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Loans

Promissory Note

California

Asked on May 12, 2021

Is it legal to sign a promissory note today may 12 2021 that is dated nov 11 2020

I was told by my brother n sister that I would be able to borrow against my parents estate 20,000.00 to buy a trailer and car. This was my dad's wish. A trailer was bought for 13,563.95 and I was told I'd have to wait for car. I have medical issues and have to travel 45 miles either way to see my Drs so a car is very important. My brother executer and sister showed up yesterday saying they never said 20,000. and I'm only getting 15,000. They expected me to sign a promissory dated back in Nov 2020. I've always thought contracts should be signed before the fact not after. The money will be taken from my share of trust so why the note.

Rebecca L.

Answered May 26, 2021

A promissory note is based on when the loan is made, not necessarily when the note is signed. So if the siblings actually loaned the money, regardless of when the note is signed, then a backdated note is ok. Review by an attorney is advised.

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Real Estate

Commercial Lease

Texas

Asked on May 12, 2021

Should I review my office lease with a lawyer?

It is a very long lease and I'm not sure what it says. I also don't want to pay a fortune to have it reviewed to eat into my budget.

George O.

Answered May 12, 2021

Yes! Before signing any contract/agreement/lease, or anything that appears to be a binding agreement, it is worth the money to have a lawyer review it. I charge a flat fee to review any and all agreements, so my clients know up front what they are paying, and they consider it a cost of doing business. The alternative, i.e. not having a lawyer review your agreements prior to signing, can be, and usually is, exponentially more expensive should a conflict arise (and they often do).

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Real Estate

Commercial Lease

Texas

Asked on May 12, 2021

What is a triple net real estate lease?

I want to understand these better.

George O.

Answered May 12, 2021

A triple net lease designates the tenant (lessee) as having the sole responsibility for any and all costs associated to the asset being leased in the agreement, with those costs being the net real estate taxes on the leased asset, net building insurance, and net common area maintenance. The lease received its name from the three “net” fees and may also be called a Net-Net-Net Lease.

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Real Estate

Purchase And Sale Agreement

Texas

Asked on May 12, 2021

Does Texas have any specific real estate rules?

I am moving from California and wanted to see if there is anything I should know.

George O.

Answered May 12, 2021

Like any state, Texas does have rules specific to transactions occurring within its state lines. For example, the Texas Property Code governs most real estate matters, along with Landlord/Tenant matters. However realtors and transactions of that nature are governed by the Texas Occupations Code, which seems odd, but that is how it is.

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Business Contracts

Operating Agreement

Texas

Asked on May 12, 2021

Do I need to file my Operating Agreement in Texas?

I know I need one but does it go with State filing?

George O.

Answered May 12, 2021

No, but you definitely need to have one, preferably reviewed and prepared by a lawyer; there are a lot of businesses that will give you templates, etc., but do not have the experience and knowledge that a lawyer brings to the table.

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Real Estate

Purchase And Sale Agreement

Texas

Asked on May 12, 2021

Are title company's law firms?

Going through real estate transaction and trying to understand.

George O.

Answered May 12, 2021

No, but they can be fee offices, which means the law firm has entered into a contract with a title company to handle closings on behalf of the title company.

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