New Orleans Real Estate & Corporate Law Blog

Buying a home is a major decision that comes with significant benefits and risks. Owning a home can help a person establish firm financial footing or bring financial disaster, if the transaction is not handled properly. Whether you are buying a home for the first time or have already purchased real estate in the past, there are many issues that may arise during the home buying process. Protecting your interests throughout a real estate transaction takes attention and careful planning, especially when purchasing an older home.

As you move through the real estate purchasing process, make sure to review all your documents carefully. Understanding the details of complex legal documents like those used in real estate is not easy, so it is important to use high-quality legal resources and guidance as you need them, to keep your personal and financial interests secure.

There is a lot more that goes into building a thriving business than many people realize. Trade secrets and other forms of intellectual property are often the foundation upon which a successful business sits. Keeping that intellectual property secret is key to continued growth. In Louisiana, nondisclosure agreements are one of the most effective ways to keep that essential information away from the public and other businesses.

Employees and even partners are frequently asked to sign nondisclosure agreements. A typical nondisclosure agreement will address what information must be kept confidential, the length of the agreement and several other specifics. Agreements must also be reasonable, meaning that they may not be vague, too broad or impose significant burdens on those that sign them. Otherwise they may not be enforceable, even if willingly signed.

With the prevalence of remodeling shows on television and the growing popularity of buying homes to fix them up, it is no surprise that more people are considering the purchase of an older home. Old homes can be unique and offer things newer homes cannot, but they can also come with a host of problems as well. When buying a home that is more than 15 or 20 years old, there are several things a buyer will want to do to protect his or her interests. 

First, a buyer is going to want to check the roof. In Louisiana, weather can take a toll on a home, especially long-term exposure to wind and rain. Buying a home with a roof that needs to be replaced or repaired can be very expensive down the road. It's also worthwhile to check on the plumbing. It is especially common in older homes to find clay pipes, which can degrade and roots can grow through them over time. 

Dissolving a relationship with a business partner is not nearly as easy as simply firing an employee. Perhaps you both started the company together. Neither one of you is in a position of leadership over the other. You both have invested time, money, energy and emotion into the company.

That said, there are times when it's clear that you need to break off this partnership. Some red flags you may see include:

• It's all you can do to spend the work day together. You have personality conflicts that make it so that you dread that time and would never spend extra hours together unless you had to. Some call this the vacation test. If you would never go on a vacation together, should you work together?
• You do more of the work and shoulder more of the load. Things just do not feel fair. Maybe you spend long hours at the office, putting in at least 60 hours per week. Your partner constantly shows up late and leaves early. You need to work with someone who is as dedicated as you.
• They try to cover up mistakes and important facts if they made a mistake. You have to be honest with each other. If they make a mistake and try to keep you from finding out about it, or if they lie about income or expenses to make it fit the budget, they're not someone you can trust to work in your company.
• They want to stay involved but have little to offer. This often happens with young start-up companies. Maybe you partnered up with someone who was already your friend because they got excited about the idea. After working together, though, you realize that they have very little to offer. You can do their job better than they can. Maybe they are even holding you back.