Quincy Legal Issues Blog

What actually happens at a real estate closing?

You found the perfect Massachusetts home. You made an offer to purchase it. The seller accepted your offer. Now all you need to do is close the deal. That is what a real estate closing is, the meeting at which the property legally transfers from the seller to you. It is the final step in your home purchase process.

Be prepared to sign numerous documents at your closing. Other things, too, will occur, including the following:

  • You will give a cashier’s check to your escrow agent for the amount of your closing costs.
  • Your mortgage lender will give your escrow agent a check for the amount of your mortgage if it has not already done so.
  • Your escrow agent will give the seller a check for the amount to which (s)he is entitled.
  • The seller will sign the property deed giving you title to your new home and also will give you the keys to it if you do not already have them.
  • The title company will take the deed so it can be properly registered before you get it back.

Quincy-area man charged with elder abuse after police chase

Justice is supposed to be blind to those details that play off of our emotions when someone is facing criminal charges. Unfortunately, Quincy residents know that this isn't always the case. Sometimes the eye-popping aspects of criminal allegations overshadow the nature of what a defendant is actually accused of.

An area man's case serves as an example. The man, who is in his late twenties, picked up his elderly grandmother from a nursing home recently. The man was unemployed and known to battle drug addiction. He went with his grandmother to her bank, where she was going to withdraw money for him - something she had done for him before.

Consolidation and debt relief for Quincy residents (Part 3)

Finally, having looked previously at debt consolidation in general and debt consolidation loans in particular, we'll turn this week to an examination of credit card balance transfers. Quincy residents are likely familiar with this type of consolidation from advertisements in the mail. While a credit card balance transfer has some benefits, it is important to distinguish between it and true debt relief.

The way a credit card balance transfer offer works is simple. Say you have one or even several credit cards with balances at high interest rates that you are struggling to pay off. Another credit card company reaches out to you and offers you a promotional low or even zero percent interest rate if you use the funds to transfer your existing balances over to that card. So instead of having several balances at high interest rates, now you have just one at a much better interest rate - which should make it easier to pay it off.

Protect yourself from these sources of business liability

Running a business comes with many types of financial risks, but one of the highest is liability. Statistics show that at any given time, nine out of 10 businesses are involved in a lawsuit, reveals Forbes. Litigation is not a matter of if, but when, so you need to protect yourself from common sources of legal trouble.

You can avoid the following liability cases by ensuring you have strong, clear contracts and proper business insurance coverage. An attorney can also help you determine additional risks for your industry.

Consolidation and debt relief for Quincy residents (Part 2)

To continue from an earlier post on our Quincy legal issues blog, we'll now take a look at a few common options for consolidating debt: consolidation loans and credit card balance transfers. The information is intended to be general in nature only, not as specific legal advice.

A debt consolidation loan is a loan that you use to pay off multiple other debts, so that you can make just the one monthly payment on your debt consolidation loan instead of numerous payments across credit cards and other debts. Debt consolidation loans often offer low interest rates. They also may offer lower monthly payments because the payments are spread out over a longer period of time.

Consolidation and debt relief for Quincy residents (Part 1)

Many Quincy residents struggling with credit card debt are desperate for solutions. Anything that can help reduce their monthly payments, or even let them make fewer payments, may be considered if it promises some measure of debt relief.

These borrowers are likely the recipients of frequent mailings offering to help wipe out their credit card debt through what's known as consolidation. Consolidation can, in some cases, make paying off credit card debt somewhat easier, but it's important to understand the pros and cons of different forms of consolidation. We'll look at what the Consumer Financial Protection Bureau has to say on this subject, with the understanding that the information is general in nature only and is not intended as specific legal advice.

Selecting a business form is an important step

Selecting the best business form for a business venture is an important decision for any entrepreneur facing it. The selection of a business form has many important implications for the business, as well as the future of the business as it grows and enjoys success. The type of business form selected has important tax and liability implications in addition to how the business will be managed and the routine reporting requirements the business must satisfy.

There are four primary types of business forms including sole proprietorships, general partnerships, limited liability companies (LLC) and corporation. Sole proprietorships are popular for their ease of use, however, they can expose the sole proprietor to greater personal liability than they may feel comfortable with. The need for a sole proprietorship to graduate into a partnership or LLC, for instance, as the business grows may arise. Partnerships are formed when two or more individuals are engaged in a business. Though partners in a partnership are personally liable and may be liable for the other partners, a limited partnership or limited liability partnership can offer the partners some personal protection from liability. Though partnerships should always have a written partnership agreement, they require few formalities and can have tax advantages.

Check out the HOA before buying your dream home

You found the perfect Massachusetts home for you and your family, and all of you are dreaming about what life will be like once you move in. The price is right, the financing is available. What more do you need before you sign the final papers? You need to check out the homeowners association

Buying a home is the American Dream and one of the biggest and most important decisions you make. Where you live affects virtually all aspects of your life from where your kids go to school to where you shop for groceries. At the very least, you control how you decorate your home, how you landscape its property and a host of other things. Or do you? You may discover that the homeowners association restricts what you can do.

Criminal charges filed in Quincy pedestrian accident case

When a negligent driver injures another Quincy resident, there are two different ways in which that driver may be held accountable for his or her actions. Criminal charges play an important role, but they do not solve all the problems related to an accident.

Just about one year ago, for example, a driver in her late thirties was heading down Quincy Shore Drive in the early evening hours. She saw a stoplight up ahead turn yellow and wanted to try to make it through the intersection before the light turned red. However, a pedestrian, a woman in her mid-thirties, was entering the crosswalk and the driver struck her.

Two main types of trusts: living and testamentary

A recent post here on our Quincy legal issues blog reviewed an unfortunate case in which family members became divided over their parents' estate after they had passed. One component of the parents' estate planning involved the use of a trust to protect their assets and divide them among their children.

In light of this case, let's take a closer look at trusts, in particular the two major types of trusts: living trusts and testamentary trusts.

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