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Snow Jensen & Reece Law Blog

Utah's home inventory is declining while sales prices are soaring

A limited inventory of houses is causing home prices to steadily increase across in many parts of Utah. This is occurring at the same time that thousands of prospective new residents are being attracted to the state by its strong economy.

This has led the Salt Lake Board of Realtors president to conclude that it's likely that the housing market in Utah will likely remain tight for the next few years. Data presented at a meeting of the Salt Lake Board of Realtors at the end of the July showed that home sales in that county decreased by nearly five percent between April and June of this year compared to the same period last one.

A joint venture agreement is legally binding like other contracts

If you've ever seen one of the many different business investment shows on television, you've likely heard the terminology "core competency" used. It has to do with a company defining what they do well so that they can use it to their competitive advantage.

When two companies with two distinct core competencies join forces, this is referred to as a joint venture (JV). Companies that come together to do business with one another for the expressed purpose of seeing a project through to completion are examples of this type of corporate arrangement.

Some aspects of commercial leases should be closely inspected

If you own a startup, then you may have looked into the idea of signing a commercial lease for office space. Leasing as opposed to buying your office can save you a significant amount in upfront costs.

Residential leases are different from commercial ones in the former often adhere to a standard format and remain in effect for a year or less. Commercial ones often cover several years and vary in scope.

Tech startups are flocking to Utah to set up operations

A study published on June 11 by Crunchbase News shows Utah is fast stepping away from being known only as a hot spot for tourists hitting the slopes and would-be attendees of the Sundance Film festival. It's instead starting to be though of by business investors as the next hub for tech companies and other innovative companies.

Crunchbase's researchers contend that during the period between 2016 and up until their study was published this month, some of Utah's newest and most promising companies were able to generate as much as $353 per capita in yearly venture capital funding. This equates to the sixth highest amount generated per person of all states.

What are the different types of guardianships?

When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.

So many people either don't hear or respond to such a call to action, though. It's unfortunately all too common for people to suffer either debilitating injuries or illnesses without having their personal affairs in order.

What are some reasons why home sales often don't go through?

If you've been in the market for a home long enough, then you've likely had the misfortune of finding out that one you were interested in purchasing was no longer available when you went to make an offer for it.

Months later as you continue your search, you may have stumbled across it in listings your realtor sent you. You may have wondered how it went from being "under contract" to being available once again. There are a number of reasons a sale could have fallen through.

What are the benefits associated with mergers and acquisitions?

When it comes to a company deciding to expand either domestically or internationally, many elect to either merge with or acquire new companies in order to give themselves a competitive advantage in the market.

Companies who merge with or acquire other ones often do so in an effort to increase their knowledge of an area of expertise that they lack. For example, one entity may be particularly well-versed in logistics, something that you, as the company looking to partner with them, may lack.

How does having a retirement account impact estate planning?

When it comes to estate planning, you shouldn't forget to address your retirement plan when getting your affairs in order.

As you embark upon end of life planning, you'll want to look at your retirement plan and make sure you've designated a beneficiary that you're comfortable with. If the person listed on those documents is not whom you expected or whom you'd want to receive your benefits if you passed away, then you'll want to remedy that.

Real estate attorneys are beneficial to have around pre-purchase

Buying a home always is an involved process, but it can be particularly complex if it's your first time doing so. That's why, even if your jurisdiction doesn't require to have your own attorney present to close on your property, you should. You may also benefit from having one review your purchase contract.

One instance in which you may find it in your best interest to have a real estate attorney read over your purchase contract is the property that you're buying features improvements such as trees, pools, fences, carports or sheds.

The benefits of setting up an S versus a C corporation

Once you become committed to setting up a business, choosing between the many different incorporation options can be difficult to do. A standard C corporation and an S corporation each carry with them different advantages and disadvantages.

When it comes to ownership of an S corporation, only those who are either resident aliens or U.S. citizens are allowed to own them.