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When purchasing a property is an owner’s policy necessary?

Although an owner’s policy is not mandatory, it is always wise to purchase an owner’s insurance policy. Owner’s title insurance provides protection to the homeowner if someone sues and says they have a claim against the property from before the homeowner purchased it (e.g., tax liens, mechanical liens, deed errors or omissions, forgery of deed and fraud). An owner’s policy stays with the homeowner for the entire time they own the property and will remain in effect, protecting you from old claims years after you have purchased your property.

How can I avoid PMI (Private Mortgage Insurance)?

PMI (private mortgage insurance) is a type of insurance you may be required to pay for when you take out a conventional home loan to protect the lender in case you end up in foreclosure. You can avoid PMI by putting a deposit of 20% or greater.

What is an escrow agent?

A person or entity holding documents and funds in a transfer of real property. Normally the agent is an attorney, escrow company or title company.

How much is title insurance for my property?

Title premiums are based on the price of the property and are governed by state law.

Click here to find out how much it would be:

What do I need to start a Limited Liability Company (LLC)?

To start an LLC, you’ll need to file Articles of Organization, a Certificate of Formation, or some other formation document, with the state department in which you’re forming your LLC. You’ll then need to apply for an Employment Identification Number with the IRS. With these documents in hand, you can open a business bank account and apply for a business credit card. Lastly, depending on the state, you may need an operating agreement as well. However, even if it’s not required by law, all LLCs should have an operating agreement since this document can help you customize how you run your business and protects you against possible liabilities you may face as a business owner.

What is an operating agreement, and do I need one?

An operating agreement is a contract between the company and its members (i.e. owners). This contract is important because it states how a company is managed both in the day-to-day and under special circumstances, such as how to sell your interest (i.e. ownership) in the company to someone else. This contract also details your duties as a member and the role of the manager, if one is elected.

Whether an operating agreement is required depends on the state your register your company. However, it’s a good idea to have one even if it’s not required. An operating agreement allows you to customize how you want to run your business so you don’t have to rely on a state’s default laws which may not suit your needs. It also helps avoid conflict between members by clearly delineating the rights of members and what to do in case of a conflict.

Even if you are the only owner of an LLC, it’s still a good idea to have an operating agreement because sometimes it’s required for certain business transactions. Operating agreements also helps protect you from liability since it’s evidence that you are actually a company and not just an individual running a business, which could leave your personal assets very vulnerable in case of a lawsuit.

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