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Recent Property Insurance questions

I have a commercial apartment building I would like to sell

I have a commercial apartment building I would like to sell that I own. It currently has a loan. I wanted to ask if the following could be structured.I was thinking to set-up a master lease for the property. We would set-up the master lease that I would retain ownership/title to the property initially.I was thinking to set-up the master lease with the following:* The master lease would provide the lessee the right to collect rents, repairs etc for the property. The title would remain the same initially. * The lessee would pay me 20% down.* The lessee would pay me an amount equivalent to the purchase price minus down payment amortized over 20 years at 8% interest rate. * Monthly property tax and insurance would paid separately to me and held in escrow.Within 3 years the actual sale would occur, I would pay off the existing loan on the property and provide lessee title to the property. I would offer seller financing, but it will be seem less to the lessee as the payments and remaining principal amounts would remain the same. Lessee would take care of the property taxes and insurance on his own at that time. These things will be mentioned in the master lease.I have heard it being done with many other commercial properties. I wanted to ask if you have any concerns using about doing this? Is their any way to have the insurance in the lessor's name?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,242 satisfied customers
Story, here's the short version. I live in a house with my

Hi. Long story, here's the short version. I live in a house with my long time girlfriend that is located on the same property as her mother's house. The house has needed a lot of repairs over the past few years of which I personally paid for totaling over about $80K in exchange for free rent. This includes, things like property taxes, property insurance, roofing on a garage, a new sewer line, bathroom overhaul, painting, etc. She now wants to sell the property but has not talked to me at all and I suspect she has no intention or repaying me from the proceeds of the sale. She has been hiding out from me since the for sale sign went up. I intend to discuss the money owed to see if she will even negotiate something. I have a paper trail for most things but do not have any written agreement on terms of repayment. If she decides not to repay me from the sale, do I have any recourse? There's much more to this but this pretty much sums it up.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: CaliforniaJA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: He husband passed away about 2 1/2 years ago. Most of the agreements were made with him verbally. He was a Marine and very honerable so I didn't see the need for a written agreement. His wife is differnt story.

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Roger

Litigation Attorney

Doctoral Degree

33,418 satisfied customers
I purchased a foreclosed home at an auction that still has

I purchased a foreclosed home at an auction that still has 60 days left before its right of redemption period is expired. The owner is deceased. The property has been occupied by tenants who basically became squatters and haven't paid anyone in months. I made the assumption the property was abandoned by the owners and began getting contractor bids to maintain the property and prevent damage.The deceased owner's heirs announced today that they plan to sell the property. (A realtor contacted me. I am also a realtor, btw.)Questions:-I have closed on the property and signed the HUD1. Am I the owner or is the heir the legal owner?-Do the heirs of the deceased owner have the right to put up for sale signs, show the property to potential buyers, and sell the property? The tenants are very confused. (Realtor code of ethics prevents putting up for sale signs without owners consent.)-Can I negotiate leases and accept rent at this time from the occupants?-Can I do anything to shorten the right of redemption period at this point?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,242 satisfied customers
Please help. My in-laws own a condo in FL. They have two

Hello - Please help. My in-laws own a condo in FL. They have two leaks within 5 months which came from the unit above their condo down into their unit. The leak destroyed their belongings and caused mold resulting in approx $28,000 damage. The HOA, never sent the proper people to determine whether or not the leak was their issue or not. After the second leak, we had to threaten a lawsuit before they finally sent over a plumber only to find the leak was definitely the issue of the HOA all along. A pipe behind the wall came unattached at the S-curve and was pouring water into my in-laws condo from behind the wall. My father in-law had been telling them for years there was an issue...there had been other leaks and they ignored the issue. Also, there is a former board member who we have who will attest to the fact that the HOA Board knew of an issue in the unit above and never sent a licensed plumber to check behind the sheet rock.Our question is how can I now get back my in-laws lost money $28,000? I have pictures of damages, mold remediation bills, bills for replacement of furniture, etc. My in-laws did not have insurance at the time. I understand FL is a no fault state but this is clearly a case of sheetrock in...your issue, sheetrock out....HOA issue.Can you help? Where do we go from here to recoup our monies?Thanking you in advance.Lorraine Kennedy

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MIAMILAW1127

Partner

Juris Doctorate

1,398 satisfied customers
My mother is very sick and terminally ill. I live in her house

My mother is very sick and terminally ill. I live in her house (Pennsylvania) now as she is in hospice care. How do I go about handling the mortgage? My brother and I will receive the property in her will. Does it make more sense to just pay off the whole mortgage after she passes?

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Gerald-Esquire

Juris Doctor

5,130 satisfied customers
I bought a new home 2012. It has 3 tax parcel numbers. The

I bought a new home 2012. It has 3 tax parcel numbers. The mortgage escrow company was to roll all taxes into the mortgage payment along with property insurance costs.The Mortgage escrow company made a mistake and only included one tax parcel in the mortgage payment. The county wants to foreclose now due to lack of tax payment on the 2 other parcels.There is now tax due on 2 parcels covering the past 3.5 years with penalties and interest.The bank was notified a month ago when I received a foreclosure letter. They indicated they would take care of it all and bring the payments up to date including penalties and interest.The formal letter from them states they paid it but now are charging me the same amount in my escrow account.Who is responsible for the mistake and who should be paying the back taxes and fees?Thanks,Mark

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,242 satisfied customers
Here it goes: I live in Texas and my house got auction off

Here it goes: I live in Texas and my house got auction off for taxes on April 5, 2016. I was trying to get a loan but a little to late. I call and they tax office will not give the name of the buyer, saying that I have to wait till he contacts me (really I can't even slept). I have read that I can redeem the property? I now have the monies to pay this man his fees and the amount of taxes paid.. what can I do?

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J. Warren

Attorney

Doctoral Degree

4,092 satisfied customers
I sent my previous tenants a letter detailing why they would

I sent my previous tenants a letter detailing why they would not get they're security deposit back in the allotted time by certified mail. They responded in the allotted time that they did not agree. It has been 4 months and I have not heard from them. When is it safe to take the security deposit from the account that was set up just for the rental agreement?

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Ely

Counselor at Law

Juris Doctor

63,650 satisfied customers
OH** we have been disputing with our contractor over

OH** we have been disputing with our contractor over payment. He did poor work and refused to come back and correct it. We refuse to release payment until the work has been done to our satisfaction. He's been sending texts to us asking for payment, we have told him to stop contacting us. he threatened mechanic's lien and court action. We ignored him because we feel we have a strong case. We did an internet search on him and find that he's been arrested for drug possession and petty theft. we are now concerned for our house and are wondering, along with installing a security system, if we should raise the policy limit of our house as it's currently under insured. We're just wondering, in the event we are raising the policy and something /does/ happen to the house, would we be under investigation for insurance fraud? we want to protect ourselves but don't want any trouble from the insurance company.

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Irwin Law

Juris Doctor JD

8,424 satisfied customers
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