If I have an LLC named as the landlord on a lease, and all rental income in a separate business bank account, but the house is mortgaged under my name, how does this affect my liability? I understand that some mortgage lenders won't allow for an e...
If the property is not titled in the LLC, you are not afforded the corporate protection. While it is correct that a bank may exercise the "due on sale" clause for transferring your property to an LLC, the risk of this occurring is probably less than the risk of liability from owning the property. You can ask the lender for permission, but I can virtually guarantee you they will say "no" unless it's a small commercial bank. Anecdotally, in 26 years of practicing law, I have yet to see a bank enforce the due on sale for transferring into an entity which the borrower owns. If interest rates rise substantially, this may change, since the lender will have a monetary incentive to call in the loan. Having a good insurance policy and possibly an umbrella would be a smart move as well. Standard policies are less than $500k in liability protection, which is woefully inadequate.See question
Getting a divorce. Live in denver. Want to do a quit claim deed on a piece of property we share. It is in San luis Colorado and I live in denver. Can I file it here?
No, you have to mail it or bring it in person to the county where the property is located. If you have a relationship with a local title company, most have online filing capabilities.See question
My boss and I got into an argument about work and she took my phone and went through my emails. Does she have the right to do that?
Yes, he does, as well as your work computer and your work email. Be careful what personal business you do on your employer's assets.See question
I was late on my rent but I want to pay it to be current they don't want it an we have a year lease are they breaking the contract
I would suggest a non-legal choice first - communication. Call the landlord, or if it is a management company, visit their office and have a face-to-face discussion. You'd be amazed at what you can accomplish when the lines of communication are open.See question
The wife has given verbal permission to the husband to sign the title and bill of sale (private party sale) so is it legal for me to accept this from them?
Nope, you'd need the wife to sign a power of attorney to the husband so he has legal authority to sign on her behalf.See question
She is not on the lease does not pay rent does not receive mail at the residence and has been there less then 120 days
Another way to get rid of her is to pay her CASH and have her sign a surrender of possession and liability against you. That often works with my non-paying tenants. Yes, I know, you think she doesn't deserve it, but remove your emotions from it and you'll see that it's faster, easier and cheaper than an eviction.See question
My dad has ownership mineral rights on three different properties. He is older now and wants to make sure that these mineral rights go to me after he passes. He is several thousand miles away from me in a different state but I live in the state w...
What you may be looking for is a "beneficiary" deed, which passes ownership at death automatically, similar to a joint tenancy. The other option is to deed you 1% of the property now, making the two of you joint tenants with a right of survivorship (ie, the other 99% goes to you when he dies).
The forms are not terribly complex, but neither would the attorney's fee be for doing something like this, so you may want to seek the advice of an attorney and get a few quotes.See question
My friend and I are starting a business and were told to do a partnership instead of an LLC? Now we find out we needed to do the LLC instead. We delayed our date to Feb 1, so our licence hasn't even started yet. Is my only option to dissolve the p...
The Colorado Secretary of State website is pretty simple to navigate. You want to file a Statement of Conversion from partnership to LLC. It costs $50. However, you should also have what's known as an "operating agreement", which is similar to a partnership agreement amongst the owners ("members") of the LLC. It's a good idea, especially if you have more than one partner (that isn't your wife or husband) to have a lawyer draft the operating agreement to make sure all of the appropriate legal issues are covered.See question
My roommate died and I'm not on lease. Do they have to go to court to make me leave
Yes, even if you don't have a lease, a landlord cannot have you forcibly removed from a property without a legal proceeding.See question
I arrived at apartment management office, as they were closing, they refused my full rental payment and started charging late fees.
This totally depends on the wording in your lease, but I can't imagine tendering payment during legal business hours would be considered "late". If the management office closed at 5p and you showed up at 5:10p, I suppose it's arguable, but I don't see a judge in landlord-tenant court siding with the landlord in this case. Best thing would be to speak with the supervisor of the management company, or, if you can locate the owner, write a letter to them.See question