Middletown, Ohio Legal Blog

Details to consider when putting homes on the market in summer

As the summer months quickly approach, many Ohio residents may be looking at life a bit differently at this time. However, that does not necessarily mean that they are allowing themselves to remain stagnant. In fact, some individuals may feel ready to put their homes on the market because they are ready to move.

Summertime is a popular season for homebuying and selling. Parents hope that their children's education will be less interrupted by moving during the summer, and getting out to tour houses is often more appealing in nice weather. For sellers, it is important that they stay on top of the many outdoor chores that can come along with summer. Mowing the lawn, maintaining plants, keeping the exterior of the house clean and more can go a long way in providing curb appeal. Outdoor staging can also be useful in grabbing the attention of potential buyers when they see a cozy patio or inviting deck.

Is an LLC a business structure worth considering?

When starting a business, Ohio entrepreneurs have many decisions to make. Not least among them is the type of business structure they want to utilize. Many people choose to create limited liability companies due to this structure's various benefits, but what is an LLC?

An LLC essentially utilizes characteristics from other types of entities, such as a corporation and a sole proprietorship. However, this entity provides more flexibility to its members as well as more protections than a sole proprietorship might offer. In particular, many business owners take advantage of this business structure because the owners do not hold any personal liability for the company's debts, which is certainly appealing in the event that creditors attempt to collect on outstanding debts. The possibility does exist that creditors could go after owners if some type of fraudulent activity is suspected.

Understand probate before accepting the role of executor

When Ohio residents create their estate plans, they often choose to appoint an executor to handle the proceedings associated with settling the estate. If a person is approached about being an executor, he or she may want to first understand what is involved with probate. Many people do not know what this process entails, and having this information could allow a person to knowledgeably accept or decline the role.

First, individuals may want to look into how complex the estate is. If a person has relatively few assets and beneficiaries, the probate process may be straightforward and not immensely complex to handle. However, if a person has a large estate with various and expensive assets as well as multiple beneficiaries, it may take more time and work to close the estate properly, which many people do not feel comfortable with.

Should you share estate planning details with family members?

An estate plan can be very personal. The details you share with family members are entirely up to you. However, providing clarity now might help prevent future problems.

Still, talking about death and money can be uncomfortable for you and your loved ones. This is why it can be helpful to prepare. It might help to think about when you might bring up the subject and which details you are willing to share.

Seller concessions could make a real estate deal more favorable

Buying residential or commercial property is one of the biggest purchases that many people make in their lives. As a result, Ohio residents and business owners certainly do not want to overpay for real estate. In efforts to get the best deal, buyers may request certain concessions from the seller.

One of the most common concessions that buyers ask from sellers in a real estate transaction is for the seller to pay the closing costs or at least a portion of the closing costs. However, other concessions could also be requested, such as the seller making repairs or improvements to the property, reducing or waiving certain fees, including furniture in the purchase, or others. Typically, the desirable outcome of such concessions is fewer upfront costs for the buyer.

Affidavit of title important in real estate transactions

Buying a house or another type of property is a major purchase. As a result, Ohio homebuyers want to ensure that everything is correct with the real estate they intend to buy. In some cases, legal issues could arise with the property, which is why it is important that an affidavit of title is provided by the seller.

This document essentially states that the seller owns the property and holds the title. It also ensures that there are no issues with the property like liens or unpaid taxes and attests that the seller is not going through bankruptcy proceedings. The document must be notarized and acts as a sworn statement that the information provided is correct. In the event that an issue does arise later that the seller should have disclosed, the affidavit of title can be an important piece of evidence in any resulting legal proceedings.

Marketing plans are important during business formation

Taking on the endeavor of starting a business is not something one should do lightly. Some people may think that they should quit their current job to work for themselves, and while this may not be an altogether bad idea, it is important to do the research and work first. After all, business formation can take a lot of time, and no one needs to make hasty decisions.

First, it is important that Ohio residents wanting to start a business have a business idea. Once they believe they have a solid idea, they need to determine whether there is a viable market for the product or service. It is important to remember that even a great idea can flounder if there is no market for it.

Outstanding medical bills are addressed during probate

Some people may have the unfortunate experience of having a loved one in a hospital up until the end of his or her life. While this type of scenario is unavoidable for many Ohio residents, it can leave surviving loved ones wondering what will happen with the outstanding medical bills after the person's passing. Like other remaining debts, medical debt is addressed during probate.

The executor of the estate will have the responsibility of handling the remaining bills and creditor claims of the estate. If the estate does not have enough assets to cover all of the claims, the executor will pay the claims in order of priority. In some cases, medical bills accumulated within the last 60 days of a person's life could have a higher priority than other debts, but it can depend on state law and other factors.

Price and timing are important real estate matters to consider

House hunting can bring about many feelings. When the process first starts, it can seem exciting, and many Ohio residents may think their perfect home is just around the corner. Of course, after a time, the process can seem stressful and overwhelming, and it can seem as if that perfect home does not exist. As a result, when individuals find a house that they believe is the one they want, it is important that they understand certain real estate details.

First, the price of the property is a major detail to consider. If a house has multiple offers, individuals may need to work on understanding the comparable prices in the area and what offer they feel comfortable making. In some cases, a seller may ask too much for a property, and it can be detrimental to the buyer to simply accept that price right away.

Negotiations for commercial real estate are vital

It is tricky to navigate the buying or leasing of property in any capacity. It can become more difficult depending on the type of real estate needed. For example, Ohio business owners looking for commercial space to lease need to carefully consider details that residential buyers would not. Particularly, the commercial lease is vital.

When it comes to leasing commercial property, it is wise not to sign the lease right away. Even if individuals believe that they have found the perfect space, it is important to go through a negotiation process to ensure that the terms of the lease are not unfavorable. However, these negotiations can take time, so parties may want to ensure that they are not in a pinch and need their space right away and instead have time to properly negotiate.

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