Attach your allonges!
It all begins with an idea.
An allonge is a piece of paper which when attached to a note is used to transfer ownership of a note. Be aware, however, that an allonge must be permanently affixed to the note which it transfers. A paper clip will not do it. There have been numerous cases where a person or institution who has purchased a note did not properly affix the allonge to the note. The courts refused to recognize the ownership of the new person or institution.
A note may also be transferred by a written agreement. An Assignment of Mortgage which also assigns the Note is such an agreement.
Please note this blog is not legal advice. It is intended as educational material. For your specific issue you should seek legal advice from an attorney.
What happens to your right to file a mechanic’s lien when the owner sells the property?
It all begins with an idea.
You are a contractor and you provide labor and material and you are not immediately paid for your work. You can file a mechanic’s lien, but you figure you have plenty of time, realizing that you have 8 months from the last date of furnishing labor or furnishing material on commercial projects to file the lien. But then the owner of the project sells, before you file your lien. Is it too late to file the lien?
In this situation while you can file the lien, you may not be able to foreclose it. Deeds usually contain a statement which provides that the seller will hold the sales proceeds as a trust fund to be applied first for paying for the cost of the construction. If the deed has such a statement, then subject to a few exceptions, you can’t foreclose on it.
If you are owed money for your work on a project, carefully consider all factors before you decide to wait to file the mechanic’s lien.
Please note this blog is not legal advice. It is intended as educational material. For your specific issue you should seek legal advice from an attorney.
Is the signature “acknowledged”
It all begins with an idea.
The purpose of an acknowledgement is for a signer to declare that he has signed a document. It is often found on a document, following a signature. It is signed by a notary or equivalent officer. The advantage of an acknowledgment is that the document is presumed to be signed and is admissible in Court without explanation. This can save considerable expense in establishing that a document is authentic, especially if it is years after the document was signed.
A typical acknowledgement:
On the ___ day of ___ in the year ____ before me, the undersigned, personally appeared _________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the indivudal(s) acted, executed the instrument.
Notary:
Subscribed and sworn /affirmed before me this ___ day of ___ 20__
___________________________
Notary Public
Qualified in ____________ County
Commission Expires: _____________Notary
Please note this blog is not legal advice. It is intended as educational material. For your specific issue you should seek legal advice from an attorney.
Should a home owner hire an architect?
It all begins with an idea.
From a legal perspective, in general, architects are necessary in those circumstances when the law requires a permit to be filed. The law varies from place to place. In NYC, for example, a project which adds or removes walls, or affects gas lines, or involves relocating entrances and exits, require a licensed architect or engineer to file documents with the Department of Buildings. Only after the documents have met the requirements, may a contractor pull a permit.
From an owner’s point of view of maximizing the value of his property, architects, generally bring a wealth of knowledge to making the best use of a space to meet a client’s requirements and needs. Also, an architect can monitor the owrk of a contractor, to confirm compliance with plans and laws. Home owners may not have the knowledge and experience to confirm compliance.
Please note this blog is not legal advice. It is intended as educational material. For your specific issue you should seek legal advice from an attorney.