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Northern Virginia Real Estate And Business Law Blog

Do you have candidates in mind for power of attorney agents?

Getting started on your estate plan may have you thinking about how you want your property distributed after death, how your family will get on without you and numerous other aspects that could relate to your demise. However, when creating this type of plan, you may want to remember that it can also prove useful before your death, especially in the event that you become incapacitated.

Incapacitation could happen for a number of reasons. Some causes include mental deterioration, severe illness or serious injuries resulting from an accident. Though most people think of elderly individuals needing round-the-clock care, you could find yourself in this predicament at any age. As a result, you may want to consider appointing a trusted individual to act on your behalf before the need arises.

Earnest Money Deposit (EMD) In A Real Estate Contract

The amount of the EMD should be discussed with your real estate agent. As a seller, this can be an important consideration to prevent a buyer from walking away from the contract. For a buyer, the "good faith" deposit amount confirms to the seller your intent to complete the transaction.

A partnership agreement provides a solid foundation

Slowly but surely, everything is falling into place. You have financing and office space, supplies and inventory. You have a rock-solid business plan, vendors and clients who are eager to get started. You have a partner who promises to be a powerful force who can help to propel your new business into a successful future. However, is it possible that your partner could also be the element that brings your company down?

Studies show that partnerships have a much higher rate of success than sole proprietorships, but there are also more opportunities for deal-breaking disagreements when more than one person is at the helm. Business advocates say the best way to prevent this and to improve the chances that your business will succeed is to have a partnership agreement from the very beginning.

The challenge of sole proprietorships

The most common form for someone just starting a business is the sole proprietorship. If you have a one-person business - a bookkeeper, a consultant, a computer repair shop, a housecleaner or a writer - it's the perfect solution.

It is easy to see why it is nearly everyone's initial choice:

What is a Seller property disclosure?

A Seller Property Disclosure is a requirement in a standard residential sales contract. Only the seller may complete and sign this form. The agent or property management company is not authorized to sign on their behalf. It requires a seller of residential property to disclose all known & latent defects (they have actual knowledge of) in the property. Latent defects are material defects that a purchaser would not reasonably be expected to ascertain or observe by a careful, visual inspection of the property. The seller is also required to disclose any defects that could impose a threat to the health or safety of the purchaser or occupant of the property. This would include tenants or invitees of the purchaser. The disclosure should be delivered to the purchaser at the time the sales contract is signed. In the Washington, DC Metro area there are jurisdictional variations to the disclosure, as well as the remedies for the purchaser in the event the seller does not provide it in a timely manner.

Using A Power Of Attorney In A Real Estate Closing

A Power of Attorney (POA) is a legal document executed by a Principal (buyer or seller) that designates an agent, referred to in this document as the Attorney in fact, to sign on their behalf. In the State of Maryland, it is suggested that you use a statutory POA form when such a power is needed. Mehalko & Moghul can prepare a suitable POA to be used in Virginia and The District of Columbia.

Benefits of an Advance Medical Directive

What is an Advance Medical Directive?

An advance healthcare directive, also referred to as a living will, personal directive, medical directive, or advance decision, is a legal document in which you can specify what actions should be taken for your health care in the event you are unable to make them for yourself. A living will is one form of advance directive where you state instructions for medical treatment and end of life decisions. This is also where you authorize an agent, appointed by you, to make those decisions on your behalf if you are incapacitated.

Government contracts for minority business owners

Our proximity to the capital puts us in a unique position in the business world. Many businesses in Northern Virginia and Maryland provide services to the U.S. government in some form or another. These often lucrative contracts give businesses a steady workflow and a placeholder in the local market. While servicing a government contract can make business interesting, earning the contract is a feat in itself. How do businesses obtain government contracts?

When looking at who is awarded government contracts, a study published in Small Business Economics shows that business owners who are among a social, racial or ethnic minority group are less represented than their white counterparts. According to the 2010 U.S. Census, 52 percent of people in the Washington D.C. metropolitan area fall into one of four minority groups. Why are minority business owners underrepresented in the world of government contracts?

The Importance of a Will

What is a Last Will and Testament?

This is a legal document; It communicates a person's last wishes to their dependents, and the handling of personal assets. This also provides the opportunity to make specific bequeaths to individuals and charities, to make unequal bequeaths and to provide for particular circumstances or concerns (e.g. a child with disabilities). The testator (the deceased) has the ability to select a personal representative of their choosing to work with the Probate Court to carry out the terms of the Will.

Business structure determines tax liability

Business and taxes go hand-in-hand for entrepreneurs in the first few months of the year. This consideration is important because the structure of a business has future tax implications for the life of the company. Entrepreneurs must make this legal decision early on in a company's history, and due to future considerations, should do everything possible to get it right the first time.

Entrepreneurs can rely on the help of a business law attorney in the formation of their company. However, because the steps taken early in the formation process can often determine future success, it is important to understand the basics of business law at the outset of an idea.

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