Title: June 11, 2008
Q: I want to buy a foreclosed property. Why am I being presented with all kinds of addendums to give up my rights to sue etc. etc. that I don’t really want to sign?
A: Because when you buy a foreclosed property, you need to be aware of potential risks that the bank cannot be aware of. When a bank forecloses on a property, they don’t know whether the previous owners dumped toxic waste in the backyard, or whether there are mold/mildew problems present, or dry rot problems, or pest problems. In other words, the bank personnel have not lived on the premises and the bank wants to ensure that you take the steps necessary to protect yourself before you buy a foreclosed/distressed property. You should hire a professional home inspector, and go to the County Recorder’s office and make sure that there are no liens or assessments against the property. This is called “due diligence”. You need to be aware of anything that could affect the property and your pocketbook in the future so that you don’t come to regret your decision to buy the foreclosed property.
Q: I just bought a brand new car, and was told by the salesman at the dealership that I would get a certain gas mileage. Well, he lied. I get a lot less miles to the gallon than what I was told. What can I do?
A. Did you read the materials that came with the car before you bought it? The specifications on the car should have given you the information you needed to make an informed decision before you bought the car. Now that you have driven the car for a while, it is very doubtful that you can return it because you are not happy with the gas mileage you are getting on the car. It is a little late for that. I understand how frustrating and expensive an error this is, especially at $4.35/gallon. To get back to my previous answer, you should have done your “due diligence” before buying the brand new car. You need to inform yourself about every detail of such an expensive purchase before buying.
Maxine de Villefranche has been an attorney for 15 years and is practicing law in Tehachapi and Lancaster. Send your questions via fax at (661)825-8880 or e-mail at maxinedev@msn.com. She will answer your questions to the best of her abilities.
Showing posts with label County recorder. Show all posts
Showing posts with label County recorder. Show all posts
Tuesday, March 24, 2009
Legal Eaze #74 Judgement Lien/S and C Corporation
Title: August 13, 2007
Q. I have a judgment against a customer who did not pay for my landscaping services. How do I get paid?
A. You need to get a lien on his/her real property. The mechanics of creating a lien are as follows: You need to obtain an Abstract of Judgment which reflects the amount and date of Judgment, name and address of creditor (you) as well as the name and address of debtor. The Abstract is issued by the judgment Court. This Abstract is then recorded with the County Recorder in the county where the debtor owns real property. Usually, the judgment lien will be satisfied from the sale proceeds when the property is sold, or refinanced. The lien is secured by the property. You are also entitled to statutory interest, presently 10% per annum. To create a lien against personal property, you need to file a Notice of Judgment lien with the Secretary of State where the debtor resides. Such lien includes information about the creditor and the debtor, the amount and date of judgment and court of issuance and amount of judgment, and the date that the notice was sent to the judgment debtor. Such lien can be used against accounts receivable, equipment, farm products, automobiles and trucks, RVs, etc. The lien will be satisfied when the property is sold. Most often, any property owned by the debtor transferred without satisfaction of the judgment is transferred subject to the lien. This means that if the lien is not satisfied prior to the transfer being made, the property remains subject to the lien in the hands of the transferee, i.e. the property can be taken away from the person who obtained it from the debtor.
Q. I want to incorporate my business. What is an “S” corporation as opposed to a “C” corporation?
A. S and C refer to how the corporation is taxed. An “S” corporation is an ordinary business corporation that has elected to be taxed under Subchapter C of the Internal Revenue Code. It is not taxed on its earnings as a corporation, but instead its earnings are passed through to its shareholders for tax purposes. It is limited to a certain number of shareholders and who may be a shareholder. It is also limited to one class of stock. Losses can be passed on to the investors, two levels of taxation can often be avoided, there is no accumulated earnings tax and there is limited liability protection. A “C” corporation is doubly taxed unless it qualifies and receives IRS approval to be taxed under an “S” corporation.
Maxine de Villefranche is an attorney and civil general practitioner with 14 years of experience. She practices law from her Tehachapi office as well as her Lancaster satellite office. She will answer legal questions posed to her by the readers to the best of her abilities. Email your questions to maxinedev@msn.com or fax to (661) 825-8880
Q. I have a judgment against a customer who did not pay for my landscaping services. How do I get paid?
A. You need to get a lien on his/her real property. The mechanics of creating a lien are as follows: You need to obtain an Abstract of Judgment which reflects the amount and date of Judgment, name and address of creditor (you) as well as the name and address of debtor. The Abstract is issued by the judgment Court. This Abstract is then recorded with the County Recorder in the county where the debtor owns real property. Usually, the judgment lien will be satisfied from the sale proceeds when the property is sold, or refinanced. The lien is secured by the property. You are also entitled to statutory interest, presently 10% per annum. To create a lien against personal property, you need to file a Notice of Judgment lien with the Secretary of State where the debtor resides. Such lien includes information about the creditor and the debtor, the amount and date of judgment and court of issuance and amount of judgment, and the date that the notice was sent to the judgment debtor. Such lien can be used against accounts receivable, equipment, farm products, automobiles and trucks, RVs, etc. The lien will be satisfied when the property is sold. Most often, any property owned by the debtor transferred without satisfaction of the judgment is transferred subject to the lien. This means that if the lien is not satisfied prior to the transfer being made, the property remains subject to the lien in the hands of the transferee, i.e. the property can be taken away from the person who obtained it from the debtor.
Q. I want to incorporate my business. What is an “S” corporation as opposed to a “C” corporation?
A. S and C refer to how the corporation is taxed. An “S” corporation is an ordinary business corporation that has elected to be taxed under Subchapter C of the Internal Revenue Code. It is not taxed on its earnings as a corporation, but instead its earnings are passed through to its shareholders for tax purposes. It is limited to a certain number of shareholders and who may be a shareholder. It is also limited to one class of stock. Losses can be passed on to the investors, two levels of taxation can often be avoided, there is no accumulated earnings tax and there is limited liability protection. A “C” corporation is doubly taxed unless it qualifies and receives IRS approval to be taxed under an “S” corporation.
Maxine de Villefranche is an attorney and civil general practitioner with 14 years of experience. She practices law from her Tehachapi office as well as her Lancaster satellite office. She will answer legal questions posed to her by the readers to the best of her abilities. Email your questions to maxinedev@msn.com or fax to (661) 825-8880
Saturday, January 3, 2009
Legal Eaze #9 Common Law Marriage/ Propery Rental Shed, Verbal Agreement Loan
Originally Printed: November 10, 2004
Maxine de Villefranche is an attorney and civil general practitioner with 12 years of experience. She will answer legal questions posed to her by the readers, to the best of her abilities.
Q. I have been living with my boyfriend for the last seven years. We hold ourselves as being married to the outside world, but we never actually got married. Is there such a thing as common law marriage in California?
A. No, California is not a common law marriage state. This means unless you have a marriage license, you are not married. However, had you been living for a number of years in another state that recognizes common law marriage, the State of California would have to honor the other state’s law. But if you have been living in California with your boyfriend for the last seven years, he is still only that, a boyfriend.
Q. I have a large shed which was unfortunately built half-way on my neighbor’s property. When the shed was built, approximately 12 years ago, I paid $2000 to my neighbor to give me an easement for the 75 square feet my shed occupies on his property. My neighbor has sold his property and the new owner wants me to move my shed back onto my property or he will destroy the portion that occupies his property,. What do I do?
A. Hopefully your easement was properly recorded with the county recorder. If you new neighbor causes you problems, you should seek an injunction to stop him from destroying your property. If he proceeds with his threats, you have recourse in filing a lawsuit for your damages. If you damages are not more than $7,500, you should use the Small Claims Court, which is much cheaper and faster.
Q. I learned of a verbal agreement Law in California. I loaned a substantial amount of money to my brother-in-law, but there’s nothing in writing. He promised to pay it back within two weeks, a promise he did not keep. It’s now been two months and he refuses to return my phone calls. Does this law pertain to this type of transaction?
A. I am not sure what law you are talking about, maybe Parol Evidence. You will need to sue your brother-in-law. However, before you do, you must show that you used money you loaned to him from your own funds. Your evidence must trace the money to funds you had in your possession, such as a bank account. If you had a witness present when the transaction took place, he can testify on your behalf. Otherwise, you may have to subpoena your brother’ in law’s bank records to prove he obtained the money.
Forward your questions by e-mail to maxinedev@msn.com or drop questions at the Tehachapi News, 411 N. Mill St., Tehachapi, or send them by mail to P.O. Box 1840, Tehachapi, CA 93581
Maxine de Villefranche is an attorney and civil general practitioner with 12 years of experience. She will answer legal questions posed to her by the readers, to the best of her abilities.
Q. I have been living with my boyfriend for the last seven years. We hold ourselves as being married to the outside world, but we never actually got married. Is there such a thing as common law marriage in California?
A. No, California is not a common law marriage state. This means unless you have a marriage license, you are not married. However, had you been living for a number of years in another state that recognizes common law marriage, the State of California would have to honor the other state’s law. But if you have been living in California with your boyfriend for the last seven years, he is still only that, a boyfriend.
Q. I have a large shed which was unfortunately built half-way on my neighbor’s property. When the shed was built, approximately 12 years ago, I paid $2000 to my neighbor to give me an easement for the 75 square feet my shed occupies on his property. My neighbor has sold his property and the new owner wants me to move my shed back onto my property or he will destroy the portion that occupies his property,. What do I do?
A. Hopefully your easement was properly recorded with the county recorder. If you new neighbor causes you problems, you should seek an injunction to stop him from destroying your property. If he proceeds with his threats, you have recourse in filing a lawsuit for your damages. If you damages are not more than $7,500, you should use the Small Claims Court, which is much cheaper and faster.
Q. I learned of a verbal agreement Law in California. I loaned a substantial amount of money to my brother-in-law, but there’s nothing in writing. He promised to pay it back within two weeks, a promise he did not keep. It’s now been two months and he refuses to return my phone calls. Does this law pertain to this type of transaction?
A. I am not sure what law you are talking about, maybe Parol Evidence. You will need to sue your brother-in-law. However, before you do, you must show that you used money you loaned to him from your own funds. Your evidence must trace the money to funds you had in your possession, such as a bank account. If you had a witness present when the transaction took place, he can testify on your behalf. Otherwise, you may have to subpoena your brother’ in law’s bank records to prove he obtained the money.
Forward your questions by e-mail to maxinedev@msn.com or drop questions at the Tehachapi News, 411 N. Mill St., Tehachapi, or send them by mail to P.O. Box 1840, Tehachapi, CA 93581
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