WEEKLY ROUND -UP

Each Week We Answer 100s of Legal Questions.  Here Are The Top 3 Questions From Last Week.

 

 

 

 

 

 

Week Of September 19, 2022

QUESTION NO.1: "If I am the seller on a land contract, how is my interest protected if there is a fire or other damage to the home? Do I need to get hazard insurance or does the buyer? How does this work?"
A: Your buyer has an insurable equitable interest in the property. The buyer needs to have a hazard insurance policy on the home for the purchase price – at a minimum. They then name YOU as the LOSS PAYEE on the insurance policy. If there is a fire or any other damage, your balance gets paid off first. You are the legal owner. The buyer gets the difference between what they owed you and what they insured the property for. That’s how it works. Good luck!
QUESTION NO. 2: "I have a former business partner trying to sue me on an old promissory note that I haven't paid on in over 12 years. How can he sue me now? So much time has passed?"
A: Generally speaking, the time frame to collect on a promissory note is no greater than 6 years from the last date of payment. Known as a “statute of limitations,” if your old partner has failed to bring an action within the 6 years, their claim may be barred.
QUESTION NO. 3: "Could knowledge of a lawsuit be considered "actual service" of the lawsuit?"'
No, one must be personally served by a process server to be properly served, however, if, for some reason, you cannot be served personally, then the plaintiff can serve you through court ordered publication in the legal news, regular mail or even a posting on the property. In the case of property tax forfeiture, posting and publication can be considered adequate notice.

Week Of September 12, 2022

QUESTION NO.1: "If I am the seller on a land contract, how is my interest protected if there is a fire or other damage to the home? Do I need to get hazard insurance or does the buyer? How does this work?"

A: Your buyer has an insurable equitable interest in the property. The buyer needs to have a hazard insurance policy on the home for the purchase price – at a minimum. They then name YOU as the LOSS PAYEE on the insurance policy. If there is a fire or any other damage, your balance gets paid off first. You are the legal owner. The buyer gets the difference between what they owed you and what they insured the property for. That’s how it works. Good luck!

QUESTION NO. 2: "I have a former business partner trying to sue me on an old promissory note that I haven't paid on in over 12 years. How can he sue me now? So much time has passed?"
A: Generally speaking, the time frame to collect on a promissory note is no greater than 6 years from the last date of payment. Known as a “statute of limitations,” if your old partner has failed to bring an action within the 6 years, their claim may be barred.
QUESTION NO. 3: "Could knowledge of a lawsuit be considered "actual service" of the lawsuit?"'
No, one must be personally served by a process server to be properly served, however, if, for some reason, you cannot be served personally, then the plaintiff can serve you through court ordered publication in the legal news, regular mail or even a posting on the property. In the case of property tax forfeiture, posting and publication can be considered adequate notice.

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If You Like These Questions, then Join Us For”Office Hours”

at 4:00-5:00 P.M. EST on the 2nd and 4th Friday of each month for an open ended live Q&A session with Attorney David Soble and his associates.

The time is set aside for YOU to ask YOUR legal questions,           so Ask Away!

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