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California Home Buyers Get More Protection

By on Mar 14, 2015 in Money | 0 comments

Most states require real estate sellers to disclose any information they have about potential or existing problems that a property may have. These include leaks, structural defects, environmental toxins, and natural hazards like flooding if it is available. However, California requires more from sellers. California has always required under Civil Code Section 1102.6 that prospective buyers are given a Transfer Disclosure Statement, which is a three-page form that a seller has to fill out completely and accurately. It is not a warranty but a statement of fact regarding the current condition of the property. If problems arise later on because of a disclosed condition, the seller will avoid getting sued. However, if the seller knew about the condition but failed to disclose it, he or she could be liable for the damages. In addition, California law under Civil Code 1002.6c requires the seller to obtain a separate Standardized Natural Disclosure Statement to be given to a prospective buyer. A Natural Hazard Disclosure is not concerned with the condition of the house, but with the potential of the location of the property for natural hazards, specifically flood, fire, and earthquake. The Statement includes a checklist that a seller fills out based on information from government-provided maps. They cannot speculate or base it on their personal experience, especially given that certain areas of California has been the site for many natural disasters in the last two decades. The information that a seller must obtain comes from the: Federal Emergency Management Agency Office of Emergency Services California Department of Forestry and Fire Protection State Board of Forestry California Geological Survey If you are a seller, you would like to check yes to as few of these hazards as possible, but government information may not be specific enough to determine if your property is indeed in a hazardous area. You can solve this easily by hiring professionals to certify this for you, as well as supply you with other disclosure reports for a minimal fee and available within a few...

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The Real Truth About Chapter 11 Bankruptcy

By on Feb 18, 2015 in Money | 0 comments

The word ‘bankruptcy’ can be enough to make anyone cringe. After all, it is a common conclusion for people to equate bankruptcy with total and utter financial ruin and failure. Most resort to this financial solution as a one all, end all – totally defeated. Little do most people know that filing for bankruptcy could be the benchmark into bettering your credit history as well as putting you on the road to financial freedom and stability. Due to the booming industry of business these days, a lot of people venture into creating their own establishments and businesses in order to pursue their own individual passions. However, some financial mistakes can lead these owners into debilitating debt that could mean the end of their passion project, of the dreams that they have worked so hard to achieve. Filing for Chapter 11 bankruptcy does not, however, equate to the end of a dream – rather, it could be the start of the road into making smarter and more efficient financial choices. A Raleigh Chapter 11 bankruptcy lawyer could tell you the basics of this type of bankruptcy. You will be able to continue your business and you will no longer have to worry about being continuously harassed for payment by creditors. This type of bankruptcy allows for you to create a systematic financial payment plan that is more suitable for your lifestyle and livelihood and even make it possible for you to apply for loans at rates that are favorable for you. Due to the fact that bankruptcy law can be quite complex and arduous, and that everyone has a different financial situation – it can be difficult to ascertain if filing for bankruptcy could be the best thing to do for the future of your business. That is why, if you should see yourself in a bit of a financial pickle and are considering filing for bankruptcy, it is advisable for you to contact a lawyer who specializes in this branch of the law so that your case can be properly advised and...

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