Matthew Allen Nyman’s Answers

Matthew Allen Nyman

Bellevue Real Estate Attorney.

Contributor Level 7
  1. Reimbursement vs. Bill of Sale

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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...

    1 person marked this answer as helpful

  2. Will LLC Signed Contract affect my other LLC?

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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.

    1 person marked this answer as helpful

  3. 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

    Answered almost 5 years ago.

    1. Thuong-Tri Nguyen
    2. Matthew Allen Nyman
    2 lawyer answers

    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...

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

    Answered almost 5 years ago.

    1. Matthew Allen Nyman
    2. John Donald Sullivan
    3. Michael J Posner
    3 lawyer answers

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

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

    Answered almost 5 years ago.

    1. Thuong-Tri Nguyen
    2. Matthew Allen Nyman
    2 lawyer answers

    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...

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

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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.

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

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    2. Alan James Brinkmeier
    2 lawyer answers

    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.

  8. Can someone own a part of my income?

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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.

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

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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.

  10. Signing of Quickclaim deed

    Answered about 5 years ago.

    1. Matthew Allen Nyman
    1 lawyer 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...