Q.What kind of company do I need to form? How much does that cost?
Your business plan and circumstances will need to be discussed and reviewed. Some entity formations cost more than others, depending on what type. Corporations cost more because stock is involved.
Q. I have been approached about signing and oil and gas lease? What do these terms mean? How long will my property be tied up?
A review of the lease terms and proposal will be explained to you. Your property will be tied up for the lease term, and any additional years there is production.
Q. What if I don’t want them to drill on my land? What are my options?
You can do a lease addendum stating no surface operations on your property.
Q. What if I don’t want to lease? What are my options?
You can pay your proportionate cost to drill the well or do nothing will drilling. If there is production and you didn’t pay then, you will not get any checks until the company recoups your share of the costs.
Q. I am in a dispute and I want to mediate but I have not talked to the other side, can I do it?
Both parties need to agree to mediate. Since it is a voluntary process, the other side cannot be forced into mediation.
Q. My spouse and I are considering divorce, will mediation work for this situation? What is he/she doesn’t want to participate?
Mediation works well in domestic situations, but both parties have to agree to mediate and come to the table in good faith in an effort to resolve the situation. Often a judge may send the parties to mediation to try and resolve the issues before going to trial.
Q. How many sessions will it take and what is the cost?
Depends on the circumstances. An hourly fee is $300.00 per hour.
Q. My cousin is an attorney and can prepare the deed and I plan on giving the seller the money. Why do I need a closing attorney?
The title to the property needs to be examined to be sure there are no adverse circumstances affecting the land. Does he have a loan? If so, it will need to be paid off and you do not want to rely on the seller to do this. The closing attorney gets the payoff and writes the check to the lender. Also, the closing attorney will prorate the taxes, prepare the documents and the settlement statement.
Q. I’m buying a house and was advised that I did not need to spend the extra money on Owners Title Insurance when my budget is tight. Can’t I rely on a Certificate of Title?
Owners title insurance is always a good investment because it is a one-time premium that covers you for as long as you own the property. If there was a claim, you would spend much more money with an attorney defending your title. A certificate of title is only good for three years and you must show negligence on the part of the preparer in order to recover, This too would involve litigation.
Q. I sold my house but after the loan payoffs and expenses of the sale, I didn’t net very much. Why did I get a 1099 for the purchase price?
The closing attorney is required to report the GROSS sales price to the IRS.
Q. I don’t have any money, just a house and am not married? Why do I need a will?
Your property will be divided among your heirs (siblings, parents) and it is an asset. In order to sell it your heirs will have to do a Court Administration.
Q. Why do I need a guardian for my children?
In the event you die, someone will need to be responsible for their financial and physical needs. The age of majority in Mississippi is 21 years.
Q. Instead of having a Last Will and Testament prepared, I am making a list of items and who they should go to, will this work if I write it and sign it?
No, a Last Will and Testament has specific wording and a “list” while signed even requires more stringent specific requirements in order to be valid.
