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Legal Aspects to Consider When Buying and Selling Property

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If you plan on purchasing or selling a property in the near future and are concerned about the legal aspects of purchasing or selling a property, continue reading to discover a guide to legally purchasing or selling property. You may want to check out Conveyancing Parramatta for additional help as well.

Legal aspects to consider when buying and selling property:

1. If you’re selling a property make sure that you disclose any issues that you may be aware of

Did you know that it’s against the law to sell a property without informing any potential owners of any issues which you home may have, which they may need to repair and which may affect the property value of your property. As an example, it’s illegal to sell a property that has structural issues or plumbing issues.

So when your lawyer and your real estate agent create a contract for the sale of your property, make sure that they include any issues with your home in your contract so that a potential buyer, will be made well aware of the condition of your home, before they sign on the dotted line and commit to purchasing your property.

2. If you’re purchasing a property, make sure to properly read through your purchasing agreement

If you’re about to purchase a property, make sure to read through each clause in your purchasing agreement, before you sign your name on the dotted line. As you won’t be able to sue the previous owner of a property you’ve purchased for selling you a damaged property, if they disclosed any major damage to the property concerned, in your purchasing agreement.

3. If you plan to sell a property, make sure that you have all the necessary documents to legally sell your home

In order to legally sell your home you’ll need to have your property’s title deed on hand or your mortgage agreement. You’ll also need to find your latest real estate tax bill, to present to your lawyer.

If your property is part of a condominium complex, you’ll also need to to provide your condominium documents. While if your property is part of a community which offers a homeowners association, you’ll also need to provide your current homeowners association rule book and fee schedule.

4. You need to contact an estate agent if you plan to buy or sell a home

It’s mandatory to have a qualified lawyer handle any legal documentation related to purchasing or selling your home. As an added bonus, your lawyer will be able to help you adhere to federal and state property laws.

5. All legal offers to purchase a home have to be written down

If you verbally offer to purchase a home, the seller of the property in question, still has the legal right to refuse to your offer, down the track, even if they verbally agreed to accept your verbal offer. What information should be contained in an offer to purchase a home?

A legal offer to purchase a home, should contain the purchase price, the down payment amount, the closing date and the possession date as well as any items such as appliances or furniture that may be involved in the deal.

Hopefully you now have a clearer understanding of some of the legal aspects that you’ll need to navigate when it comes to buying or selling a home.

 

Ali Habib Mayar Shares 6 Tips Every Small Business Owner Should Use To Save Money

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Owning a small business can be exciting, but tough on the wallet and your bank account at times. Those just starting out are usually more focused than ever on spending as little as possible so everything can be reinvestment back into the business. It’s once you get comfortable with running your business where revenue and profit is predictable is when you often need to put in place a plan to consider the future.

Ali Habib Mayar knows this all too well as a small business owner himself. As the current CEO of Platinum Rapid Funding Group, he is constantly making decisions to put the company in the best position possible.

Platinum Rapid Funding Group not only makes decisions as a growing business, but they help small businesses as well pave the road ahead.

They provide merchant cash advances, which business owners use to support their businesses without having to wait for longer, more drawn out options often through traditional banks.Most small businesses generating revenue or obtaining necessary funds want to make sure they spend their money wisely.

That is why he recently shared a list of 6 tips every small business owner can use. Each tip should help a business owner make the most out of their working capital or a merchant cash advance they’ve recently received.

  • Automate as Much as Possible

There are so many inexpensive and convenient tools available to small businesses. Having things done by a service saves small businesses time, money, and energy. One website we suggest in particular is https://ifttt.com/.

  • Ditch the Brick and Mortar

Growing up, most entrepreneurs probably dreamt of having a beautiful storefront for their small business. Times have changed, especially in certain sectors of the business world. It actually might be beneficial for some to completely ditch the brick and mortar, opting for a virtual storefront instead.

If brick and mortar overhead is holding you down, consider using https://www.shopify.com/ to get your business completely online and less reliant on foot traffic to ensure your success.

  • Evaluate Hours of Operation

Every hour of operation costs money, so it is important for a small business to take a hard look at everything and see what hours work best. From labor hours to electricity, those bills can add up even by being open an hour or two longer than needed.

This is something restaurants in particular really need to take a hard look at. Middle of the day hours can be dead at times, so closing after the lunch rush until dinner could save money. Skipping a day could also be an option (most restaurants who do this prefer being closed on Mondays).

  • Consider Outsourcing

This is another beautiful thing about technology and the world we live in today. Outsourcing is an affordable option for small business owners who need projects finished without having to make full-time or even part-time hires.

Outsourcing tech or writing are some examples of jobs that can be outsourced. If you’re having a hard time finding someone to complete a project see whether or not it can be outsourced.

Consider using websites like https://www.freelancer.com/ or https://www.upwork.com to outsource.

  • Shop Used Equipment, Not New

Whether it be Facebook Marketplace, OfferUp, Craigslist, LetGo or other local selling websites, finding exactly what is needed, used, is actually pretty easy.

A person might need to be a little patient, or get something that isn’t exactly what they wanted, but saving hundreds if not thousands of dollars over time can help the bottom line in the end.

For office equipment, this should be a no brainer. If you’re just starting out there shouldn’t a reason to by new desks, new chairs, and brand new office equipment when you can find incredible deals local on used equipment in great condition.

  • Analyze Advertisement Spending

It can be pretty easy to get caught up into spending a lot of money on advertising. Try to limit spending at first, at least until a proven method works. If something isn’t converting, don’t keep pouring money into it. Local businesses who have relied on print advertising who are no longer seeing the return on investment they did in the past should consider using Facebook, Instagram, Google AdWords, or even do their own email marketing promotions to reach new prospects and existing customers.

For more tips from Ali Habib Mayar, be sure to follow him on his website, www.alihabibmayar.com and check out his company’s website, www.platinumrapidfunding.com.

 

Eyeing a New Set of Wheels? Avoid These 3 Common Car Loan Mistakes People Often Make

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Over 6.3-million cars sold in the United States in 2017. CNN Money says, “A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That’s about 43% of the entire adult population in the US.”

Borrowing money to buy cars—new or pre-owned—is part of the American lifestyle. That doesn’t mean buyers and borrowers are making good lending deals. Too many make too many mistakes when seeking a loan to finance their car.

Avoid these 3 common car loan mistakes:

Forgetting your budget

You must approach the car dealer with a firm budget in mind. Buyers can be swayed by car color, trim, and finish. But, you must have a budget in mind. That budget has little to do with the sticker price on the car. It has everything to do with what you can afford.

You must budget the monthly payment along with your mortgage payment or apartment rent. You must include monthly payments for utilities, food, entertainment, and other debts. So, you don’t want to see extras and add-ons run up your monthly car payment. Our loan calculator will help you budget better.

Buying blind

There is no excuse for not shopping around. You don’t want to be drawn to the dealer’s advertised deals in the Sunday paper when the Internet lets you explore the products on sale at every dealer within miles of your residence.

Other websites, including Kelly Blue Book and Edmunds, offer extensive reviews on the performance of make and model of every car on the market. They also give you the estimated cost of a purchase and/or trade-in. In any case, you do not want to approach a car salesperson without a detailed choice in mind.

Ignoring pre-approval

It’s one mistake to tell the dealer what you are willing to pay each month. It’s another if you can secure loan approval ahead of time. The auto loan interest rate at your favorite bank or credit union are likely to be well below what the dealer offers.

Securing pre-approval for the amount and monthly payment you can budget lets you shop more widely. And, it gives you more control over the purchase. Because car shopping can be emotional and impulsive behavior, separating the lending arrangement from the purchase option gives you more leverage to make an intelligent deal.

Eyeing a new set of wheels?

The Los Angeles Times reports the downside, “New cars depreciate by about 20% as soon as you drive them off the lot and lose roughly half their value in the first three years. The vast majority continue losing value until they’re sold for scrap. Only a handful of classic cars ever appreciate.”

Having said that, most people will still finance their cars with loans. It’s helpful to realize you are really financing a loss when you do your budgeting. That should not discourage your borrowing, but it can shape your deal for the better.

Tips on Keeping on top of your Finances

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When you are starting up a business, it is essential that you keep on top of your finances.  It is of course integral in ensuring that your business stays afloat.  Of course, it’s likely that you will have all kinds of advice from financial services professionals – but it’s important that you don’t feel surprised or confused by your end of year finances.  We’ve put together some tips to help out.

Don’t Forget HMRC

Income can fluctuate when you are in business.  Irrespective of whether your business has had a fantastic month or not – you should make it standard practice to put away 20% for HMRC.  To make sure you do this, setting up a separate bank account for this purpose may be a good idea.  It means when you are hit with a tax bill, you don’t need to worry. This will ensure that you always have the necessary cash on hand even for things that you’d rather not pay!

Choose the Correct Banking Solution

Choosing the correct banking solution is essential for small businesses.  It should be as convenient as possible, so it takes you as little time as possible to complete.  You need to be able to view your financial situation with ease – as well as be able to complete and accept payments quickly.  As well as this, you might want to integrate it with you accounting software for even more convenience or add trusted users to keep on top of things. You can click here for some great business banking solutions. 

Get Good Accounting Software

Having good accounting software is essential in making sure you are on top of your company finances.  There are some great free ones that you can take advantage of.  You can use the likes of Xero to do this.  Here you can generate invoices, review your incomings and outgoings at a glance, you can easily identify if someone is taking too long to pay their bills – and you can even pull profit and loss reports.  There is even a Xero app that’s available on your phone that will allow you to access this data at your convenience.

Hire the Professionals

It’s always a good idea to seek advice from professionals when dealing with company finances.  Choosing the right book-keeper or accountant can be important in terms of getting things right from the get go.  Book-keepers can make sure that the day to day operations such as getting invoices ready and receipts etc.  Accountants can make sure that you are being as effective as possible in terms of tax savings and strategic financial planning when it comes to long-term goals. 

If you are having trouble when it comes to keeping on top of your small business finances – then hopefully some of these tips will be able to help keep you on track. 

Whole Life Insurance vs. Term Life Insurance

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Determining whether to purchase a life insurance policy can be complicated, and the issue becomes even more confusing as you consider personal factors (such as family make-up and budget) and the different types of life insurance (whole life and term life.) As you assess your needs, you may wonder whether you need the coverage, which type is best for your situation, and how much insurance to get. Before starting, it’s important to understand the differences between and the pros and cons of both whole and term life insurance.

Whole Life Insurance

A whole life insurance policy provides protection for the rest of your life, as long as you’re still paying the premiums. If the policy is still effective when you die, your beneficiaries will receive a sum. This type of insurance is often chosen as an investment of the cash value. These plans usually consist of a death benefit, premium, cash value, and dividends. Most people consider buying whole life insurance when they want to provide money for funeral expenses, leave an inheritance, or save their family from estate taxes.

The Pros

  •          Coverage lasts until the age of 100 instead of 80 which is when term insurance expires.
  •          Your heirs won’t have to pay estate taxes or will have a reduced amount of taxes.
  •          Your loved ones can receive a tax-free payout at your death.
  •          As long as you pay premiums, their amount is fixed, and the death benefit is guaranteed.
  •          The policies build cash value and may be counted as an investment after other options have been maxed out.

The Cons

  •          The primary purpose of whole life insurance is not as an investment, so your returns are sure to be conservative.
  •          This type of life insurance tends to be most expensive.
  •          You may end up paying for coverage you never really need.
  •          The money in your policy doesn’t really belong to you; if you borrow from the policy, the withdrawal is treated like any other loan.

Term Life Insurance

The purpose of term life insurance is to give your family or beneficiaries a temporary financial resource if you pass away. This type of coverage offers a death benefit but doesn’t carry any cash value. The policies usually span a set amount of time, such as three or thirty years. The premium is affected by the age and health of the policyholder.

The Pros

  •          Term life insurance is very affordable, sometimes no more than a dollar or two a day.
  •          The coverage is easy to understand and rarely include an exam plan.
  •          This type of insurance can be converted to a whole life or universal life plan.
  •          Many add-ons are available for customized plans.

The Cons

  •          These Columbus life insurance policies will expire when their terms are up. The annual renewable term is much more expensive, and the cost continues to increase at that point.
  •          There’s no savings or investment option with this type of policy.

How to Choose

The best way to determine which type of Columbus life insurance is best for you and your loved ones is to talk over the options with an agent. Some customers begin with coverage they can afford and adapt their policies to meet changing needs. Which type of insurance coverage sounds best for your situation?

3 Tips For Analysing Cryptocurrencies

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If you’ve been thinking about investing in cryptocurrencies, there are a few things you should know. While some are common sense, others are less so. Here, we discuss a couple of tips to help you out with the proper analysis of cryptocurrencies.

  1. What problem will your investing solve?

Before you invest your hard-earned cash, ask yourself what problem your investment will solve.

Take bitcoin as an example. It was the very first project that brought a real use case for blockchain technology. It was presented to the world as a cryptocurrency with extremely small fees, almost instantaneous transaction times, a degree of anonymity and a decentralised ledger.

Click here to find out how to buy Bitcoin in Australia.

  1. Transparency

One incredibly important factor to take into consideration if you are wanting to invest in cryptocurrencies is the team behind the crypto. Here are a few important questions to think about:

  • Does the team have previous experience in the industry that the project may be tackling? While previous experience isn’t a necessity, it certainly helps if the team has knowledge and expertise in the industry. Take the Enjin team as an example. They’ve been in the gaming industry for quite some time and do have the relevant understanding and skills to launch a cryptocurrency within the online gaming space.
  • Does the team engage with the community and provide regular updates? Do they seem to be running to time in terms of delivering their roadmap? A good example of this is districtox – they communicate effectively and when necessary.
  • If the team is anonymous and the project doesn’t require them to be, what are they hiding? For instance, it’s perfectly understandable if they are at work developing a privacy coin, but less so if they’re developing a cryptocurrency for, say, esports.

Fortunately, we live in a digital era where you can spend some time online looking for all the information you need in terms of who is behind a cryptocurrency project.

  1. Partnerships and Investors

One particularly positive thing when you are considering what to invest in, is to analyse the project partnerships and investor. While it’s a fairly self-explanatory reason, having the backing of reputable and renowned entities does give the project even greater legitimacy. Here are a few examples of projects with top-notch partnerships and investors:

  • VeChain partners with DNV GL, PricewaterhouseCoopers and Kuehne+Nagel
  • Request Network is backed by Y Combinator
  • Stellar (XLM) partners with IBM
  • IOTA received hefty investment from Robert Bosch Venture Capital GmbH

Final Word

These are just 3 ways to conduct proper analysis of cryptocurrencies you are thinking about investing in. It is important to know what you are going to be spending your money on. Just jumping on the latest and most popular coin may well bring short-term gains, but if you want serious long-term investments, you do need to carry out a proper analysis.

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