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reviewiaemployer1 · 2 years

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Aspects to be Considered While Setting Up an Employee Stock Options Process

The offering of stocks to employees is an extremely effective method of attracting, retaining, and motivating the employees, more so when a company is not able to offer high pay package. A Stock Option Plan gives the company a flexibility to award stocks to its employees which includes the directors, advisors, officers and consultants, allowing all these people to purchase stocks of the company when they exercise the option.

The Stock Options give the employees an opportunity to get their share in a company’s success without requiring the startup business to spend cash. The Stock Option Plans actually contribute to the capital of a company as the employees pay the exercise price for the options.

Hundreds of people have become millionaires because of the stock options, which makes these options more appealing to the employees. For example, Facebook has helped many employees to become millionaires through the stock options. The huge success of the Silicon Valley companies and their employees who held stock options have made the Stock Option Plans a very powerful motivational tool for the employees to work towards a company’s long term success.

Why the companies issue stock options to the employees

The companies issue stock options for one or more of the below mentioned reasons:

Stocks can be used to attract and retain the talented employees.

Stocks can help the smaller companies compete with bigger companies in attracting the best employees.

Stocks can help motivate the employees and make them more dedicated and committed.

Stocks can be a very cost effective employee benefit plan replacing additional cash compensation or the bonus amount spent on the employees

Few key aspects to be considered while offering stock options

A company has to address a few key issues before adopting a Stock Option Plan and issuing the options. Usually, a company adopts a plan which gives it the maximum flexibility. Below mentioned are some of the important factors which need to be considered:

Number of the shares: The stock option plan must have maximum number of shares which can be issued under the plan. This total number is usually based on what the directors believe is appropriate, but normally ranges from 10% to 15% of the company’s outstanding stock, depending on the the company’s growth.

Number of the options to be granted to an employee:There is no fixed formula as to how many options a company can or will grant to a specific employee. It’s all negotiable, however the company can set some internal guidelines as per the job position within the company.

Consideration: The plan should give the board maximum flexibility in determining how the exercise price can be paid, subject to the compliance with applicable corporate law. For example, the consideration can include cash, promissory note, deferred payment or stock. A “cashless” feature can also be very attractive, where the optionee can use the buildup in the value of the option (the difference between the exercise price and the stock’s fair market value) as the currency to exercise the option.

Shareholder’s approval: The company should normally have the shareholders approve the plan, both fromthe securities law perspective and to cement the ability to offer tax advantaged incentive stock options.

Administration:Most plans appoint the board of directors as the administrators and the plan must also allow the board of directors to delegate the responsibilities to a committee. The board or the committee must have broad discretion as to whom the options can be issued, the types of options granted and the other terms.

Right to terminate employment: In order to prevent the employees from an implied promise of employment, the plan must clearly state that the grant of stock options does not guarantee an employee a continued relationship with the organization.

Right of first refusal: The plan must also provide that when an option is exercised, the shareholder grants the company a right of first refusal on the transfers of the underlying shares. This will allow the company to keep the share ownership in the company to a limited group of shareholders only.

Vesting: Most of the companies provide a vesting schedule, where the employee or the advisor has to continue to work for the company for a minimum period of time before the optionee’s rights vest. For example, an employee may be awarded options to acquire 10,000 shares with 25% vested after the first full year of employment, and then monthly vesting for the remaining shares over a 36-month vesting period.

Financial reports: From the securities law perspective, the plan would require periodic financialreports and information to be delivered to the holders of the option.

Exercise price: Exercise price is the amount the optionee has to pay for the stock when he or she exercises their options? Usually, the price is set at the stock’s fair market value when the option is granted. Then if the stock’s value goes upward, then the option becomes more valuable because the optionee has the right to buy the stock at the cheaper price.

Exercise period: This is the time period for which the optionee has the right to exercise the option. The Stock Option Agreement usuallyfix a date when the option must be exercised (the date is shortened in case of termination of employment or death). Mostly employees have 30 to 90 days to exercise an option after their employment with the company has been terminated.

Transferability issues: These issues are the restrictions which apply to the transfer of the option and the underlying stock.For most of the Stock Option Agreements the option is nontransferable. The agreements further state that the stock purchased by exercising the option might be subject to rights of purchase or rights of first refusal on any transfers.

Compliance of Securities law: The issuance of options and underlying shares should be in compliance with the federal and state securities laws. Experienced corporate counsel must be involved here.

Cash needed: In order to exercise an option, the holder typically has to pay cash out of the pocket for the exercise (unless there is a provision where company allows “cashless exercise”).

ISOs:An employee holding Incentive Stock Options (ISOs) does not have a tax (or tax withholding) event upon exercise. The employee will report taxable income only when they sell the stock. If certain holding periods are met before the time of selling the stock, then all of the gain (back to the exercise price) might be taxed at the more favorable long term capital gain rates.

NSOs: If the options are not tax advantaged ISOs, they are called “non qualified stock options” (NSOs), and the spread upon exercise will be taxed at the more unfavorable ordinary income rates and not at the capital gains rates.

Illiquidity: Stock options in privately held companies is usually not liquid and is quite difficult to sell.

CONCLUSION:

While offering the stock options you need to consider all the above factors very objectively and come up with an equity package which is the best for your company and the employees as well. Being a founder, you should treat your employees like the true owners of the company. The standard equity packages are changing quite rapidly now and you need to be a part of this new wave of treating the employees as the true owner which would help the business immensely in the long run.

Read more about: 4 Ways Office Design Can Drive Behavior and Productivity of your Workforce

#interview experience #employer review Interview experience

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kookie-vith-suga · 7 years

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You don’t own me // Epilogue

Word count: 1379

Warnings: A little angst but not really.

Author’s note: So here is the epilogue to the Ydom-series since I got so many requests for it :D I hope you like it my lovely anons, @byunshim , @itsthepurplegurlme and of course anyone else ♥♥♥

Masterlist

Recent: Aftermath

part 1 || part 2 || part 3 || part 4 || part 5 || part 6 || part 7 || part 8 || part 9 || part 10 || part 11 || part 12 || part 13/ Final

“Oh god I totally forgot the time! I gotta go! I am sorry boss. I hope you are sympathetic about it.” You got up of the office chair.

“Sure go ahead! I just wanted to say that I am really satisfied with your progress throughout these past years Miss Y/L/N. I wish you a great weekend”, your boss said goodbye.

“Thank you very much. I am very grateful that I got the chance to work here. Have a nice weekend too.” You bowed deeply before your hurried out the door.

You quickly got into your car and started the motor. It took you twice the time you usally needed till you finally arrived at the small building. The rush hour in the evening were always horrible. Especially on friday.

“Shit, shit, shit”, you mumbled while running towards the entrance.

“Hi, hello, I am here now. I am so sorry for being late. I hope it didn’t make to much of a fuss. Where is Sunny right now?”, you apologised to one of the daycare ladies.

“No, don’t worry Miss Y/L/N. Sunny was already picked up by her “Daddy” “, she reassured you.

It felt like your heart stopped beating for a second and an indefinable pain clutched your chest. All the good mood from a second ago had vanished.

“You gave my child to a random stranger who said he was her father! Unbelieveable! How incompetent are you?! I swear to good if she is hurt or anything I will make sure you will pay for it! I gotta call the police right now!”, you stormed out to your car to get your phone as you saw a tall, dark man leaning against it. He was holding hands with Sunny. Your mouth gaped open.

“Did you already forgot about me?”, this very well known smile greeted you.

You sprinted the remaining distance between the two of you to throw yourself into his arms. Burying your face deep into his shoulder to find this little bit of familarity.

“I have missed you...”

“Chanyeol, can you please hand me the bowl with rice?”, you asked.

He handed it to you and as your hands touched you send him a shy smile. After giving Sunny a small amount of rice you put a fair amount on your own plate.

“It feels so surreal to be here with you. After everything I was sure..well you know...that we could not see each other again”, you explained while shoving a spoonful rice into your mouth.

“It took me some time but eventually I could settle things with our-”

“I want daddy to feed me”, Sunny interrupted him.

“Uncle Chanyeol is not your daddy, Sunny”, you explained with a calm voice.

She started stomping her feet on the floor and screaming: “I want daddy to feed me!”

“Sunny! Behave yourself!”, you scolded and tried to stop her from devastating everything.

Chanyeol’s laugh resounded through the room which eventually led to you laughing with him. He circled the table to sit down next to her. He pulled Sunny into his lap. Immediately she stopped crying and opened her mouth wide. He took her spoon and and started feeding her. For the next fifteen minutes there was only the happy munching heard from her.

“I will go playing now”, she annouced and crawled off Chanyeol’s lap. She wanted to run into the living room but you stopped her.

“What do you need to say when somebody did something nice?”, you reminded her in your best parenting tone.

Sunny faced Chanyeol again and bowed a little. “Thank you, daddy for feeding me. I am happy you are back.” Then she run off.

“Chanyeol is not-”, you wanted to call after her but you knew she would not hear it anymore so you broke off.

“I am sorry about that. I guess you measure up the closest to a father for her”, you talked while starting to clear the table. As you reentered the dining room you continued: “Well considering everything you did for us it is not really surprising to be honest. I should thank you too. I think I never did it properly. I hadn’t had time before we left.”

“You thanked me enough Y/N.” He handed you the last bowl. You brought it to the kitchen and just put it in the sink as you felt two arms wrapping around you.

“Anyway nothing can beat the feeling to be finally united with the two of you again”, he nuzzled into your neck.

You let out an uneasy laugh. “Stop saying that.”

“I really mean it”, he pressed his lips onto your sensitive skin right below your ear. A tingling feeling spread in your stomach but you choose to ignore it.

“Chanyeol don’t do this. Please.” You turned in his arms to face him.

“I could not hold you for two years. I was worried sick all the time. I did not knew if I could get the chance to see you again. Hold you again. Kiss you again.”, he pressed various kisses along your neck and shoulder, “Leave me just this small moment where I can pretend to be the one in your heart.”

You sighed defeated and wrapped your arms around him. “I have missed you, Chanyeol.”

You did. Truely. Because it really had been already two years since Sunny and you boarded on a plane to an unknown destination.

The death of Baekhyun had thrown you into a deep void but the pregnancy was you silver lining. You decided to fight because this child was a gift to you. A little bit of Baekhyun left in this cruel world.

But hell no it has not been easy. Not at all. You were on a constant run. If not from Jongdae and his men, it was from old clients of Baekhyun who heard of his death and apparently also of you as his optionee. Baekhyun really had changed his testimony during your short love so that you should inherit all his fortune. But not even all this money could buy you a safe place in this city. Baekhyun’s old house which always seemed to be the most safest place to you had been burned to the ground. Not by any enemies but by Chanyeol himself as he confessed to you later. The evidence would have gotten to many powerful people into trouble which in conclusion would be dangerous for the whole clan. Chanyeol was always considering of the clan and Baekhyun. Loyal till death. That motto counted.

After Chanyeol was released out of Jongdae’s hostage he was in no good condition at all but you had no chance to contact him because the birth date came closer. You decided to leave the city for everyone’s good and of course to get some distance. As soon as everything had quiet down a bit you returned and found Chanyeol. He advised you to leave since he was concerned you could get in trouble again. But you urged to stay and since he knew how stubborn you were he agreed one day under the condition you needed to live with him. So you basically raised Sunny for the first two years together. It worked well. Really well.

Still there was not a day you did not think about Baekhyun. The pain was still present. But over the time you found yourself yearning for someone to fill the spot next to you in the bed. To hold you and caress your head like Baekhyun used to do it. At first you hated yourself for those desires. You felt like you would betray him if you would ever look at another man.

You still do not know how but one night some men of Jongdae had attacked you. Luckily you could escape but as Chanyeol heard about it he decided to sent the both of you away.

It was only the night before you departure when Chanyeol and you kissed. It was a moment of weakness you thought for so long.

But why is having him back making my heart beat so rapidly then?

I know you probably did not wanted Y/N to end up with someone else then Baekhyun but it just seems to be too cruel to let her be alone for the rest of her life...We all deserve a little happiness aren’t we?

So yeah I hope you like it and I will be off for a week or so since I am on a trip and my birthday is next tuesday yeai *cheers*

Please stay tuned anyway ♥♥♥

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advertphoto · 5 years

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Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

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A party’s right to assign the purchase contract to a third party may be a significant issue to a seller. Sellers generally agree to execute a purchase contract with a specific purchaser only after they are convinced of the purchaser’s ability to complete the transaction. By providing the purchaser with a right to assign the contract, the seller is agreeing to substitute an unknown for the party it knows well. This may be particularly problematic in cases where the seller has agreed to provide the purchaser with take-back financing. Therefore, some sellers will not agree to an assignment of the contract or may demand the right to prohibit the assignment, with or without cause.

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

2. If this contract provides for the assumption of existing trust(s) or for purchase subject to existing trust(s), it is understood that the balance of such trust(s) and the cash down payment are approximate amounts.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

5. The seller shall furnish any pertinent information required by the purchaser or his or her financing agency in reference to obtaining a loan commitment and in general shall reasonably cooperate (at the purchaser’s sole expense and obligation) with the purchaser’s acquisition of the property.

6. The words “seller,” “purchaser,” and all pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular, or plural, as the identity of the person or entity and the context may require.

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Real Estate Notices

The purchase contract should require that all notices to be provided under the terms of the contract be in writing and be mailed by certified or registered mail to the addresses stated in the contract. Written notice of address changes must be sent to all parties.

Real Estate Acknowledgment

The purchase contract must be signed by both parties in order to be enforceable and binding. The final clause of most real estate contracts is an acknowledgment clause whereby both parties acknowledge that they agree to all the contract’s terms.

Real Estate Options

You may consider using an option to gain site control over a specific site. For a fee, the potential purchaser may be able to purchase an option that would provide the purchaser or “optionee” with a defined period of time (“option period”), usually from 30 to 90 days, to evaluate the site, for example, to complete feasibility and environmental studies and to decide whether it wants to purchase the property. If the optionee decides to purchase the property, it “exercises” the option and settles on the property within the time period set out in the option agreement. Longer-term (multiyear) option contracts are more common in the development of raw land, where a developer seeks site control over a large tract of land but can afford to purchase and develop only one portion at a time. The long-term option contract might allow the developer to purchase one portion, develop and sell it, and then use the sales proceeds to exercise the option on the next portion of land, and so on.

Purchase and Option Agreements

There are not many differences between a purchase and an option contract. In fact, an option agreement must contain many if not all of the provisions included in a purchase contract because the option essentially converts into a purchase contract if the optionee exercises its option to purchase the property. Therefore, option contracts often include many of the provisions in the context of what the parties must do or provide if the option is exercised. The purchase and the option contracts do differ in the following ways:

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• Unlike the purchaser of a purchase contract, who is legally committed to purchasing the property by the settlement date, the purchaser of an option is committed only to deciding whether it wants to exercise its option to purchase the property within the option period.

• Purchase contracts require a significant earnest money deposit, ranging from 5 percent to 25 percent, to “guarantee” the purchaser’s performance. Option contracts, on the other hand, generally require the purchaser to pay only a relatively small amount of money—1 percent to 5 percent of the purchase price—for the right to defer its decision on the purchase. This option fee may or may not be applied to the purchase price. The option contract should state how the option fee is to be treated.

• An option is often viewed as a purchaser’s, not a seller’s tool, because it allows the purchaser to risk very little and requires the seller to provide the purchaser with an exclusive right to purchase the property during the option period. A seller is not likely to enter into an option contract if there is significant demand for the property in the marketplace. Sellers obviously prefer to execute a purchase contract, which carries the expectation of settlement, instead of an option contract, which carries limited expectations that the property will be transferred.

• Optionees generally are required to act within the option period or lose their option on the property; purchasers in a purchase contract are often provided, for good cause, a reasonable period of time to complete the transaction even after the settlement date has expired

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

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Exercise The Option

An option agreement must include a statement of what the optionee must do to exercise the option if it wants to purchase the property, the manner by which the seller must be notified of the optionee’s exercise of the option, and any other action that the optionee must take to exercise the option, including the payment of additional funds.

At the time it exercises the option, the optionee must provide the escrow agent with an additional deposit, in order to secure the right to purchase the property. These issues can be addressed together in one paragraph.

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

3. Whether the optionee will have to pay additional funds, at the time when it exercises the option, to create an “earnest money deposit” similar to the deposit required under traditional purchase contracts.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

In fact, the seller may seek to include, in this provision or elsewhere in the option agreement, a statement that prohibits the optionee from recording the option in the land records of the jurisdiction where the property is situated. The statement will limit any perceived restrictions on the transferability of the property or continuing claims by the optionee upon expiration of the option.

Loans

Every loan that is obtained by a sponsor, whether from private or public lenders, will carry some variation of interest rates, maturity and amortization, financing fees and other lender charges, and prepayment provisions.

Interest Rates

When a lender agrees to lend money, it not only wants the money or principal paid back according to a payment schedule but it also wants the borrower to pay interest on the amount of the original loan that has not yet been repaid. A lender usually determines how much interest it will charge a borrower by considering:

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

All loans carry interest rates regardless of the profit motive of the lender. Interest rates can be “fixed” or constant throughout the loan term, or they can “adjust” or change periodically over the life of the loan. With a fixed interest rate loan, the interest rate on the loan never varies. The borrower pays, during the entire loan term, whatever interest rate it agreed to pay when it secured the loan. Interest rates on adjustable rate loans, often referred to as adjustable rate mortgages (ARMs), can change frequently over the loan term. Every adjustable rate loan should clearly state when the loan adjusts; how the new, adjusted interest rate will be established; and any limitation on the amount of increase in the interest rate that can be imposed on the borrower on a date of adjustment. ARMs with interest rates that are adjusted once a year, once every three years, or once every five years are common in the industry. However, some ARMs are adjusted every month or even more frequently. Where an interest rate is adjusted every three years, the borrower actually has secured a hybrid fixed and adjustable rate loan. The loan remains at a fixed rate of interest for three years, is adjusted, and then stays “fixed” at the adjusted rate for three more years, continuing in this manner until the end of the loan term.

When you are purchasing real estate for development, an experienced Magna Utah real estate lawyer can be of immense help. The lawyer can guide you through the purchase process and draft the required documents to complete the transaction.

Magna Utah Real Estate Lawyer Free Consultation

When you need legal help with a real estate case in Magna Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. Evictions. Real Estate Contracts – REPCS. Litigation and Lawsuits. Boundary Disputes. Quiet Title cases. Utah Liens. Real Estate Trusts. And Much More. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C <span itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

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Source: https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

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aretia · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

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Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

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You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

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Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C <span itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

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Source: https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

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michaeljames1221 · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C <span itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

Can Divorce Papers Be Mailed?

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from Michael Anderson https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/02/02/real-estate-lawyer-magna-utah/

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mayarosa47 · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

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divorcelawyergunnisonutah · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

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from Michael Anderson https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

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gonnagoandrunwiththehorses · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

Can Divorce Papers Be Mailed?

Probate Lawyer Heber City Utah

Products Liability Lawsuits

Source: https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

0 notes

asafeatherwould · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C <span itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

Can Divorce Papers Be Mailed?

Probate Lawyer Heber City Utah

Products Liability Lawsuits

Source: https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

0 notes

melissawalker01 · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

Can Divorce Papers Be Mailed?

Probate Lawyer Heber City Utah

Products Liability Lawsuits

from Michael Anderson https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/190603147470

0 notes

coming-from-hell · 5 years

Text

Real Estate Lawyer Magna Utah

Seek the assistance of an experienced Magna Utah real estate lawyer to draft your real estate purchase agreement. There are many complex issues involved in a real estate purchase contract.

youtube

Miscellaneious Clause

A “general provisions” or “miscellaneous” clause is quite common in real estate contracts. This clause allows the parties to address issues such as:

1. In the event that mortgages are used rather than deeds of trust, the word “mortgage” shall be substituted automatically.

3. Trustees in all deeds of trust are to be named by the parties secured thereby.

4. The property is to be conveyed in the name(s) to be designated in writing by the purchaser prior to settlement.

youtube

Real Estate Notices

Real Estate Acknowledgment

Real Estate Options

Purchase and Option Agreements

youtube

You may want to secure the right to extend the option period one or more times. If so, it should negotiate terms that fix:

1. The number of times that the option period can be extended.

2. The number of days or months added in each extension of the option period.

3. The additional amount of consideration that must be paid by the optionee for each extension.

4. Whether these additional fees later will be applied toward the purchase price, if settlement goes further.

5. Whether the purchase price of the property will be increased because the optionee is postponing settlement on the purchase by extending the option period.

youtube

Exercise The Option

Purchase Price

The purchase price provision in an option agreement may be considerably more complicated than a similar provision in a purchase contract and may be utilized to address the following issues:

1. The purchase price of the property.

2. Whether the initial consideration paid by the optionee for the option will be applied, in whole or in part, toward the purchase price.

4. Whether the purchase price will increase, and the extent of this increase if the settlement date is postponed due to additional extensions of the option period by the optionee.

Failure to Exercise the Option

The option agreement must explicitly state the rights of the parties, should the optionee fail to exercise the option. Commonly, the option agreement will provide that:

1. The seller is to retain all consideration paid by the optionee for the option and any extensions.

2. Neither party retains any claims against the other after the expiration of the option period.

Loans

Interest Rates

1. Interest costs, if any, incurred by the lender to borrow the money that it is lending the borrower.

2. The amount of interest that the lender could earn if it invested its money elsewhere, given similar risks.

3. The amount of interest being earned from investments that the lender will have to liquidate in order to make the loan.

4. The amount of money that the lender will spend over the loan term to service the loan or track the loan and the loan payments.

5. The amount of money (“profit”) that the lender wants to make over and above the direct costs incurred to borrow the money and service the loan.

6. The riskiness of the loan, as perceived by the lender.

Magna Utah Real Estate Lawyer Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

What Is A Patent?

Family Lawyer South Jordan Utah

Real Estate Lawyer Draper Utah

Can Divorce Papers Be Mailed?

Probate Lawyer Heber City Utah

Products Liability Lawsuits

Source: https://www.ascentlawfirm.com/real-estate-lawyer-magna-utah/

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tangewilkerson45-blog · 5 years

Text

The 5-Minute Rule for Clout Pay

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advertphoto · 5 years

Text

Real Estate Lawyer Spanish Fork Utah

Purchase contracts are the most common form of written agreement between a seller of property and a potential purchaser. In fact, the vast majority of real estate transactions that take place in the United States—the purchase and sale of single-family homes—utilize purchase contracts. Special mention is made of provisions that may be of particular interest to the purchaser organizations. As with any legal document, the terms of the purchase contract should be as clear and unambiguous as possible. You should consult with an experienced Spanish Fork Utah real estate lawyer prior to entering into any written agreement.

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The purchase agreement must clearly state the identities of the purchaser and the seller and include an address where the parties must deliver any written notices required under the agreement. The address provisions may be included in a separate paragraph.

The purchase contract must contain a paragraph that describes in detail the real property to be transferred and addresses how the personal property owned by the seller and located on the property will be disposed of. The description of the real property (land and whatever else is built on the land) provided in the purchase agreement may be the single most important section of the document. The sponsor will be able to “specifically enforce” or force the sale of the specific parcel of land described in the purchase agreement only if the terms of the written agreement clearly describe the property in question. The sponsor should be certain that the description included in the purchase agreement is the legal description of the property that can be found in the land records of the jurisdiction where the property is situated. Additional means of identifying the property, for example, the lot and square numbers used to identify the property for property tax purposes and the property mailing address, should be used only to supplement the legal property description. The contract must state how the parties are going to treat any personal property (everything not permanently affixed to the land) that is located on the property on the date of transfer. This personal property usually includes such items as appliances, light fixtures, heating and air-conditioning units, lawn mowers, and so on. As a general rule, these items are transferred to the purchaser. However, the contract should state the transfer (if that is the case) or the limitations on the personal property to be conveyed.

The purchase contract must contain a paragraph that states a definite purchase price for the property. This paragraph also may contain details on how the purchase will be financed.

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There are different ways of purchasing a property. You can either purchase it outright or exercise an option. Speak to an experienced Spanish Fork Utah real estate lawyer to know more about an option contract. There are not many differences between a purchase and an option contract. In fact, an option agreement must contain many if not all of the provisions included in a purchase contract because the option essentially converts into a purchase contract if the optionee exercises its option to purchase the property. Therefore, option contracts often include many of the provisions in the context of what the parties must do or provide if the option is exercised. The purchase and the option contracts do differ in the following ways:

Mortgages

Ordinarily a home buyer cannot obtain a loan which represents the full amount of the purchase price in any kind of transaction; the purchase of a home is no exception. A down payment is required as a manifestation of the good faith and serious intentions of the borrower and to provide a margin of safety, that is, of value of collateral over debt, for the lender. The importance of this arrangement to an understanding of the market for homes in fee lies in the fact that, in general terms, credit multiplies the purchasing power of the down payment by a factor which is the reciprocal of the ratio of down payment to the total purchase price. If credit were extended in the full amount of the purchase price, purchasing power would be limited only by the amount which the prospective homeowner could borrow; where no credit is available, purchasing power is limited by the prospective owner’s own resources. If the down payment represents one-half of the purchase price and the other half can be borrowed, the purchasing power of the down payment is multiplied by two; if one-third, by three, etc.

When you are applying for a mortgage, the lender will require you to sign many documents. Do not sign them unless and until you have shown them to an experienced Spanish Fork Utah real estate lawyer. The lawyer will advise you on what you need to do to protect your rights.

Settlement Agent

The settlement process, in a nutshell, involves payment by the purchaser of the acquisition price, signing of the deed of conveyance of the property by the seller, and recording of that deed among the land records of the jurisdiction in which the property is located.

The first step is to understand the role of the settlement agent. The settlement agent acts as the neutral “referee” of the settlement. The settlement agent does not represent any of the parties at the settlement, but instead carries out the instructions of all the parties—the purchaser, the seller, the lender (if any), and the local government.

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The main reason that a settlement agent is needed is because it is virtually impossible to carry out the fundamental aspect of a sale directly between purchaser and seller without a level of trust that is not justified by normal market considerations. The seller has to sign the deed conveying the property to the purchaser; the seller does so in exchange for payment of the purchase price. The purchaser has to pay the purchase price, but only when the purchaser can be assured that the seller does indeed have good and marketable title to convey to the purchaser. Without the involvement of the neutral settlement agent, the seller could not be assured that the purchaser was providing all of the required acquisition price (including all funds being provided by third-party lenders or investors). Similarly, the purchaser and the purchaser’s lenders and investors could not be assured that their acquisition funds were being used to acquire a deed to a property that the seller has the authority to convey. The settlement agent holds in escrow the deed and the acquisition funds from all relevant sources until the settlement agent can successfully record the deed and ensure that no unidentified claims have been recorded against the property. An experienced Spanish Fork Utah lawyer can act as settlement agent.

Eminent Domain

The Fifth Amendment states that private property can only be taken for a “public use.” If the government or other condemnors may take private property only for valid public uses, how do we determine if the taking is for a public or private use? The “public use” doctrine can be described as an “essentially contested concept.” This suggests that its meaning has been subject to debate over time. Various courts and legislatures have defined “public use” either from a narrow or a broad perspective. A narrow reading of “public use” indicates “used by the public.” Under this definition, uses such as for bridges, highways, and schools qualify as valid public uses because the public, or at least some segment of it, can actually physically use the property. Critical here is that more than one person benefits and uses the property. A second, broader definition of “public use” equates the meaning to include the “public advantage,” “promoting the public welfare,” the “public good,” and “public necessity.” Here it is not essential that the public actually use the property so long as they benefit from the taking in some way. Again, more than one person must benefit from use of eminent domain. This meaning suggests that almost any project can be construed as a public use, as long as it is shown that it furthers economic development, public welfare, or a better use of local resources. If your property is being taken away by the state or city for public use, contact an experienced Spanish Fork Utah real estate lawyer.

Construction Contract

If you are entering into a construction contract with a contractor, consult an experienced Spanish Fork Utah real estate lawyer. The lawyer can prepare the construction contract.

The construction contract must spell out the various documents that make up the contract documents and incorporates them into the agreement. This is necessary because the agreement alone is not a complete contract and requires the other documents to be binding and inclusive. The contract must name the documents by their generic titles and list separately all of the items that are being incorporated into the agreement- the Conditions (General, Supplementary, and other), the drawings and specifications, any addenda issued prior to the formal agreement, and any other documents necessary to the particular project. The documents and the construction contract together constitute the entire contract and supersedes any other agreements or negotiations that may have occurred.

The owner must be sure that any issues discussed and resolved during negotiations are reduced to writing and included in one of the documents on this list, in order to have any legal effect. The owner also must be careful not to list conflicting or redundant documents.

The standard Changes clause permits the property owner to make changes only within the ‘general scope’ of the contract. Because of this phrase in particular, and the structure of the article in general, the courts have consistently ruled that such a change provision does not authorize a drastic modification beyond the scope of the contract. Rather, a fundamental alteration of this nature is a contract breach, or cardinal change as it is sometimes referred to, entitling the contractor to breach damages. Under established case law, a change outside the scope of the contract is a breach. It occurs when the property owner affects an alteration in the work so drastic that it effectively requires the contractor to perform duties materially different from those originally bargained for.

The issuance of change orders will, of course, have varying effects in different situations depending on the scope and location of the work required by the orders and the timing and manner of the issuance of such orders. The issuance of a large volume of change orders could adversely affect the contractor’s ability to efficiently perform the basic contract. Since such dislocation is a normal and natural consequence of the circumstances, a contractor would be entitled to recover a fair and reasonable amount for the additional costs it sustained.

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