Realtors play a great role in the buying and selling of real estate. The realtor will help the seller establish the listing price, and sales price range, and will help market the property, investigate potential buyers, prepare the Agreement of Sale, negotiate the terms, attend settlement with the seller, etc. The Buyers can also use the services of a realtor to negotiate terms, help them find financing and a title insurance company, etc. However, both the Seller and Buyer should strongly consider each hiring their own attorney to work in conjunction with their realtor.
I often handle matters where there is no realtor involved and the parties have found each other in a private real estate transaction. The question I usually get, from a Seller or Buyer, in a private sale, is do I need an attorney? Why do I need an attorney if I can just pull documents from the Internet?
Continue reading OWM Blog – I’m Buying Real Estate from my Friend – Do I Need an Attorney? →
In order to provide the top quality legal services we do at OWM Law, it takes not only our lawyers, but also an experienced and dedicated Staff! Our NEW Staff Spotlight Series will focus on the Legal Assistants, Paralegals, and other Administrative employees who work behind the scenes at OWM to keep the work flowing and provide the client service for which we are known. Each month our blog will feature a different staff member or department, sharing a little bit about the individuals, and explaining their roles at OWM. To kick off this series, our first Spotlight is shining on Ashley E. Kincaid! …
Continue reading Staff Spotlight: Ashley E. Kincaid – October 2017 →
For many people, the family home is the one asset they have planned to pass on to their children. When faced with the fear of the sky rocketing costs of long-term care in the United States, and the potential need to sell their home in order to pay for care, many ask the question: “how do I protect my house so the nursing home doesn’t take it?”
Although your primary residence is not counted when determining Medicaid eligibility in Pennsylvania, the asset is still considered “at risk” because, generally, if you received Medicaid benefits, the Department of Human Services will try to recover the value of the real estate upon your death through a process called “estate recovery.” Additionally, during your life the ongoing maintenance expenses for the real estate often become too burdensome for a single applicant to continue because of Medicaid’s income and asset limitations.
Continue reading OWM Blog – Medicaid Asset Protection Planning: Should I gift my home to my children? →
Many of OWM Law’s business clients choose to conduct their business in an unincorporated, sole proprietorship form. While this approach may offer the conveniences of little expense or formality typically associated with conducting business through a limited liability entity, there are drawbacks to this approach, of which our clients should be aware. The Business Law Practice Group at OWM Law looks forward to discussing the particulars of your business needs in determining an appropriate manner for you to pursue your business interests.
The sole proprietorship is a type of business owned by a single person for which there is no legal distinction between the business owner and the business itself. Assets of the business are owned by the individual, and the individual is personally responsible for the debts of the business. There is no protection afforded the individual, as when a limited liability entity such as a corporation or limited liability company is formed by the individual for the conducting of business.
Continue reading OWM Blog – Consider Limiting Liability in Conducting Your Business →
In November 2016, and effective February 21, 2017, Pennsylvania Governor Wolf signed Act 170. That act amends Title 15, Corporations and Unincorporated Associations, the latter of which include limited liability companies. The amendment brings Pennsylvania law closer in line with the Uniform Act promulgated by the Uniform Law Commission. The act also enables the creation of nonprofit limited liability companies, previously restricted to corporations.
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