Realty 411 Magazine Q and A
Having access to solid legal counsel is important for every business. Sound advice can, first of all,prevent small issues from developing into full-blown legal woes.Recently, our staff had a chance to interview Philip W. Boesch, founder of the Boesch Law Group, one of the leading legal firms in the country. Boesch and his firm won a landmark case for the Anna Nicole Smith estate and successfully obtained judgments of $475 million and $89 million for tort and estate-related litigation involving her late billionaire husband.
Q: WHEN DO I NEED AN ATTORNEY FOR MY REAL ESTATE DEALINGS?
A: You should speak with an attorney to set up your ownership rights and as soon as you learn of a possible dispute so that the positions can be in-vestigated and negotiated to achieve your goals. An early consultation with an attorney is smart in any case, from partnership disputes to ownership issues to construction to commercial property purchases to claims against lenders or disputes among investors.
Q: WHY DOES IT SEEM THERE ARE THERE MORE PROBLEMS AND LAWSUITS THAN THERE USED TO BE?
A: The recent downturn in the economy changed the thinking of borrowers, owners and lenders. Tight money and difficult circumstance left contracts breached and debts unpaid. Endless types of mis-conduct were the subject of negotiation and litiga-tion, and now, as the markets come back, people are wary and worried – correctly so. The professionals at the Boesch Law Group are well equipped to avoid problems, and to work through them when they are unavoidable.
Q: CAN I SHARE OWNERSHIP OF A PROPERTY EASILY?
A: Sure. You can own property in a corporation,in a limited liability company, in a partnership and among individuals. Corporations can be in joint ventures and partnerships too. Then there are different types of co-ownership:tenancy in common, tenancy by entirety, and joint tenancy. Tenancy in common, the most popular of the three, is where several persons or entities each possess a portion of the entire property, and each is entitled to use of the property. Owners in this type of ownership may sell their interest or transfer it to another person as they please.
Tenancy by entirety, commonly used in marriage,states that each owner has an equal interest and right to own the whole property. Should one owner pass away, the other owner will be accorded fullpossession of the property.
Joint tenancy is almost the same as tenancy by entirety, however many other individuals (besides spouses) can hold title. Joint tenants also have equal right to own the whole property.
Q: WHEN CAN I SUE FOR FRAUD?
A: “Any time after another party has misrepresented the state or status of the property or transaction to you, and has caused financial and/or material damages as a result, you have the right to seek not only compensation, but possibly even punitive damages,” according to Benjamin C. Johnson, an attorney with the Boesch Law Group. Further, depending on your contract, you may be entitled to attorneys’ fees.