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What is a memorandum that precedes signing a contract and why is it important?
Following legislation and court rulings, a memorandum is defined as a binding legal instrument (in total contradiction to the popular assertion that this is a negligible document with a sole purpose of securing the agreement for carrying out the transaction between the parties.) Such a document, in which indicates "definitiveness and conclusiveness" (namely bearing details of the parties, details and price of the asset and signatures of the parties) is equivalent to a contract for selling or purchasing an asset with all its implications.
Since in most cases, this document is drawn before any party has approached an attorney for representation in the landed property transaction and usually, those interested in buying an asset do not know its real state, the state of its registration or its ownership status, it is recommended to avoid drawing a memorandum.
Often, when buying a new apartment from a contractor, the contractor will offer the buyers of the apartments the services of a lawyer and in many cases, the buyers will even pay the contractor for this. However, when looking deeper into this, a review of the many items of the agreement will usually reveal (in fine print) a clause that explicitly and unequivocally notes that this lawyer represents the contractor and no one else. This matter is not very clear to many buyers who are actually left without proper professional consultancy or representation when dealing with the far more experienced contractor. Under these circumstances, the contractor will try to place these costs at your doorstep, while following the word of the law, it is the contractor who should bear them.
Liquidation of partnership in a landed property is a procedure that either of the partners in an asset can commence (even if this party has just one percent of the entire partnership in the asset.) This relies on the moral concept that asserts that a person cannot be forced to stay in partnership with others against his or her will. Under such circumstances, the landed property partnership liquidation procedure is not conditioned by the will of the other partners and moreover, they also may not exert any kind of pressure on the partner demanding such liquidation and as said above, regardless to the size of this partner's share. The partner who is interested in liquidation, even without obtaining the consent of the other partners is invited to contact us to file an application for liquidation of the landed property partnership.
Until not so long ago, evicting a landed property asset of tenants that ceased to pay the rent was a complex, long and complicated affair. In cases where tenants failed to vacate the leased, ceased paying rent or, alternately, breached the signed lease agreement, such a procedure would take up to several years when during this entire time, the low violating tenants had possession of the asset and did with it as their own. Nowadays, after the amendment to the law entered effect, the process became somewhat faster and simpler than in the past. In these cases, an action for dispossession can be filed and such a lawsuit is scheduled to be deliberated over within no more than 90 days.
Despite the amendment and the quicker process, it is highly recommended to take action as soon as the tenants begin to show problematic signs, before damages build up and debts for the leased pile up.