THE LETTER OF THE LAW

Article Tools

Image Gallery

Print

E-mail

Comments

RSS

Weigh every possiblity, no matter how remote, before making your purchase. It would be best to draw up an actual partnership agreement. Once you decide on the main points, it would be wise to consult with an attorney, particularly concerning inheritance, as that will affect how you take ownership of the land.

One possibility is to consider dividing the land between the partners at the time of purchase, provided the purchase terms will allow this. That way, even though the land is managed in common, each partner is responsible for his or her own portion. No one knows what the future will bring and if a partner needs cash the one parcel can be sold without affecting the other partner' s investment. If the land is divided it may be easier to borrow against it for building purposes, and if one partner gets into financial difficulties only his or her portion of land will be jeopardized.

Such a division is more easily imagined than made, however, as usually no piece of land can be divided into portions with exactly equal amenities, no matter how large the parcel. When viewing land for sale with a partner you must pay particular attention to the location and rate of delivery of the water source(s). Will it serve more than one owner?

Good luck with your future purchase. When you provide for each eventuality before it occurs you are ensuring a future that holds much satisfaction in owning/work ing with a partner.

We are getting ready to ,ell our older home and heard there might be a new law that may affect us concerning the paint in older houses. If so, could you explain it?

There is indeed a new law regarding disclosure of lead-based paint in almost all residential units built before 1978. To protect people, particularly children, from the hazards of exposure to lead-based paint found in older homes Congress passed the Residential Lead-based Paint Hazard Reduction Act of 1992. The new law was phased in last year and became effective t effective with private homes and rentals on December 6th, 1996.

With few exceptions, sellers, landlords, and their agents must provide information concerning lead-based paint to a buyer or renter before any transaction closes. The information is provided via a pamphlet developed by the government, and any information regarding lead-based paint in the home and/or testing done on the property must also be provided. Lease agreements and sales contracts must include certain disclosure and notification language concerning lead-based paint in homes built before 1978.

RSS | Comments | E-mail | Print