 401k, dividends, nothing! They do issue a dividend that pays my huge tax bill. I get m...

    Lance’s Answer

    The probate [will and possibly one or more trust]s and corporation enabling documents [articles, bylaws, shareholder agreements, etc.] will control, but it appears you will likely have a battle ahead of you. It appears that you have been relying on information and tax payments from your sister since 2006 without having full knowledge of the entire situation. To settle with her absent full information could be a huge [financial] mistake; you may take small comfort knowing that many others in similar situations have surrendered their rights due to fear, inability to fight, etc. So the question is not really whether her actions are legal, but rather whether you wish to enforce your children's and your rights. Your sister may have committed criminal offences subject to prosecution, but prosecutors typically wait for civil actions to handle this kind of case. In any event, good luck.

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  • 3 people on a house title. Sale of the it is stalled due to one disagreeing on price with the other two. What can they do?

    A mother bought property and she, along with her son and his wife(now ex) are all on the title. The property has no loan on it. They all lived there until the ex moved to another state. They all wish to sell the property, giving the ex a third of ...

    Lance’s Answer

    The prior attorney's answer may likely be correct, but could turn on what you mean by 'all on the title'. The deed or the conveyance could be defective, in which case the ex may not be 'on title.' The prior attorney assumes by default that you are all on title as tenants in common, but that may not be the case, so that a majority could override the ex's lack of cooperation. And there are several approaches to dealing with the ex's lack of cooperation if indeed she needs to approve. In any event, best of luck.

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