An executor is someone appointed to manage a person’s estate once they pass away and ensure assts and property are given to the appropriate people. Because of the power they have, they must abide by their duties to the estate. Otherwise, they may be liable for their misconduct. What qualifications must an executor have? An…
Continue reading ›1031 exchanges are a real estate tax break that allows commercial property sellers to exchange a business, trade, or investment property for another, like kind, property while deferring capital gains tax on the sale. Without this tax break, sellers must pay capital gains tax at the time of sale. California law does not require the…
Continue reading ›In California, the legal process of partitioning property is the process through which co-owners of real property divide the co-owned property, either physically or by sale. Typically, partitions occurs when co-owners disagree on how to manage or use the property. The legal process of partitioning property involves several complex steps. This blog post aims to…
Continue reading ›When you own a property with one or more people, you may end up in a dispute over payment for remodeling, upkeep, rent payments from tenants, or even wanting to get rid of the property. While it is worth trying to settle these disputes out of court, if they escalate you may want to consider…
Continue reading ›A trust is a great way to determine what happens to your property after death and ensure that it is distributed the way you intended. This also applied to real property. If the real property is a house, that may create disputes over how it is divided, especially if your trust grants an interest in…
Continue reading ›Under California law, paying someone’s property taxes does not automatically grant ownership of the property. In California, paying someone else’s taxes, even if done in good faith, is considered a gesture of goodwill or a means of avoiding a tax lien, but no matter the motive, payment does not transfer legal ownership. If, however, individuals…
Continue reading ›Owning property can come in different forms of ownership which grants you different rights. If you acquire an interest in property by sale or inheritance you may end up holding a percentage property interest while another person holds the other part of that interest. When co-owning property with someone, both of your names are on…
Continue reading ›In California, easements are legal rights that allow one party to use another party’s property for a specific purpose, without transferring ownership of that property. Easements are be created through express or implied agreements, long-standing use, or necessity. They are commonly used to grant access to driveways, utility lines, or for other specific purposes like…
Continue reading ›Trusts are an important way to set out one’s wishes for how and when you want to transfer assets like property. While trusts usually are set up as written contracts, other trusts can be enforced by the court, like resulting trusts and constructive trusts. These types of trusts are involuntary, meaning a court imposes them…
Continue reading ›A grandfather clause in a real estate context means a clause from a law or regulation was grandfathered in from an old version of that law or regulation. This means even if the law currently would affect someone if they were exempt under the old version of the law those rights have been “grandfathered in.”…
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