Elena Rivkin Franz's Answers

CA real estate law and LLC law, benefit from putting real property into a LLC

To add to the information provided by the other attorneys, there are really two ways to reduce your liability exposure in real estate investment properties. One is holding real estate in a separate legal entity like an LLC; a second way is to sufficiently ensure the property and yourself individually. For some people, setting up an LLC in California and having to pay the franchise tax fee of $800 annually ends up being cost-prohibitive, and they opt to get extra insurance instead. Consider...

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I need to create a contract agreement for payment installments

Every business owner should have a contract governing their main service and/or product that they provide to clarify the terms, the payments, and the obligations of each party. Some general tips for including in every contract include: 1. Parties; 2. Date of performance or deadline; 3. What your contract terms are; 4. Payment dates; 5. Progress or any condition to impede / accelerate payment; 6. Dispute resolution for issues under the contract. These are just a few of the...

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Tenant has been given 60 day to vacate, has not done so and maybe won't, what are landlord options

If the tenant has not paid for 5 months, you can provide a 3 day notice to pay or quit. The tenant must pay the arrears or vacate at the end of the 3 days. If the tenant pays the 5 month arrears, you must wait until the 60 days is up to initiate an unlawful detainer (eviction) action in court. If the tenant does not pay the 5 month arrears, or vacate at the end of the 60 days, you can initiate an unlawful detainer action against them. This involves filing a complaint in court, and going...

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Are attorney fees tax deductible

Does your friend mean to say whether the attorney's fees are recoverable? Generally, CC&Rs indicate that attorneys fees are recoverable if you are a prevailing party; this is mentioned in the Davis-Sterling Act as well. I'm a little confused about the taxes your paying as a non-profit. What status do you have with the IRS?

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After Trustee's Sale, occupant claimed to be a tenant but does not respond to request to prove his tenancy

Yes, the occupant must provide you with a copy of the lease they say gives them the right to stay in the property. Under a law enacted in 2009, a tenant has the right to stay in the property through the remainder of their lease term even when the property is purchased at a foreclosure sale. An exception to this is when the new owner plans to reside in the property; in that event, a 90-day notice is legally required. If the tenant does not vacate after your 90-day notice, then you may need...

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Setting myself up as a business

First of all, congratulations on starting your business! There are a few ways to go about setting up a business; the least formal is working as a sole proprietorship. There is no official paperwork to file with the California Secretary of State, although you will need to receive a business license from your city/county. You may also wish to receive an EIN number so you do not need to provide your SSN to other parties. The last formal requirement is filing paperwork to operate as a...

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After a forclosure final sale, how much money is put toward the loan if the sale is much less tha the property value.

Generally, if you are in bankruptcy proceedings, any foreclosure proceeding must be stayed. Were you in bankruptcy at the time of the foreclosure, or did you file after the foreclosure sale was complete? The trustee would have the option to sell the property at whatever price someone is willing to pay; the bank is taking the hit. It may not seem fair to have a property worth $635,000 sell for $100,000, but the bank is the one who will take this loss. If this was your primary residence...

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Home Raffles

Unfortunately, in California, there are very strict laws on raffles and lotteries. Although you may here of home raffles taking place legally and successfully in other states, California's rules make it essentially impossible to have a raffle here unless you donate at least 90% of your raffle proceeds to an appropriate non-profit. Since most people have a mortgage they must pay off, this makes a raffle an impossibility. The reason "you have to donate the profit if it is raffled" is because...

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I rent an apartment in a communitiy, does my Landlords Mortgage company have the right to enter my residence for a site visit?

24-hour notice is generally all that is required for a landlord or someone acting on the Landlord's behalf to visit your property. However, even with 24-hour notice, your landlord or someone acting on their behalf cannot enter your apartment an unreasonable number of times. Coming by once or twice would not be considered unreasonable; coming by everyday for an "inspection" may. The mortgage company might be an agent of the landlord, or working with them for a specific purpose like a...

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A computer containing customer information (name, address, phone) was stolen from a business. What action should this biz take?

The business should notify customers whose information may have been stolen immediately so the customers can be alert to any changes or improper charges. Some businesses will provide a complimentary subscription service to affected customers for one of the "identity protection" services. If you haven't already, make sure to notify authorities about the breach. You don't mention what type of business this is; some business have an additional duty of care they must provide to customers. If...

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