Real Estate Law
This legal document ensures that the buyer and seller of a property agree on all terms of the sale.
What is a purchase and sale agreement?
This document names someone to make medical decisions if you become incapacitated.
What is an advance healthcare directive?
This term refers to the court-supervised process of distributing a deceased person's assets to heirs and creditors.
What is probate?
This document specifies the rights and obligations of members of an LLC.
What is an operating agreement?
This IRS process is an examination of a taxpayer's records to ensure information reported on a tax return is accurate.
What is an audit?
This type of deed conveys ownership in real property without making any warranties or promises.
What is a quitclaim deed?
This legal concept ensures that minor children are cared for if both parents pass away or that adults are cared for if they become incapacitated.
What is guardianship?
This person is responsible for managing and distributing the deceased’s estate during probate.
What is a personal representative (or executor?
This type of business transaction involves the acquisition of specific assets, such as equipment, inventory, or intellectual property, of another business.
What is an asset purchase and sale?
This is the IRS process whereby a taxpayer offers to pay less than the full amount of tax owed in order to resolve an outstanding tax debt.
What is Offer-in-Compromise?
This type of insurance protects homeowners against title defects or undisclosed liens.
What is title insurance?
This clause in a will determines who will receive assets if the primary beneficiary dies before the testator.
What is a contingent beneficiary clause?
This is the legal term for dying without a will.
This type of business transaction involves the acquisition of an ownership interest in a business entity.
What is a stock purchase and sale?
This is the length of time the IRS generally has to assess a tax deficiency before the expiration of the statute of limitations.
What is 3 years?
This clause in a mortgage allows the lender to demand full repayment if the borrower defaults.
What is an acceleration clause?
This type of trust provides for a disabled individual without jeopardizing government benefits.
What is a special needs trust (aka supplemental needs trust)?
This court document formally appoints the executor or personal representative of an estate.
What are letters testamentary or letters of administration?
This is the term for a business owner mixing personal and business assets, such as using his personal checking account for business expenses and vice versa.
What is commingling of assets?
This is the length of time the IRS generally has to collect an assessed tax deficiency before the expiration of the statute of limitations.
What is 10 years?
This is a legal action taken to resolve a dispute regarding various parties' interest in real property.
What is a quiet title action?
This type of will is written entirely in the testator's own handwriting and is valid without being witnessed or notarized.
What is a holographic will?
This type of property, such as bank accounts, life insurance, and retirement accounts, passes outside of probate.
What is non-probate property?
These are the three elements essential to making a valid contract.
What are offer, acceptance, and consideration?
These two words are qualities a business expense must have in order to be deductible.
What are ordinary and necessary?