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July 2016 Archives

Part 2: Inherited Property; Deciding to Operate the Property

In part 1 of this 3 part blog, we reviewed steps needed to understand what you own or have inherited. Now that you have an understanding of the property, you may have decided to keep the property and operate it for income purposes. This blog will review issues relating to owning and operating the property.

Part 1: You've inherited commercial real estate. Now What?

Many of our clients are multi-generational property owners; sometimes the junior family members are involved in the business and are ready to step into ownership of the commercial real estate. Other times, those who inherit the property have never owned the particular property or commercial properties before. In this 3-part blog series, we will review some key factors and options relating to owning commercial properties. Some of these factors will apply to first time buyers as well. Part 1 will cover briefly the steps needed to understand what you've obtained; Part 2 will cover issues relating to retaining the property; and Part 3 will cover issues relating to selling the property. For all purposes, these posts are intended to apply to commercial properties in all forms, but some of the options may relate to owning residential property for income purposes as well.

Does Your Community Association (HOA) Prohibit Clotheslines?

Community Associations or Homeowners Associations for many years have prohibited outdoor drying of laundry.  The intent of the Associations and owners of multifamily properties was to maintain the aesthetics of the property for everyone's benefit.  The California legislature and governor have different plans for common interest communities and the HOmeowners Associations.

HOAs & Mobilehome Parks - Your Rules May Violate FHAA

Most HOAs and Mobilehome Parks have rules intended to protect children and other residents.  Unless, the property is age restricted to 55+ or 62+, then such rules violate the Federal Fair Housing Amendments Act of 1988 ("FHAA").

Manufactured Homes - Use Section 8 to Purchase

Manufactured Homes can now be purchased using Section 8 vouchers.  The U.S. Senate passed H.R. 3700, the Housing Opportunity Through Modernization Act (HOTMA). The Manufactured Housing Institute ("MHI") issued a Housing Alert today, July 15, 2016, announcing the passage of H.R. 3700 and explaining the benefits.

Fashion Designer Betsey Johnson Purchases Malibu Mobilehome

Famed fashion designer, Betsey Johnson, recently purchased an approximately 1,500 square foot mobilehome in what some have deemed "America's Most Glamorous Trailer Park." The previous asking price of the mobilehome was just under $1.95 million. Johnson purchased the mobilehome in a community called Paradise Cove, which is located in Malibu, California. The community, which has previously been home to actors such as Matthew McConaughey, is known for its prime location on a bluff overlooking the Pacific Ocean and its multi-million-dollar properties.

Good News for Mobilehome Financing

Financing for mobilehomes has received good news after years of difficulty to obtain loans. The Manufactured Housing Institute provided an overview in this article. The good news came from actions taken by the House of Representatives in Washington D.C. to recognize and protect the mobile/manufactured home buyers from a discriminatory provision of the Dodd-Frank Act.  

What is a Buy-Sell Agreement? Does My Business Need One?

A buy-sell agreement is a business contract most commonly entered into by individuals shareholders and the corporation. In simple terms, a buy-sell agreement is primarily used to restrict the transferability of the shareholder's shares of stock in the corporation by providing for the purchase of the stock by the other shareholders or the corporation upon certain predetermined events (e.g., death of a shareholder, insolvency of a shareholder, disability, retirement, attempt by shareholder to sell stock to a third party). By limiting the transferability of stock, the corporation's existing shareholders ensure that they remain in control and restrict the ability of third parties to obtain stock without their approval.  

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The Loftin Firm, P.C.
5760 Fleet Street
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Carlsbad, California 92008-4713

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Phone: 760-814-9649
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