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Saint Paul Estate Planning Law Blog

What are some things to know about mortgages?

There are many things to know about mortgages before you decide to get one. Taking out the wrong mortgage or misunderstanding the terms could end up costing you thousands of dollars. Here are five things you should know about mortgages before you buy a home or property.

1. You don't always need a down payment

Here's what you need to include in your business plan

If you're planning to start a new business, the first thing you have to do is to develop a business plan. Every plan has several things that should be included, like your executive summary and a description of your business.

What do you need to include? Don't guess. Here are a few things that should be in every business plan.

Boundary disputes threaten your property

Boundary disputes are one issue you could come across when you have neighbors. Sometimes, it's hard to know where a boundary is. Other times, neighbors may begin to take advantage of a parcel of land, slowly taking over what should be yours.

It's impossible to prevent all boundary-related issues, but with the right information, you can enforce your right to the land around your property. One good way to do this is by obtaining a property survey. A property survey details the property lines, so you can also show your neighbor where your land starts and ends. In older deeds, the boundaries may not be particularly clear, so a new property survey could help your case if you end up needing to go to court.

Tax overhaul reduces interest deduction on taxes

The tax overhaul may be a good thing for some Minnesotans, but for homeowners, it could be a bad deal. According to the news from Dec. 21, the new deal would mean that many homeowners in Minnesota would no longer qualify for a mortgage interest deduction, which is normally given on the annual tax return.

The new tax bill has already been approved through both houses of Congress, making it likely to become law. The people who will benefit aren't usually those who need it most, and it shows in this case as well. The people who are most likely to suffer as a result of the changes include those who use the State and Local Tax deduction, which is also known as SALT. That deduction is being reduced to $10,000.

What are some things to do before you buy a house?

Buying a house is an exciting venture for anyone. You may be purchasing one to use as an investment property, or perhaps you're buying your first home where you will start a family. Whatever your situation is, finding the right house is important.

Before you sign any mortgage or contract, there are a few things you should do. Here are three necessary steps to take before you buy.

Here's what to do to prepare your business for 2018

When you own a business, you record everything that happens yearly for taxes and other purposes. Before the New Year, it's a good idea to review the things you can do to prepare for the upcoming year.

Here are a few things you can do to make sure your business is prepared for what's to come in the future.

Getting a good mortgage helps you save money

When you want to buy a home, one of the things you have to do is find a mortgage. A mortgage can cost you thousands upon thousands of dollars in interest if you're not careful, which makes finding the best rate and most qualified lender important.

You may have a mortgage payment for only a few years or for the next 30 years, depending on how much money you put down and have to invest in your home. Shopping around for a good mortgage with a solid contract is vital to a successful purchase.

Fiduciary duties: Entrusting others who let you down

A breach of fiduciary duty can put you in a difficult spot. When you entrust someone with your money or assets, you trust that the individual will take care of those assets. You trust that he or she won't take risks or misuse what you've invested or put in his or her care. Unfortunately, some people do breach their duties.

A fiduciary relationship exists when one party places its trust and confidence in another. The other party must acknowledge this trust. A good example would be if you have an investor who you trust to invest your deposits into the market. You trust that he or she is doing the job you pay for, and he or she acknowledges that he or she is to invest on your behalf.

Keep your goals in mind when you purchase commercial real estate

When you want to jump into the commercial real-estate market, it's time to get to know the market as well as possible. You need to understand how properties are priced, the local economy and the best ways to obtain the largest payoffs from your purchases.

How do you choose the best properties? The only way is to become business-minded. Understand that every commercial property has a different price based on square footage. For one market, square footage could be $18 per square foot. In another, it could be $800. This is different than residential homes, where value relies more on the kind of home you're purchasing.

Different mortgages provide benefits that people need

When people are interested in buying a home, it's usually necessary for them to obtain a mortgage. To obtain a mortgage, the individual may need down payment assistance, which is an important offering in today's market.

Down payment assistance programs help people get a down payment for a home, so they need little or no money upfront. In the past, you would need to have a percentage of income available to make an initial payment on a new home. Today, that's not always the case, and buyers can sometimes qualify for assistance in buying their homes.