Contracts

Annexation Agreements

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You need expert legal advice if you own property that it outside a city or other municipality but is the subject of interest for annexation to the city.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

 

Assignment of Leases, Rents, and Profits as Collateral

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If you are seeking a loan and are the owner and holder of a lease, the lender may want an assignment of the lease, rents and profits as security for loaning you money as collateral.  The assignment is only used as security and only permits the lender to collect the payments in the event you do not pay back the loan

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Bills of Sale

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When you sell something other than land, such as a vehicle or machinery, both the seller and buyer should have a writing to verify that ownership has been transferred.  Typically, such items would include autos, farm machinery, firearms, and other personal property for which it would be important to prove ownership (or lack thereof).  The Bill of Sale should describe the item(s) with particularity, such as serial numbers, and state the date of the sale, sales price, and that the sale has been paid in full.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Business Asset Purchase and Sale

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When selling or purchasing a business, you need to prepare documents listing everything that is being transferred, including bank accounts, inventory, equipment, goodwill, client list, and obligations of the business as well.  If there is going to be financing to purchase the business, this should be part of the agreement.   Also, if the owner of the business is an entity other than an individual, such as an LLC or a corporation, the purchaser will require proof of authority to sell the business.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Business Personal Property Loan Security (Article 9)

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One purchasing a business may need to give a security interest in the assets of the business in order to obtain a loan.  Also, a business owner with machinery or equipment may want to apply for a loan and may need to give the lender a security interest in such collateral in order to get the loan.  The lender will prepare documents for the borrower to review and sign.  In the event of a later default in payment, the lender has remedies involving taking possession of the security (personal property)

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Cellphone Tower Leases

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If Verizon, Sprint or another cellphone company wants to construct a cellphone tower on your private property, you should have a lease prepared to allow the cellphone tower to be placed on your property.  The lease should include the specific location, length of time, the cost to the company for the privilege of using your property and the expense of maintenance being the company’s.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Contracts for the Sale and Lease of Goods (Article 2, 2A)

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Sometimes goods (tangible and moveable personal property other than money) are sold or leased between merchants (buyers and sellers of goods for profit) and the parties need a written contract to define their rights and responsibilities.  This includes goods that are paid for in periodic installments (installment sales) and the lease of any personal property involving merchants.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Deeds for interest in real property

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Sales of land require that the seller transfer his interest by a written, notarized deed.  The deed is recorded in the County so that everyone can discover who the legal owner of the property is.  This protects the public against scam sales.  The deed needs to contain a legal description sufficient to specifically identify the property, as well as the interest being transferred and what warranties, if any, attach to the transfer.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Development Agreements

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This is a voluntary contract between a local jurisdiction and a person who owns or controls property within the jurisdiction, detailing the obligations of both parties and specifying the standards and conditions that will govern the development of the property.  Before constructing any building or addition on your property, you need to check with the local jurisdiction to make sure you comply with all local laws.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Easements: Vehicle Access, Utility, or Conservation

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Click here to get a real estate contract or document drafted.Vehicle Access Easement

A Vehicle Access Easement is an interest in land owned by another person, consisting of the right to use or control the land, or an area above or below it, for a specified limited purpose (such as to cross it for access to a public road).  It needs to be in writing, signed by the owner, and specifically identified as to location.  Also, the parties responsible for maintenance of the easement should be stated, and the easement needs to be recorded.  Without such legal right, the owner of the easement would be trespassing every time he traveled across the landowner’s property.

Utility Easements

Utility easements are areas of a property that were defined for use by utility companies when the property was first put on a plat. They are designated for overhead electric, telephone and television lines and underground electric, water, sewer, telephone, and cable lines. Such easements also must be in writing and recorded so that the public is given notice what utilities have rights in the property.

Conservation Easement

This is an agreement forever binding a parcel of land in a way that preserves a native plant or animal, a natural or physical feature of the land, or some aspect of the land that has some historical, scientific or cultural significance.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Encroachment Agreements

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An encroachment agreement can be a handy tool to resolve a situation in which one property owner’s structure (house, garage, barn, shed, deck, retaining wall, or outbuilding) is encroaching on an adjacent property owner’s land. Eaves, gutters, driveways, and troughs can also encroach on another property.

Legally binding, an encroachment agreement allows the encroachment to remain, so that it doesn’t have to be moved or torn down, and no new property boundary lines need to be drawn.

In an encroachment agreement, each property owner keeps their property, despite the encroachment.

Typically, an encroachment agreement will include an acknowledgement and description of the encroachment, as well as the resolution. Once an encroachment agreement is signed and properly registered, it “travels” with the land (both pieces of property), remains on the Certificates of Title, and is binding on subsequent owners.

Encroachments are often discovered after one of the properties impacted by the encroachment changes hands and/or when a professional land survey is completed. If an encroachment isn’t discovered or dealt with in a timely fashion, it could become an “easement by prescription” that could lower the property’s value.

If you have an encroachment on your property, if one of your structures is encroaching on someone else’s property, or if you’d like to have an encroachment agreement drafted or reviewed, one of our experienced, local real estate attorneys can help you.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Fishing, Hunting, and Land Licenses

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If you own a farm, rural property, or other acreage, you might want to generate extra income by allowing other people to enter your property to hunt, fish, or use your property for a special purpose. If so, you should have a written agreement in place that permits the use of your property.

Fishing And Hunting Licenses
A fishing and/or hunting license agreement should include a number of terms, including:

•the price for the fishing license or hunting license

•the dates and times the licensee is permitted to be on the property

•what the owner can do if licensees come onto the property when they’re not supposed to be there

Land Licenses
A land license gives an individual or business the right to enter land for a certain purpose, such as to remove soil, sand, gravel, or timber. Land licenses don’t include water rights or mineral rights.

Land licenses are different than leases – the fundamental difference being that a lease generally gives the tenant exclusive possession of the property, whereas a land license gives the licensee permission to use the property at the owner’s discretion.

Land licenses are also different than easements – the fundamental difference being that an easement is an interest in the land that is conveyed every time the property is sold and is binding on subsequent owners, whereas a land license can’t be assigned to anyone else and can be terminated at will.

If you need to have a fishing license agreement, hunting license agreement, or land license agreement reviewed or drafted by an experienced, local real estate attorney, please contact us.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Ground Leases And Building Leases

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Leases give non-owners the right to use and possess land and/or buildings for a specific period of time (up to 99 years), for an agreed-upon price.

Ground Leases
A ground lease gives a tenant permission to develop a piece of property, and at the end of the lease period, the land (and all of its buildings and other improvements) are turned over to the property owner. Property owners benefit from ground leases because they get an income stream, yet are able to hold onto the land. Lessees benefit from ground leases because they get access to prime real estate without having to pay for the land upfront – instead, they make lease payments.

Building Leases – Commercial And Residential
Building leases can be used for commercial properties, such as apartment buildings, farms, shopping malls, warehouses, offices, and retail stores. Residential leases can be used for single-family homes, townhomes, lofts, duplexes, condos, and apartments.

Commercial Lease Terms
Some of the most common lease terms for commercial properties include:

  • rent payments and escalation of rent
  • length of lease
  • insurance
  • property taxes
  • CAM (common area maintenance) charges
  • ability to sub-lease
  • exclusivity rights
  • leasehold improvements (and who will pay for them)

Most leases are incredibly complex and can cause a myriad of problems if they’re poorly written, executed, and/or understood. Before you draft or sign a ground lease or a building lease, consult with one of our experienced, local real estate attorneys.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

HOA Bylaws, CCC&Rs, Rules and Regulations, and Vendor Contracts

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Homeowners associations (HOAs) are organizations that govern “common-interest” communities. HOAs run communities that can include single-family houses, townhomes, condos, or entire subdivisions. These associations are generally run by developers and/or residents who are elected to the HOA board and then oversee the HOA’s management company

HOA Bylaws
As non-profit corporations, homeowners associations have bylaws that dictate how the HOA is governed. These might include the number of HOA board members, frequency of HOA board meetings, HOA meeting and quorum requirements, voting rights of members, amending HOA rules, and more.

HOA CC&Rs (Covenants, Conditions, and Restrictions)
Each HOA has a set of CC&Rs, which is a Declaration of Covenants, Conditions, and Restrictions. In the CC&Rs, the HOA’s obligations and rights (as well as the obligations and rights of the homeowners) is spelled out. All of the provisions within the CC&Rs are legally binding and enforceable. When you buy a property in an area that’s governed by an HOA, you’ll need to abide by all of the covenants and restrictions, which can include:

  • rules and regulations
  • how you can and can’t use your property
  • dues and assessments
  • HOA’s maintenance obligations
  • homeowners’ maintenance obligations
  • insurance requirements
  • architectural reviews

HOA Rules and Regulations
HOA rules and regulations are rules and regulations that aren’t included in the HOA bylaws or HOA CC&Rs. These rules are generally easier to change than the HOA bylaws or HOA CC&Rs.

HOA Enforcements And Violations
The HOA board – which is elected by the members – is responsible for enforcing the HOA bylaws, HOA CC&Rs, and HOA rules. As a homeowner, if you have a violation, you could face a variety of penalties that could include:

  • fines
  • suspensions of privileges (e.g. access to community amenities)
  • forced compliance (the HOA could take care of an issue with the homeowner’s property and then bill the homeowner for the services)
  • liens
  • foreclosures

HOA Vendor Contracts
HOA boards will often sign contracts with vendors for services (such as snow removal, community pool cleaning, etc.) that are needed to take care of the property.

If you’re a homeowner, an experienced, local real estate attorney can review your HOA documents (before or after you purchase a property) and help you with any issues that you might be having with your HOA.

If you’re an HOA board member, an experienced, local real estate attorney can review and/or draft HOA bylaws, HOA CC&Rs, HOA rules and regulations, or HOA vendor contracts

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Judgments

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Judgments – which are official decisions that have been rendered by a Court – cover a wide variety of issues that can impact real estate.

Quiet Title Judgment
When two parties have conflicting claims to land or property, a quiet title judgment determines the rights of the conflicting claims and who legally owns the property. Designed to clarify ownership or title of a property, a quiet title judgment “quiets” or removes an objection or claim to a title for a property. Quiet title judgments are often used for disputes with mortgage lenders, when an owner dies, and for adverse possession of a property.

Money Judgment
A money judgment is an order from the Court that a creditor (or other plaintiff) has won a lawsuit and is entitled to collect a certain amount of money. Once a creditor has a money judgment in hand, the creditor can attempt to collect the money, including through the use of a judgment lien.

Judgment Lien
Creditors often use judgment liens as a method of collecting money owed to them. A judgment lien gives a creditor the right to take possession of a debtor’s property. In most states, creditors need to record judgment liens with the county or state, and they’re attached to the property without the owner’s consent. If a debtor doesn’t have property at the time of the judgment, the judgment lien can still be attached to future acquisitions (as long as the judgment lien hasn’t expired).

Eviction Judgment / Judgment For Possession
When a property owner wins an eviction case, the court orders an “eviction judgment.” An eviction judgment, also known as a judgment for possession, orders a person in possession of land or property to vacate the premises. Eviction judgments can be issued for commercial and residential properties.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Land Purchase and Sale

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If you intend to buy or sell land, you’ll need a written land purchase and sale agreement. The agreement typically spells out the terms that the buyer and seller have agreed to, in order to complete the real estate transaction.

Land purchase and sale agreements typically include:
•description of the land
•closing date (date of completion for the sale of the land)
•purchase price
•loan terms
•title policy
•contingencies
•penalties for backing out of the agreement

In Idaho and other states, agreements to buy or sell land aren’t usually enforceable without an agreement in writing.

We’d be happy to review or draft a land purchase and sale agreement for you.

See also: Purchase And Sale Agreements – Residential Or Commercial

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Lease Amendments, Lease Modifications, And Lease Assignments

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A lease, in real estate, is an agreement between a landlord (lessor) and a tenant (lessee). In exchange for rent, the tenant gets use of the property. As binding contracts, leases can’t be changed without the written consent, and signatures, of the landlord and tenant.

Lease Amendments
In a real estate lease, a lease amendment is generally used to change the existing lease agreement, without having to draft and sign a new agreement. Lease amendments are typically used to add, delete, or change the terms of the lease. After you amend a lease, other than the terms that are covered in the lease amendment, the original terms of the lease agreement still apply.

Lease Modifications
In a real estate lease, a lease modification is generally used to change the scope of the lease or something that wasn’t part of the original terms of the lease. Lease modifications can be treated as part of the original lease or as separate leases. Lease modifications for commercial leases are often used to expand or decrease the size of the space being leased, or extend or shorten the duration of the lease.

Lease Assignments
In a real estate lease, a lease assignment can be used to transfer a lease from one tenant to another. With a lease assignment, unless otherwise stated, all of the rights (and obligations) of the lease will be transferred to the new tenant. In general, when a tenant assigns a lease to someone else, the original tenant no longer has rights to possession of the property, but sill has liability under the original lease agreement (unless there’s an express release of liability). It’s important to note that a lease assignment is NOT the same thing as a sublease, even though the two are often confused.

Commercial Leases And Residential Leases
Leases are used for commercial properties such as office buildings, retail stores, warehouses, industrial spaces, and more. Leases are also used for residential properties, such as single-family homes, duplexes, townhomes, lofts, condos, and apartments.

We’d be happy to review or draft a lease, lease amendment, lease modification, or lease assignment for you.

See also: Leases: Commercial And Residential

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Leases: Commercial or Residential

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If you lease property, the writing should specify the term of the lease; any notice requirements in the

Commercial and residential leases are contracts between a landlord and a tenant.

Commercial Real Estate Leases
Commercial leases are used for commercial real estate, including: retail properties, stores, office buildings, industrial buildings, warehouses, mixed use buildings, and land. Commercial leases are typically three to five years, with options to renew.

With commercial properties, leases vary widely, from full-services leases (that only require the tenant to pay a base rent) to net leases (which require a tenant to pay some of the building’s operating expenses). Other types of commercial leases include percentage leases (which require a tenant to pay a base rent and a percentage of their gross business sales) and absolute leases (which require a tenant to pay rent, utilities, expenses, and all repairs, including structural repairs).

Clauses In A Commercial Lease
Typical clauses in a commercial lease include:
•length of the lease
•the start date and end date of the lease
•renewal  or extension options for the lease
•termination clause for the lease
•rent and rent increases
•security deposit
•holdover rent (a surcharge if you stay beyond the term of your lease)
•late fees
•property taxes
•usable square feet
•permissible uses for the space
•leasehold improvements (upgrades to the space and who will be responsible for paying for the renovations)
•CAM charges (common area maintenance charges for cleaning, utilities, repairs, maintenance, property taxes, building insurance, security, parking, and more)
•permits (for repairs and leasehold improvements)
•option to purchase the property or first right of refusal
•transfer or sale of the lease
•subletting to other tenants
•remedies for breach of the lease
•exclusive-use clauses
•nuisance clauses
•non-disturbance clauses
•other covenants
•personal guarantees

Residential Real Estate Leases
Residential leases are used for residential properties, including: apartments, condos, duplexes, townhomes, lofts, and single-family homes.

Clauses In A Residential Lease
Typical clauses in a residential lease include:
•length of the lease
•the start date and end date of the lease
•rent and rent increases
•security deposit
•late fees
•pet policies
•smoking policies
•responsibility for repairs and maintenance
•number of occupants allowed to live in the residence
•subletting
•modifications (whether you’re allowed to make changes to the interior or exterior of your residence)
•permissible uses for the residence
•nuisance clauses
•remedies for breach of the lease

We’d be happy to review or draft a commercial or residential lease for you.

See also: Lease Amendments, Modifications, And Assignments

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Letters of Intent For Real Estate (Pre-Negotiation Agreement)

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A Letter of Intent for real estate, also often referred to as a Pre-Negotiation Agreement, is a written statement that details the preliminary understanding of people who plan to enter into a real estate contract.

What Is A Letter Of Intent For Real Estate
Letters of Intent for real estate can be the first step toward defining a formal, final agreement. Buyers and sellers sometimes prefer to start with a letter of intent, because they’re quicker, less complicated, and less expensive than a full-on Purchase And Sales Agreement.

It’s important to note, however, that Letters of Intent – or certain provisions within them – might or might not be legally binding, depending on the specific wording in the document.

Provisions In A Letter Of Intent For Real Estate
Letters of Intent for real estate often include:

  • property description
  • purchase price
  • payment terms and deposits
  • deadlines for due diligence, inspections, and obtaining financing
  • contingencies
  • assurances that there’s a mutual understanding between the buyer and seller
  • a good faith clause
  • a confidentiality clause
  • an exclusivity clause

Types Of Real Estate
A Letter of Intent can be used for the purchase or sale of any type of real estate, including:

  • single-family homes
  • condos, townhomes, and duplexes
  • vacant land
  • commercial real estate
  • commercial leases

We’d be happy to review or draft a Letter of Intent for you and review or draft your contract.

See also: Purchase and Sales Agreements For Real Estate (Residential and Commercial)

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Name Licensing

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If you want to start up a business, like Starbuck’s or Pier One, you will need to obtain a license of the name, if it is already in use.  Alternatively, if you have a business and want someone else to use your business name, you can license them to do so.  The agreement should protect you from liability for the acts of the other person.  If you are going to operate a business under an assumed name you need to notify the Secretary of State that you will be “Doing Business As” the name you choose.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Office Building Sales-Purchase Agreements

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This is similar to a Land Purchase and Sale. You need a written agreement covering a multitude of issues, including purchase price, loan terms, date of completion of purchase/sale, escrow, title policy, certain contingencies, penalties for backing out of the agreement, etc. Also, if you are not purchasing the land, you need to address the issue of use of the land.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Operating Agreements for LLCs and other Corporations

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A Limited Liability Company (LLC) is similar to a Corporation except that it is taxed differently.  An LLC needs an Operating Agreement that sets out the financial and managerial rights of the company’s members.  Such agreement includes, among other things, voting rights, buy-sell agreements for a shareholder leaving the LLC, and termination of the LLC.  The Bylaws of the Corporation are similar to the Operating Agreement of an LLC.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Promissory Notes and Deeds of Trust

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If you’re borrowing money to buy a piece of real estate (house, condo, vacant land, commercial property, etc.), the lender will typically require that you sign both a Promissory Note and a Deed of Trust.

What Is A Promissory Note For Real Estate
A Promissory Note for real estate, simply put, is the promise that you’ll pay back the loan. The Promissory note typically includes the amount of the real estate loan, the interest rate on the loan, the term of the loan (e.g. 10-year, 30-year), the payment schedule (payment amounts and the required number of payments), and the collateral for the Promissory Note (which is the real estate that you’re buying).

What Is A Deed Of Trust For Real Estate
A Deed Of Trust for real estate is the document that places a lien on the property, on the behalf of the lender. The lender uses the Deed of Trust as security that you’ll repay the loan, and this document gets recorded with the County in which the property’s located

What’s Included In A Deed Of Trust
A Deed of Trust will typically include:

  • a legal description of the real estate property
  • the loan amount
  • the beginning and ending date (maturity date) of the loan
  • a reference to the Promissory Note you signed for the property
  • details about what the lender can do in case you default on the loan by not meeting the terms in the Promissory Note

Types Of Financing For Real Estate
Lenders for real estate can include:

  • mortgage companies
  • banks
  • commercial lenders
  • private lenders
  • family or friends

Generally speaking, no matter what type of real estate loan you get, you’ll be required to sign a Promissory Note and Deed Of Trust.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Purchase and Sale Agreements: Residential or Commercial

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A Purchase and Sales Agreement, also often referred to as a real estate contract, is the initial contract between a buyer and seller. The agreement details the terms that the buyer and seller have agreed to.

What’s In A Purchase And Sales Agreement For Real Estate
A Purchase and Sales Agreement fore real estate typically includes:

  • buyer and seller information
  • property details/description
  • sales price of the real estate
  • earnest money
  • down payment
  • dates for obtaining financing (and the terms of financing)
  • inspection and objection dates
  • appraisal and objection dates
  • list of items that are included or excluded as part of the sale
  • closing costs (and who will pay them)
  • estimated closing date
  • date the buyer can take possession
  • conditions (if any) that allow the buyer or seller to terminate the contract
  • conditions or contingencies (if any) that the buyer or seller must meet in order for the sale to be completed
  • expiration date for the Purchase and Sales Agreement

Purchase And Sales Agreements For Real Estate Are Legally Binding
As soon as all parties involved have signed the Purchase and Sales Agreement, it is generally legally binding. If the buyer tries to get out of the Purchase and Sales Agreement, the seller might have the right to keep the buyer’s earnest money and/or enforce the agreement. If the seller tries to get out of the Purchase and Sales Agreement, the buyer might have the right to force the sale of the property and/or recover damages.

We Can Draft Or Review A Purchase And Sales Agreement For Real Estate
Real estate contracts for the sale or purchase of a piece of property might seem simple, but they’re actually pretty complicated! Whether you’re the buyer or seller of a piece of real estate, we’d be happy to draft a Purchase and Sales Agreement for you, or review one.

See also: Letters Of Intent (Purchase And Sales Agreements)

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Record of Surveys And Boundary Line Adjustments

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Surveys play an important role in real estate – they’re a record of a property’s boundaries and where one property ends and another begins.

Record Of Surveys – Review and Filing
A Record of Survey is an official map (18 inches x 26 inches) that is reviewed by the County Surveyor’s Office and then recorded with the County Recorder’s Office. The map depicts the survey that was made on the ground and delineates the boundaries (lines) described on the deed for the property.

Boundary Lines
Boundary lines on a survey depict the line where two properties meet. Sometimes, two property owners will agree to adjust the boundaries between two contiguous lots, and they can legally accomplish this by filing a Record of Survey that includes a Boundary Line Adjustment. Typically, this Boundary Line Adjustment can be completed without signing a separate deed.

Boundary Line Adjustments
Boundary Line Adjustments generally only cover a minor transfer of land, and are commonly used to correct a property line or a setback encroachment (for a fence, walkway, driveway, etc).

Boundary Line Disputes
Some of the most common types of boundary line disputes, include:

We Can Draft Or Review A Boundary Line Agreement Or Easement
If you have a boundary line dispute with your neighbor or need to modify a boundary line, we can draft a contract that legally resolves the dispute and defines the new boundaries or easement agreement. After you and your neighbor have signed the contract, the next step would be to hire a land surveyor to document the new, agreed-upon boundary lines, and then have the Record of Survey reviewed by the County Surveyor’s Office and recorded with the County Recorder’s office.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Road Agreements For Real Estate

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Road agreements dictate where private roads will be located and who will maintain the roads. Simply put, private roads are roads that aren’t maintained by the city, county, state, or any other government entity. Instead, they’re owned and maintained by individuals, organizations, or companies. Road agreements can be between two neighbors, a group of property owners, or large communities (such as homeowners associations).

Road Agreements For Private Roads
In rural areas of Idaho, Montana, and Washington, road agreements are fairly common. If you’re considering buying a property, you need to know whether you’ll have to access your property via a private road. If so, check to see if a road agreement is in place, what provisions are included in the agreement, and whether the agreement is being enforced.

Maintenance And Repairs On Private Roads
In general, you’ll want to know who’s paying for the repairs and maintenance on the road (including what your portion of the costs will be), who has access to the road, and the general state of the road. Is the road easy to drive on, or is it washed out and/or virtually impassable? To be considered “passable,” a road needs to be passable for passenger cars, school buses, and emergency vehicles.

Common issues that can crop up with shared roads include: who has access to the road; who maintains the road; who pays for the maintenance and repairs of the road; are people adhering to the road agreement; and is there a reserve account for the road costs.

It’s important to note that most mortgage companies and lenders will require a road maintenance agreement (recorded with the county), before they’ll lend money for a property that’s located on a private road.

Easements For Roads – Between Two Neighbors
On a related note, easements for shared roads are fairly common between two neighbors, particularly when one lot can only be accessed by crossing over another lot. If you’re considering buying a piece of property that grants an easement for a road, or has been granted an easement, it’s important to know exactly what that access easement entails. Don’t assume that you’ll be protected by title insurance – we can take a look at title insurance exceptions and perform legal due diligence on your prospective purchase, so that you know exactly what you’re getting into.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Sale of Development Rights Agreements

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Developer’s rights, similar to mineral rights or water rights, represent part of the value of a piece of property. The right to develop a property generally makes that property more valuable. So, when owners agree to NOT develop a property, they’re typically compensated for the loss of their development rights. This agreement is known as a “development rights” agreement.

Purchase Of Development Rights
Typically, the sale or purchase of development rights is used to permanently protect a productive, sensitive, or aesthetic landscape – while allowing the owner of the property to still own it and manage it. Local governments will often purchase development rights in order to preserve farmland, forests, view corridors, or other types of open space, while still leaving the land in private ownership.

Transferable Development Rights
Transferable development rights are another mechanism for compensating owners for not being able to develop their own properties. A local government might want to preserve certain areas (prohibiting property owners from developing the land) and will give property owners development rights somewhere else – as compensation for the rights they’ve given up.

Valuing Development Rights
When it comes to valuing development rights, on the most basic level, they’re appraised at the difference between what the land is worth WITH the rights and WITHOUT the rights. As an example, if you own agricultural land that could be sold for $20,000 per acre for home sites, but is only worth $5,000 per acre if it were restricted to agricultural use only by an easement, the development rights would be worth $15,000 per acre.

Have A Real Estate Attorney Draft Or Review Your Development Rights Agreement
As with the transfer of any rights associated with a property, it’s critical that the rights are transferred properly – through a well-written, enforceable development rights agreement. If you’re considering selling the development rights to a property you own, we can draft a development rights agreement for you! And if you’re considering purchasing a property that has an easement restricting its development rights, we can review that development rights agreement for you!

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Shared Well And Septic Agreements

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Shared well and septic agreements are fairly common in rural parts of Idaho, Washington, and Montana.

Well And Septic Systems In Rural Areas
When municipal water and sewage services aren’t available, homeowners are forced to turn to wells to access groundwater and septic systems to treat wastewater. Often, these well and septic systems are used by more than one lot (owner). If this is the case, there should be a well and/or septic agreement in place that will remain valid, even when ownership of one or more of the lots is transferred.

Agreement In Place For Shared Well And Septic
If you’re considering buying a property that has a shared well and septic agreement, you’ll want to make sure that there’s a shared agreement in place. If not, get one BEFORE you purchase the property. The well and septic agreement should cover provisions that address the cost of operating and maintaining the well and septic system – and who will pay for what.

You’ll also want to check to see that easements are recorded on the deed that allow you access to, as well as use of the well and septic system.

Due Diligence When Buying A Property With Shared Well And Septic
To perform further due diligence when buying a property with a shared well and septic system, check the condition, maintenance history (and even construction) of the well and septic system. You can ask the seller’s real estate agent to provide a well log. You can also hire a licensed well contractor to perform a well inspection. Under federal guidelines for mortgage insurance, there are minimum standards (for water quality and minimum flow) that shared wells have to meet.

Review Or Drafting Of A Shared Well And Septic Agreement
If you’re looking to buy a property that has a shared well and septic system, we’d be happy to review the agreement. Or, if you need a shared well and septic agreement written for a property that you own or are considering buying, we’d be happy to do that, too.

A shared well and septic agreement will typically cover a range of issues, including:

  • cost sharing for power, repairs, tests, inspections, disinfections, and other items
  • repair of leaks
  • permission for water sampling
  • corrective measures if there’s a water quality issue
  • ongoing water service to all parties who are part of the agreement
  • prohibition of certain types of water usage (such as filling a swimming pool or watering a lawn)
  • stipulations as to whether other lots/residences can connect to the system
  • easements for all elements of the well and septic system

As you can see, something that might seem simple can quickly become complicated if there isn’t a written well and septic agreement in place, or if some of the terms or wording in the agreement are vague or open to interpretation. Don’t take any chances – let us review or draft a well and septic agreement for you!

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.

Warranty Deeds And Quitclaim Deeds

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In real estate, there are two primary types of deeds: warranty deeds and quitclaim deeds.

Warranty Deeds For Real Estate
Warranty deeds are legal documents that are used to transfer ownership from sellers to buyers. A warranty deed is normally required when you sell a piece of real estate – whether it’s a house, condo, townhome, commercial property, vacant land, or any other type of real estate. The warranty deed needs to be signed, notarized and recorded. When you sign a warranty deed, you are warranting that you are conveying good title to the purchaser of your property, without any outstanding title issues (free and clear from all encumbrances, except as stated).

Quitclaim Deeds For Real Estate
Quitclaim deeds are used to transfer someone’s interest in a piece of real estate, but they carry no warranties. Because there aren’t any warranties, of any kind, associated with quitclaim deeds, grantees really have no assurances of what they’re getting.

Quitclaim deeds are used as a waiver or release of rights, so they’re often used to release or terminate an easement. Another common use is when two people are applying for a loan and one has bad credit, a quitclaim deed might be used to take the person with bad credit off the title of the property, so that the person with better credit can obtain a loan. Quitclaim deeds are also often used to transfer the title from one spouse to the other spouse, or into the names of both spouses.  Typically, no money is paid when someone signs a quitclaim deed.

Before you buy or sell real estate using a warranty deed or a quitclaim deed, you should consult an experienced, local real estate attorney so that you know exactly what rights you do and don’t have.

At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.

We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.

And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.