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"How do I form a corporation?" |
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The document that begins the process of forming a corporation is the Articles of Incorporation. Upon approval by the Secretary of State, your corporation will be recognized as a legal entity. However, your work is not done. You will need to draft bylaws and have them adopted by the corporation, issue shares, secure a tax identification number from the IRS, and consider whether you should choose a sub-Chapter S election. |
"How do I file a mechanic's lien?" |
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Make sure to start the process early to give yourself enough time to comply with the statute that permits mechanic's liens. A mechanic's lien should be filed no more than 120 days after the last work. However, the process begins by completing a Statement of Lien. This must be mailed certified or served; thereafter, there is a 10 day window. If payment is not made within that 10 day period, then you can file the lien on the public record with the Clerk and Recorder in the county where the work was performed. |
"What do I do when a landman calls?" |
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Remember, the landman works for the producer and is not there to help the land owner. The landman is there to negotiate the best deal possible for the company - not you. Because an oil and gas lease creates a dominant easement, your use of the surface becomes secondary to the development of the oil and gas interest. The best thing to do is call an experienced oil and gas attorney to help you understand all of your legal rights. |
"Do I need a real estate lawyer?" |
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Real estate lawyers tend to be used in more complicated transactions and commercial transactions. A good real estate lawyer can be a great help if the property is going to be used differently than its historic use and when the property will require zoning amendments or other government approval. In these cases, it is important to contact a real estate attorney BEFORE you purchase. Early intervention is critical. For example, if there is a problem with the title and you call an attorney three days before a scheduled closing, it may be too late for the attorney to help you. |
"What is title insurance?" |
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Title insurance protects your title to property by claims that occur after you close. Prior to closing, the buyer will contact a title company. The title company issues a title commitment. That commitment will identify the property and state what the policy will insure and - just as importantly - the exclusions (things the title company will not insure). It is these exclusions/exceptions to title which require close scrutiny prior to closing. At closing, the title company will issue your title insurance and should anyone make a claim as to the property you own, your title insurance company will defend that claim. |
"I've been sued!" |
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Do not panic but do not procrastinate, either. The Rules of Civil Procedure provide deadlines as to when an answer must be filed. Significant rights can be lost by not filing documents on time or not filing the right documents. You should read the documents you are served closely. Make sure to write down the date and time you were served. This will sometimes determine when your answer must be filed with the court. While you do not have to hire an attorney if you are served as an individual defendant, it is always advisable to call an attorney. Remember, the earlier you call an attorney, the less likely you will be creating chaos by waiting until the last minute. |
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"What do I do when a landman calls?"
Remember, the landman works for the producer and is not there to help the land owner. The landman is there to negotiate the best deal possible for the company - not you. Because an oil and gas lease creates a dominant easement, your use of the surface becomes secondary to the development of the oil and gas interest. The best thing to do is call an experienced oil and gas attorney to help you understand all of your legal rights.
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345 Lincoln Ave., Suite 202 (4th and Lincoln Ave., in the Chieftain Building) Mailing: P.O. Box 774567, Steamboat Springs, CO 80477 |