Covering properties with strong wills during COVID-19 era? Making decisions based on emotion. Buying a house is a major life milestone. It’s a place where you’ll make memories, create a space that’s truly yours, and put down roots. It’s easy to get too attached and make emotional decisions, so remember that you’re also making one of the largest investments of your life, says Ralph DiBugnara, president of Home Qualified in New York City. “With this being a strong seller’s market, a lot of first-time buyers are bidding over what they are comfortable with because it is taking them longer than usual to find homes,” DiBugnara says. How this affects you: Emotional decisions could lead to overpaying for a home and stretching your budget beyond your means. What to do instead: “Have a budget and stick to it,” DiBugnara says. “Don’t become emotionally attached to a home that is not yours.”
Your house should always be ready to show at any time because you never know when a buyer is going to come check it out. This means you should not leave dirty dishes in the sink and the dishwasher should be empty. You should also not have dust bunnies rolling around in corners and bathrooms should be sparkling. People who are house hunting are imagining a fresh start and this requires bringing back a few elements that will make your home more appealing. If you have doors hanging off of hinges, holes in walls, or children’s toys scattered all over the yard and in the living room, this is a huge turnoff for buyers because it gives the impression that you do not care about the existing condition of the home.
Most will allow sales at the advice of the trustee, even if purchases or distributions of funds are not permitted while the application is in the courts. Where losses have occurred, tax advice will probably be needed to ensure that as much damage control as possible is carried out. In many cases it seems that the concept of remote working, meeting with clients by way of video calls, remote swearing of affidavits and even remote signing of documents have become more common place and accepted. However if there is a cautionary tale to be drawn it is that the underlying rules of professional expertise, client protection and trustee responsibilities have not changed, they are just being exercised somewhat differently. Discover extra details on COVID-19.
Video-witnessing should therefore be a last resort for those cases when there is no other option for getting a Will signed. The government have issued guidance on the steps to be followed. All parties need to be present at the same time by way of a two or three-way live video link. The witnesses must be able to see the will-maker signing the document, not just their head and shoulders. The Will/Codicil then needs to be taken or posted to the witnesses to add their signatures, again via further live video session(s) with clear sight of the witness signing.
Stay Out of Bad Debt: Debt means you owe someone money, and if I’ve learned anything from gangster movies, you NEVER want to owe someone money. However, not all debt is necessarily bad debt. So, what is bad debt? Bad debt is any debt that’s acquired through purchasing something that’s going to lose value and generate zero revenue. Some examples of bad debt would be credit card debt or an auto loan. What is good debt? Some people will say there’s no such thing as good debt, and while I mostly agree, I also can’t deny that some debt can be beneficial in the right circumstances. For example, if you are going to take out a loan to purchase something that will benefit you financially in the future, I’d say that debt is a lot more beneficial than credit card debt. Good debt usually has lower interest rates as well. Here are a few examples: Student loans. Since student loans typically have a very low-interest rate and going to school can increase your pay as an employee in the future, student loans can be considered good debt.
We have seen lenders ask for, and borrowers agree to, enhanced information covenants, including the delivery of updated compliance certificates following a payment default by a tenant where the borrower is a landlord of a multi-let property. Some lenders are exercising their rights under loan agreements to block distributions to investors, thereby minimizing any leakage from the structure. Others are allowing for the release of funds to investors once the loan has been stabilized following an equity cure. For our Middle Eastern sponsor client base, release of distributions to their investors has been a key factor in re-negotiating the terms of their existing loan agreements. Having said that the practicalities of the current market has meant that in many cases there is very little (if any) cash available for distributions, even in the cases of stablised loans. Find more info on https://techbullion.com/wills-and-covid-19-safeguarding-your-assets-during-a-global-pandemic/.