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Matthew Allen Nyman

Matthew Nyman’s Answers

11 total


  • Is it legal that earnest money will be forfeited in case that there are legal reason that buyer can't close on the closing date

    We are on the process of purchasing a property & our loan was approved by our lender and we do have a co-signer & the lender knew that our co-signer has a house that was on the market. They told us verbally the we can't close unless he sell his h...

    Matthew’s Answer

    I agree with the previous answer, but here is some more detail. The written agreement to buy the property will normally specifically say what happens to the earnest money and under what circumstances you get it back. It will also contain any closing conditions that allow you to terminate the agreement and get the earnest money back. If the documents had been drafted correctly, you would have a closing condition in the agreement where you have no obligation to close (and can get your earnest money back) if your co-signer is not able to sell his house or a more general financing condition to closing (where if you don't have financing, you don't have to close). Check your agreement to see if that is in there.

    From your seller's perspective, what the lender says and doesn't say, and whether you get financing or not, is irrelevant without that closing condition or other language in the contract that protects you that situation. So if your agreement to purchase the property is silent about financing as a condition, and the time for exercising any other termination rights under the agreement have expired (under a due diligence period or another closing condition), then you may be out of luck on the earnest money. Many sellers do refund earnest money even if they are not obligated to if they understand a situation, but this is up to the seller's discretion.

    Let me know if you want me to review your documentation for advice on what your specific rights in your sitaution are. I cannot help you with pursuing litigation against the seller, as I am a transactional attorney. Check out my website at www.nymanlaw.com.

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  • What happens with a Second Deed of Trust when the First Deed of Trust is paid off?

    I have a Second Deed of Trust on an acre of land. "Second Deed of Trust" is clearly stated on the Deed of Trust. Now that the first Deed of Trust is paid off what happens with my second deed ? Will it automatically move to a First based on the fil...

    Matthew’s Answer

    Couldn't agree more with the first answer, and his answer is also true in Washington state.

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  • As the seller do I have to accept the buyer's appraisal if it's lower than the contract price?

    I have entered into a contract to sell my property. The Buyer has agreed to a price. In applying for financing, buyer's bank provided an appraisal that was for less than the agreed upon sales price. The buyer was only financing 50% the balance is...

    Matthew’s Answer

    Probably not, but the answer to this will depend on the terms of your specific contract. If the contract says the price adjusts on appraisal, then the price adjusts. If the contracts just lists a price, then the price does not adjust.

    However, the buyer may also have other contingencies in the contract (like a financing contingency, for example) that effectively allow the buyer to negotiate on price - they can essentially say lower the price or I won't buy the property.

    Outside the written contract, even if the buyer has waived all of its contingencies, if it can't get financing except at the lower price then you have no buyer except at the lower price.

    Please feel free to check out my website at www.nymanlaw.com, or let me know if you need further assistance.

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  • My former commercial tenant left his signs on my building. What notice do I need to send to get them removed or abandoned?

    The old tenant left at the end of his lease in good standing on January 31st I want to be fair. We had a CBA multi tenant lease form. I have a new tenant with a new signed lease. I have put them in touch with each other. Maybe the new tenat can p...

    Matthew’s Answer

    The notice you need will be a notice that conforms to the language of the lease, reminding the tenant of its obligation to remove the signage. Good idea to see if the new tenant wants to purchase the sign (or just assume the responsibility for removing it at the end of the lease term if the old tenant wants to abandon it).

    I'd be happy to help you out. Check out www.nymanlaw.com.

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  • Reimbursement vs. Bill of Sale

    I recently started an LLC. I have a computer (used for 2 years personally), software packages (all new and unopened), and a few other office supplies that I want to use now exclusively for the business. Should I sell those assets to the LLC usin...

    Matthew’s Answer

    This sounds like my law firm! I would sell the assets to the LLC at market value. That way you personally get reimbursed at market value (and the tax effect should be minimal), and the company has an expense to set off against any revenue the LLC is generating for tax purposes.

    Using an expense reimbursement that is not taxable to you requires the LLC to have an "accountable plan", and a variety of other complexities. Plus you are really selling the asset to the company, so I think this makes the most sense.

    Check out my website at www.nymanlaw.com if you need any additional help. I'm happy to help.

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  • Can someone own a part of my income?

    Is it possible to write a contract to have someone own a part my income; for example 20% of my income. And by me signing that contract the person would be able to take legal actions against me if I don’t to pay him that 20% of the income that I re...

    Matthew’s Answer

    Definitely. You can do this in a contract setting if the other person is doing something for you. There are also other ways to do this, depending on what exactly you are trying to do. I think you need to provide more information though on what exactly you are trying to do, because without more specifics it is difficult to respond. Send me an e-mail at matt@nymanlaw.com if you would like to follow up.

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  • Hi I need an attorney who can do Loan Modification for a mortgage in the greater Seattle area- What high Avvo rating (9-10)??

    Hi I need an attorney who can do Loan Modification for a mortgage in the greater Seattle area- What high Avvo rating (9-10) attorneys choices are there and in WHICH CATEGORY do I look?!

    Matthew’s Answer

    Hi there. I can do this for you. Check out my website at www.nymanlaw.com. Rating is not at 9 or 10 because I just joined Avvo.

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  • Will LLC Signed Contract affect my other LLC?

    I am a member of an business LLC which has signed contracts with another company. I signed these contracts as a member of the LLC only and not personally. My question is: I would like to start up a new, seperate but similar LLC and conduct bus...

    Matthew’s Answer

    Assuming you are correct that your signatures on the contracts are only as a member of the LLC, and the LLC is the party to the contract, then you should be able to set up a new completely independent LLC without any issues.

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  • One of the shareholders in a corpration is being sued , what is going to happen to the other shareholders ownership

    This one shareholder has major problems he is being personally sued by 10 different people for money owed to them ...Are they able to squeeze more from the corp the shareholder is part off or just take over the shares...

    Matthew’s Answer

    Not in most circumstances. The corporation will not normally be responsible for the shareholder's debts, unless the corporation is somehow involved in the shareholder's problems.

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  • Signing of Quickclaim deed

    Three people have interest in property. Two are willing to give up interest with agreement of payment from equity. Third is willing to pay. Quickclaim needs sign but no agreement amount on form. Would like a third to sign agreement and notarize ag...

    Matthew’s Answer

    The two sellers definitely need an attorney to draft the agreements. There should be a promissory note to the two sellers payable on the sale of the property and a deed of trust securing the note. An even better document would be a personal guaranty from the buyer. That way the sellers make sure they get paid. The quitclaim (not quickclaim) deed can be delivered in exchange for those documents. The Sellers should consult an attorney to make sure the entire situation is reviewed fully and the proper documentation is prepared.

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