Coronavirus PSA (&What to Do as a Landlord)

 

In these ever-changing times, we’ve been updating almost daily on our Facebook page. Check us out here.

We’ve been taking in information from some smart people over at the Dr. Joe Show about protocols and how to handle this virus. Something really important is to let others know who is sick. Don’t keep it on the “DL,” everyone needs to know if they have had contact with someone who tests positive so that they can protect others. Keeping that information secret will not help flatten the curve.

Now, a note to landlords: a lot of our tenants will be losing their jobs soon. How can we handle this? First and foremost, make sure to communicate with them and ask how they are doing. See what you can do to help. Secondly, you should talk about how to proceed in light of the current and near future hardships. Work together to deal with rent and mortgage and be open. Perhaps figure out what they can afford and worry about the rest later.

On a final note, we were a sponsor for the annual Marshfield Education 5K. As a result of this no longer happening, we have a lot of unused Gatorades. Since the virus may come with a heavy bout of dehydration, we would be happy to deliver these extra drinks to anyone in need of them.

If you’re feeling the symptoms, it’s Tylenol, vitamin C and hydration.

While practicing safe spacing, we’re available for your conversations virtually. No obligations. If you have any questions or concerns, contact us by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Coronavirus Federal Relief Scams

 

Beware of financial relief scams! During this time of uncertainty, our elders are especially vulnerable to phone calls from scam artists.

Have conversations with the senior citizens in your life about not falling prey to calls regarding government-issued relief acts, like a check that may come in the mail for them. These calls will ask for banking info, social security info, etc. Remind them the government is never going to call and ask for these things.

Be diligent. Cyber attackers are coming in full force with phishing expeditions to try and fool people. Remind our senior citizens not to give out their info or be taken advantage of. They can be trusting and may believe there’s an honest person on the line.

Also consider they may have already been duped and are too embarrassed to tell anyone. We must keep the vultures at bay in this troubling time.

Phones and email lines are always open over at Stiles Law. If you have any questions about financial relief scams, contact us by calling (781) 319-1900.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

For Sale By Owner?

 

 

Mark Stiles and Laura Adams joined up to answer this week’s question: “Now that the inventory is so low in the housing market, can I sell my house on my own?”

Can it be done? Legally, yes. Is it recommended? No.

Why? It takes too much time. Preparing the home to be put on the market, marketing the property, and showing the property at open houses is time-consuming. Not to mention dealing with the home inspector, the appraiser, and a fire department representative.

Rather than taking time out of your life, trust the trained professionals who budget their time for this work. Real estate professionals can offer you their skills and get the job done right. They have the best advice, connections, negotiation skills, and a suite of resources when it comes to marketing your property.

Would doing it on your own save money? In the long run, probably not. You’d be spending money on marketing and in addition the buyer’s agent will seek a 2.5%-3% commission from you regardless. It’s generally a net loss.

Taking a chance may result in unnecessary mistakes.

If you have any questions about how to get started on selling your home, contact Stiles Law by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Split Inheritance

 

We received this question from a viewer: “Can I buy a property that my siblings and I inherited?”

As long as everyone is in agreement of the purchase, you can. Assuming that the probate was done correctly, you and each of your siblings owns an equal part, so you must settle up with them on their share.

Next, you would have to consider if you’re looking to obtain financing to pay off your siblings. Buying off other owners in this situation is a little different from the typical home buying process.

If you have the funds already, you can pay them their share, put together the paperwork, draft the deed, and record the deed.

Alternatively, you can obtain financing to pay off the part you did not inherit. Make sure everyone is in agreement and the documents are in compliance with what the bank needs, including the purchase and sale agreement and proper loan documents.

See our other video on gift of equity here: https://youtu.be/2ms49POltik

Some do it through a refinance transaction, some through purchase, but it can be done.

If you have any questions about splitting inheritance, contact Stiles Law by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Real ID

 

Stiles Law has an important reminder for you: Real ID’s are due to be updated by October 1st, 2020. Why we are reminding you of this? That is because Lender and Title Insurance Companies are going to be looking at us, Closing Attorneys, to verify your identity. Head down to your local Registry of Motor Vehicles or AAA office to get your real ID today and stay ahead of the game. If you have any questions regarding the Real ID, contact Stiles Law by calling (781) 319-1900.

Copyright © 2020 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Opportunity Zones

 

This week, we’re answering another viewers question: “We saw your 1031 Exchange video and really enjoyed it, but what is the deal with these “opportunity zones”?”

In 2017 the Tax Cuts & Jobs Act (TCJA) was enacted and introduced the concept of Opportunity Zone Funds. As a real estate investor, it is a huge benefit to understand what an Opportunity Zone Fund is.

This act has created certain zones within our country where they have declared that they need assistance. These are areas with depressed markets: The businesses are down, real estate is down, socioeconomics are down. With that being said, it would be idealistic for an investor or someone who has capital gains to pay, take those capital gains and put them in an equity fund and invest in those areas. If they invest in those areas, their taxes will be deferred. If an individual invests in such funds, for 10 or more years, they eliminate the Capital Gains Tax.

So, when you sell and you have capital gains, you can put those funds into one of these “O-Zone” Equity Funds and distribute within a community.

If you are looking for help in understanding these funds and how they could maximize your overall wealth, contact Stiles Law by calling (781) 319-1900.

Copyright © 2020 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.