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When property taxes go unpaid for a certain length of time, the taxing authority may auction the property off to satisfy the tax debt. Nearly anyone may buy a property at a tax sale, with a few exceptions, such as the tax collector who is holding the sale. Property tax auctions are often excellent opportunities to purchase real estate at a discount. The sale price for auction property is often below market value. As a buyer, you assume a degree of risk in exchange for that discount. These tips may help you prepare for a tax sale. 1. Find available properties The taxing authority holding the tax sale typically maintains a list or website containing tax sale information, including property addresses, sale dates and other relevant details. You can find the tax sale list for Los Angeles County on the county treasurer’s website. 2. Research the properties The due diligence process for purchasing a property at a tax sale is different from the process you would normally encounter when buying real estate. Try to learn as much information as you can about a property before the sale. Failure to fully research a property may lead to property disputes and other problems. 3. Determine the minimum bid In a tax sale, the starting bid is the total amount of unpaid property taxes, plus interest, sales costs and other fees as required by law. The tax collector will not sell the property unless you or another buyer meets this bid. 4. Follow up the night before Property owners have the right to pay the delinquent taxes and save the property from auction. If the owner redeems the property by 5 pm on the evening before the sale, the tax collector will not sell the property. If you are considering purchasing a property at a tax auction, always take all necessary precautions to be sure the property is worth the investment.

When property taxes go unpaid for a certain length of time, the taxing authority may auction the property off to satisfy the tax debt. Nearly anyone may buy a property at a tax sale, with a few exceptions, such as the tax collector who is holding the sale. Property tax auctions are often excellent opportunities to purchase real estate at a discount. The sale price for auction property is often below market value. As a buyer, you assume a degree of risk in exchange for that discount. These tips may help you prepare for a tax sale. 1. Find available properties The taxing authority holding the tax sale typically maintains a list or website containing tax sale information, including property addresses, sale dates and other relevant details. You can find the tax sale list for Los Angeles County on the county treasurer’s website. 2. Research the properties The due diligence process for purchasing a property at a tax sale is different from the process you would normally encounter when buying real estate. Try to learn as much information as you can about a property before the sale. Failure to fully research a property may lead to property disputes and other problems. 3. Determine the minimum bid In a tax sale, the starting bid is the total amount of unpaid property taxes, plus interest, sales costs and other fees as required by law. The tax collector will not sell the property unless you or another buyer meets this bid. 4. Follow up the night before Property owners have the right to pay the delinquent taxes and save the property from auction. If the owner redeems the property by 5 pm on the evening before the sale, the tax collector will not sell the property. If you are considering purchasing a property at a tax auction, always take all necessary precautions to be sure the property is worth the investment.

Some types of insurance, such as general liability, are a necessity for all businesses, but your company may need coverage unique to your business circumstances. Likewise, a standard policy may be missing crucial clauses while some inclusions are unnecessary. Consider whether these types of insurance may be right for your business. Auto insurance A car accident could cause damages far above what your personal auto insurance will cover, and a personal policy may not even cover driving done for work. Hired and nonowned auto policies will cover damages from accidents in your personal vehicle that you are using for work. If you have a company vehicle and policy, check the coverage. While $1 million coverage for liability and auto may seem excessive, that amount may actually be a safe choice. Key person insurance If your company cannot remain functional without one key professional, you may benefit from a life insurance policy on that person. In the event of your key person’s untimely death, you would have the money to stay open while recovering from the loss or to close down the business. Business interruption insurance As many companies have discovered, temporary closure can become permanent due to lost income. If your company is not able to fully operate because of a disaster or national emergency situation, business interruption insurance can cover some or all of your losses. Cyber insurance The prevalence of data breaches may have you concerned about what a hacker could do to your company and your customers’ privacy. A cyber insurance policy may keep your company alive while you recover from a security breach. The amount of coverage should always be commensurate with the unique level of risk your business faces, which may require a careful analysis to determine.

Some types of insurance, such as general liability, are a necessity for all businesses, but your company may need coverage unique to your business circumstances. Likewise, a standard policy may be missing crucial clauses while some inclusions are unnecessary. Consider whether these types of insurance may be right for your business. Auto insurance A car accident could cause damages far above what your personal auto insurance will cover, and a personal policy may not even cover driving done for work. Hired and nonowned auto policies will cover damages from accidents in your personal vehicle that you are using for work. If you have a company vehicle and policy, check the coverage. While $1 million coverage for liability and auto may seem excessive, that amount may actually be a safe choice. Key person insurance If your company cannot remain functional without one key professional, you may benefit from a life insurance policy on that person. In the event of your key person’s untimely death, you would have the money to stay open while recovering from the loss or to close down the business. Business interruption insurance As many companies have discovered, temporary closure can become permanent due to lost income. If your company is not able to fully operate because of a disaster or national emergency situation, business interruption insurance can cover some or all of your losses. Cyber insurance The prevalence of data breaches may have you concerned about what a hacker could do to your company and your customers’ privacy. A cyber insurance policy may keep your company alive while you recover from a security breach. The amount of coverage should always be commensurate with the unique level of risk your business faces, which may require a careful analysis to determine.

From exchanging products and services to leasing and transferring real estate, legal contracts are an essential part of American commerce. Adopted by every state in the U.S., the Uniform Commercial Code ensures that businesses can rely on the law to enforce those contracts if necessary. In the event of a contract breach, the non-breaching party may be able to recover monetary damages in court. However, financial compensation is not always enough to restore a business’s position. Equitable remedies offer a potential non-monetary alternative when parties need to resolve a contract issue. 1. Specific performance enforcement When the subject of a contract is unique or difficult to acquire from another source, such as a piece of property or a rare good, it may be preferable to request that the court enforce the terms of the original agreement. Known as specific performance, under this remedy the court orders the breaching party to perform the specific actions stated in the contract. 2. Contract reformation In some cases, a contract may contain a mistake, ambiguity or misrepresentation that does not reflect the original intentions of each party. When this happens, a judge may order the parties to rewrite the contract in whole or in part so that it accurately conveys the true intention of the agreement. 3. Contract Rescission Rescission allows one or both parties to dissolve the original contract entirely. This may be preferable when parties agree that doing so will help to minimize the cost of mutual damages. Rescission may also be appropriate if one party has committed a misrepresentation or mistake, breached fiduciary duty or else exercised undue influence or coercion.

From exchanging products and services to leasing and transferring real estate, legal contracts are an essential part of American commerce. Adopted by every state in the U.S., the Uniform Commercial Code ensures that businesses can rely on the law to enforce those contracts if necessary. In the event of a contract breach, the non-breaching party may be able to recover monetary damages in court. However, financial compensation is not always enough to restore a business’s position. Equitable remedies offer a potential non-monetary alternative when parties need to resolve a contract issue. 1. Specific performance enforcement When the subject of a contract is unique or difficult to acquire from another source, such as a piece of property or a rare good, it may be preferable to request that the court enforce the terms of the original agreement. Known as specific performance, under this remedy the court orders the breaching party to perform the specific actions stated in the contract. 2. Contract reformation In some cases, a contract may contain a mistake, ambiguity or misrepresentation that does not reflect the original intentions of each party. When this happens, a judge may order the parties to rewrite the contract in whole or in part so that it accurately conveys the true intention of the agreement. 3. Contract Rescission Rescission allows one or both parties to dissolve the original contract entirely. This may be preferable when parties agree that doing so will help to minimize the cost of mutual damages. Rescission may also be appropriate if one party has committed a misrepresentation or mistake, breached fiduciary duty or else exercised undue influence or coercion.

In recent weeks, many people across the U.S. have lost their jobs. This often results in financial strain, such as the inability to pay bills, including rent. As a landlord, there are a host of factors to take into consideration when it comes to back rent, especially if a dispute with your tenant surfaces. It is critical to handle these matters with care and ensure that you identify the most appropriate course of action. Resolving disagreements Sometimes, landlords are able to resolve these disputes by working out an agreement with their tenants. For example, a tenant facing temporary financial hardships is sometimes able to set up a payment plan or convince their landlord that they will get caught up soon. In other instances, tenants simply refuse to cooperate, placing landlords in a tough position. Some tenants are very bitter and hold a grudge against their landlord, making communication very difficult (if not impossible). Eviction In some instances, evicting a tenant is necessary. Our law firm fully realizes the myriad of legal, financial and emotional considerations that arise with respect to the eviction process. If you have no choice but to evict your tenant, it is imperative to prepare for what lies ahead and have a firm understanding of your rights as a landlord. These situations not only generate a lot of stress but are often very time-consuming. However, taking a smart approach often increases the odds of a successful outcome while minimizing legal complications. Explore our website to read more about evicting a tenant and other legal topics that affect landlords.

In recent weeks, many people across the U.S. have lost their jobs. This often results in financial strain, such as the inability to pay bills, including rent. As a landlord, there are a host of factors to take into consideration when it comes to back rent, especially if a dispute with your tenant surfaces. It is critical to handle these matters with care and ensure that you identify the most appropriate course of action. Resolving disagreements Sometimes, landlords are able to resolve these disputes by working out an agreement with their tenants. For example, a tenant facing temporary financial hardships is sometimes able to set up a payment plan or convince their landlord that they will get caught up soon. In other instances, tenants simply refuse to cooperate, placing landlords in a tough position. Some tenants are very bitter and hold a grudge against their landlord, making communication very difficult (if not impossible). Eviction In some instances, evicting a tenant is necessary. Our law firm fully realizes the myriad of legal, financial and emotional considerations that arise with respect to the eviction process. If you have no choice but to evict your tenant, it is imperative to prepare for what lies ahead and have a firm understanding of your rights as a landlord. These situations not only generate a lot of stress but are often very time-consuming. However, taking a smart approach often increases the odds of a successful outcome while minimizing legal complications. Explore our website to read more about evicting a tenant and other legal topics that affect landlords.

As the owner of rental property, you likely require each new tenant to post a security deposit before they move in. Under normal circumstances, you likely then return this amount to him or her when (s)he moves out at the end of the lease or other rental term. Sometimes, however, you may need to keep a portion of that security deposit amount. The California Court System explains what amounts you can keep and when you can keep them. Valid security deposit deductions In general, you can use your tenant’s security deposit to pay for the following: The amount you must spend to repair property damage caused by the tenant The amount you must spend to clean the tenant’s unit when (s)he moves out so as to return it to the same condition it was in when (s)he moved in The amount of any unpaid rent (s)he owes you if (s)he moves out without giving you proper notice Notice to tenant When the tenant moves out, you have 21 days in which to do the following: Return his or her full security deposit OR Give him or her written notice of what amount you are keeping and why AND Return the balance of his or her security deposit to him or her For your own protection, keep a written record, including receipts, of all the repair and/or clean-up costs you incur. Then give your former tenant a copy thereof. Should you find it impossible to complete the repairs or clean-up within the 21-day period and therefore have incomplete actual receipts, you can give your former tenant the reasonable estimate of such costs on which you based your security deposit deductions. You then have 14 days from completion of the repairs and/or clean-up to send him or her the receipts and any security deposit balance you owe him or her.

As the owner of rental property, you likely require each new tenant to post a security deposit before they move in. Under normal circumstances, you likely then return this amount to him or her when (s)he moves out at the end of the lease or other rental term. Sometimes, however, you may need to keep a portion of that security deposit amount. The California Court System explains what amounts you can keep and when you can keep them. Valid security deposit deductions In general, you can use your tenant’s security deposit to pay for the following: The amount you must spend to repair property damage caused by the tenant The amount you must spend to clean the tenant’s unit when (s)he moves out so as to return it to the same condition it was in when (s)he moved in The amount of any unpaid rent (s)he owes you if (s)he moves out without giving you proper notice Notice to tenant When the tenant moves out, you have 21 days in which to do the following: Return his or her full security deposit OR Give him or her written notice of what amount you are keeping and why AND Return the balance of his or her security deposit to him or her For your own protection, keep a written record, including receipts, of all the repair and/or clean-up costs you incur. Then give your former tenant a copy thereof. Should you find it impossible to complete the repairs or clean-up within the 21-day period and therefore have incomplete actual receipts, you can give your former tenant the reasonable estimate of such costs on which you based your security deposit deductions. You then have 14 days from completion of the repairs and/or clean-up to send him or her the receipts and any security deposit balance you owe him or her.

Starting a business is a huge undertaking. You have to wear many hats and cover a variety of business details to get things off the ground. Even if you feel as if you have everything in order, there are always unexpected issues that can come up. When a problem happens, it can delay your ability to open your business. This is why it is helpful to consider common concerns that people have when starting a business. Knowing the common areas where business owners have issues allows you to better prepare and sidestep those issues yourself. Entrepreneur explains that it is disheartening when an issue occurs before you open the doors on your new business because it can halt your operations and potentially spell the end for your company if you do not figure out a solution. Here is a look at three issues that you may come across when getting your organization started: Not hiring the right people You need to arm yourself with a solid team of people. You want everyone you hire to be as committed to the success of your venture as you are. This may take time to find the right people, but it is very much worth it in the long run. Running out of cash When you first start getting everything in order for your business, you spend a lot of money. Anticipate unexpected expenses, as well. However, not having any cash flow in your company is a huge red flag. You should always have some capital on hand to cover emergencies or other expenses that come up. This requires careful financial planning before you ever open for business. Not getting along with your partner If you start your organization as a partnership, then you have to learn to get along with your partner. A good way to avoid issues is to draw up a partnership agreement that outlines your duties and responsibilities to the business. This can help to avoid issues later when it comes to who should be doing what.

Starting a business is a huge undertaking. You have to wear many hats and cover a variety of business details to get things off the ground. Even if you feel as if you have everything in order, there are always unexpected issues that can come up. When a problem happens, it can delay your ability to open your business. This is why it is helpful to consider common concerns that people have when starting a business. Knowing the common areas where business owners have issues allows you to better prepare and sidestep those issues yourself. Entrepreneur explains that it is disheartening when an issue occurs before you open the doors on your new business because it can halt your operations and potentially spell the end for your company if you do not figure out a solution. Here is a look at three issues that you may come across when getting your organization started: Not hiring the right people You need to arm yourself with a solid team of people. You want everyone you hire to be as committed to the success of your venture as you are. This may take time to find the right people, but it is very much worth it in the long run. Running out of cash When you first start getting everything in order for your business, you spend a lot of money. Anticipate unexpected expenses, as well. However, not having any cash flow in your company is a huge red flag. You should always have some capital on hand to cover emergencies or other expenses that come up. This requires careful financial planning before you ever open for business. Not getting along with your partner If you start your organization as a partnership, then you have to learn to get along with your partner. A good way to avoid issues is to draw up a partnership agreement that outlines your duties and responsibilities to the business. This can help to avoid issues later when it comes to who should be doing what.