Financial

"Succession Planning and the Family Business" will guide you through the issues to consider when planning your succession ⁄ exit strategy so that you can retire and pass on your business to the next generation.

• examining the reasons for leaving the business to family members,
• the most common mistakes in family-based succession plans,
• determining what is best for succeeding generations,
• tips for a successful succession plan.

Every family business should have a succession plan in place. This expert guide, written by a lawyer who specializes in succession planning, is a great tool to help you build yours.

Selling a real estate property in Tennessee but the buyers can't qualify for mortgage financing? You can finance all or part of the purchase price with this Contract for Deed.

• A Contract for Deed is also known as a purchase money mortgage or installment purchase contract.
• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At your option, the balance can be repaid by monthly payments with or without interest until paid, or by monthly payments with interest for a fixed number of payments and a final balloon payment at the end.
• The form is in MS Word format and is fully editable to fit your exact circumstances.
• Intended to be used only in the State of Tennessee.

Transfer title of a real estate property in Tennessee from a seller to a trustee with this Tennessee Deed of Trust form.

• A Deed of Trust can be used in place of a mortgage in the sale and purchase of real estate (other than agricultural farm land).
• Title to the property is conveyed by the seller to a trustee instead of to the purchaser. The trustee holds the title as security for performance of the purchaser's obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
• If the purchaser (borrower) defaults in payment, the balance becomes due and payable and the trustee may sell the property.
• The Deed of Trust contains uniform covenants regarding payments, funds for taxes and insurance, prior mortgages, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, and other standard clauses.
• The borrower waives all homestead exemptions or other statutory right or redemption in the property that he/she may be entitled to under State law.

Write up a Term Loan Agreement for a borrower using this downloadable template form.

• This customizable legal template is governed by the laws of the United States.
• The borrower has the option to pay all or part of the term loan on any interest payment date, without premium or penalty, provided that a specified minimum prepayment amount is paid.
• The borrower has the option of selecting an interest period of more than one month's duration (up to but not including the next interest payment date).
• If the borrower fails to properly notify the lender, the interest period will automatically be set at one month's duration.
• The borrower may elect to have more than one interest period outstanding at any one time, provided that no interest period extends beyond the maturity date.
• Available in MS Word format.
• Governed by U.S. laws and intended to be used within the United States.

Secure the repayment of a loan with this Term Promissory Note template for Canada.

• The Note allows the borrower to repay the loan amount in regular payments of blended principal and interest.
• The interest is calculated monthly and compounded yearly.
• This is a reusable legal form. Buy it, download it, re-use it as often as you require.
• Available in MS Word format.
• Intended for use only in Canada.

Prepare an Affidavit of No Liens for a corporation, organization or other entity that owns a real estate property with this free template form for Texas.

• The Affidavit must be sworn by a director, officer, or other person of authority within the entity, who has personal knowledge of the matters being attested to in the Affidavit.
• This form of affidavit is often required by mortgagees or title insurance companies as part of the real estate conveyance and transfer documentation.
• The affiant attests that the owner holds title to the property and:
  • there are no liens against the property,
  • there are no leases,
  • all invoices for labor, services and materials for improvements have been paid in full,
  • there are no legal actions, bankruptcy proceedings, or executions filed or pending against the owner, and
  • the owner is not a debtor in bankruptcy.
• Available in MS Word format.
• Intended to be used only in the State of Texas.

If you are selling a real estate property in Texas, you can assist the buyer by carrying part or all of the purchase price with this Contract for Deed (or purchase money mortgage).

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format and fully editable to fit your exact circumstances.
• Intended to be used only in the State of Texas.

Transfer title of a Texas real estate property from a seller to a trustee with this Texas Deed of Trust form.

• A Deed of Trust can be substituted for a mortgage deed in the purchase of real estate property except for agricultural farm land.
• Title to the property is conveyed by the seller to a trustee instead of to the purchaser. The trustee holds the title as security to ensure the purchaser's performance of its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
• If the borrower defaults in payment, the balance becomes due and payable and the trustee may sell the property.
• The Deed of Trust contains uniform covenants regarding payments, funds for taxes and insurance, prior mortgages, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, and other standard clauses.
• The loan being secured by the Deed of Trust cannot be a home equity loan. The loan can be made to purchase property, to renew and extend an existing debt, or as a loan against non-homestead property.
• Available in MS Word format.
• Intended to be used only in the State of Texas.

Record this Release of Deed of Trust with the County Recorder to discharge a mortgage lien from property in the State of Texas.

• This form contains clauses for both a full release and a partial release, and can be used for either.
• This is a reusable legal form template. Once you download it, you can use it as often as you require.
• This Texas Release of Deed of Trust form is available in MS Word format. We can convert it to another format upon request.

Prepare a Residential Real Property Affidavit for title insurance with this template Form T-47 for the State of Texas.

• This form can be used for purchase and sale transactions between individuals or for commercial transactions.
• The form is required for transactions involving title insurance.
• The affiants attest that since a specified date there have been no construction of new structures, additions or other permanent improvements on the property, no construction on adjoining properties which encroach on the property, no relocation of fences or boundary walls, and no conveyances or easements affecting the property.
• Available in MS Word format.
• Intended to be used only for properties located in the State of Texas.