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Need an Attorney

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13 Jun 2016 13:12 #228889 by ThirstyMan
Need an Attorney was created by ThirstyMan
Anyone out there in cyberspace help a little?

Want to buy a property in upstate NY. The guy who 'owns it' has a mortgage that he can't pay (family). We want to pay off his loan, let him live rent free and rent out the ground floor.

I think I need legal advice so does anyone have any recommendations?

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13 Jun 2016 13:35 #228890 by boothwah
Replied by boothwah on topic Need an Attorney
Regardless of the relationship you have with the gent you are planning on letting live rent free ( I assume fam ir friend) you should make sure that you have a professional contract put together clearly detailing remedies if things go badly. I do professional property management, and am frequently called in to clean up previously amicable personal rental situations gone bad. Not having a defensible contract can make the process excruciatingly long and expensive.
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13 Jun 2016 13:37 #228891 by boothwah
Replied by boothwah on topic Need an Attorney
And without a doubt have RE lawyer take a look at everything....and probably a good idea to have a property manager in the area handle both units so you don't have to be the big bad if tenants aren't behaving.

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13 Jun 2016 13:41 #228892 by jeb
Replied by jeb on topic Need an Attorney
Yes to everything boothwah is saying. Hire a lawyer--these are not expensive requests, you can probably get this stuff as fee-for-service. I would make sure the tenant pays SOME rent. $1/mo, some nominal amount, your lawyer will likely insist on this. And a PM as well, so they aren't knocking walls down and weird shit like that. The PM will be on the hook for "heat's out" type issues as well--a big deal in upstate NY.
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13 Jun 2016 13:55 #228893 by ThirstyMan
Replied by ThirstyMan on topic Need an Attorney
Heat's Out ??
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13 Jun 2016 14:09 #228894 by jeb
Replied by jeb on topic Need an Attorney
"The heat is out (not working)." As a property owner, you need to ensure that certain basic amenities are available to your tenants: locks on doors, heat, water, power. Failure to provide these or have them fixed quickly when they break will result in some hefty fines.
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13 Jun 2016 14:15 - 13 Jun 2016 14:17 #228895 by boothwah
Replied by boothwah on topic Need an Attorney

ThirstyMan wrote: Heat's Out ??


Basically all the crap that breaks, and has to be fixed immediately for habitability - Plumbing emergencies, tree falls on the house and puts a hole in the roof, water heater goes out, etc.... Because of the severe cold up there and how hard the (sometimes antiquated) heating systems have to work, a busted heater is definitely an emergency call. And tenants have a host of remedies, as determined by state laws, as to how they can be compensated for those issues if they are not dealt with in a timely and responsible manner.


EDIT : JINX ON JEB

/You owe me a Coke
//anyone here of Mandarin descent that I need to guard my Coke from?
///That joke is not worth playing
Last edit: 13 Jun 2016 14:17 by boothwah.
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13 Jun 2016 15:16 #228897 by ThirstyMan
Replied by ThirstyMan on topic Need an Attorney
OK got it.

Found a couple of lawyers in NYC that deal with property and a property management company in the actual town itself. Once I get the details of the company that bought the mortgage from the bank, I can get to a lawyer and start drawing up contracts. His mates live in the lower part of the house. They will need to go before I complete on the sale. They pay rent to him "when they can afford it" (never).

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17 Jun 2016 00:21 #229049 by D_S
Replied by D_S on topic Need an Attorney
As an attorney, I advise you that this looks like it'll be a pain in the ass. Good luck.
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