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3 Times You Definitely Need a Real Estate Attorney
Buying a home affords families loads of opportunities — you can enjoy a new living space and new schools, explore new communities, and put down roots in an appreciating real estate market.
While many people use a real estate agent to help them manage the paperwork involved with investing in real estate, you may need a real estate attorney with a deeper understanding of the laws behind acquiring real estate.
Here are three instances when you will definitely want to use a real estate lawyer.
1. The Property Has Liens
Since homes are considered a secured asset, they are often used as collateral for other types of loans. Unfortunately, if the homeowner didn't repay the loan, the lender may have placed a lien on the house.
In the simplest terms, liens are legal documents that involve an asset, and if there is a lien against a house you want to purchase, the paperwork and subsequent terms involved with the process can be incredibly complicated.
For instance, in addition to mortgage liens, homes can also have mechanics liens (when contractors who performed work on the home weren't paid), tax liens (when homeowners don't pay proper taxes), or judgement liens (when a home is in dispute during a legal battle).
Fortunately, real estate lawyers can help you understand the nature of any liens placed on the home, along with your options. For instance, if the lien is complex enough, you may be tempted to walk away from the deal, but your real estate lawyer can help you to negotiate the terms of the lien to mesh better with the purchase price of the home.
2. The Property Is Part of an Estate
If you have a family member who passed away and left their home as part of their estate, the situation can get messy quickly. Family members may have different ideas about how to use the property, and options can range from letting certain family members live in the property to selling the home and splitting the proceeds of the sale.
Since emotions can run high when settling a family member's estate, you should work with a real estate lawyer if you have interest in the property. Legal experts can help you understand how the estate plan could determine your opportunities with the property and help create an offer that would satisfy the needs of everyone involved with the home purchase.
For instance, if your grandparent owned a home and had let other family members live on the property, but you want to purchase the property, your lawyer could draw up contracts that allow the family members a certain amount of time to find new dwellings while you move forward with the purchase of the home.
3. The Home May Have Illegal Construction
Many homeowners will get crafty when it comes to fixing up their house, but when illegal construction is performed, the results can be downright dangerous. For instance, if the previous homeowners decided to build a back deck without a permit or the use of a professional builder, the structure may not be stable, which could create liabilities for future homeowners.
If you are interested in a home that may have illegal construction or unpermitted work, working with a lawyer is always a good idea. They can search for documents tied to the original work and negotiate with the seller's agent to correct the issue; your lawyer can help to protect your legal rights when investing in a property that may have preexisting issues.
Whether you are about to start the house-hunting process, or you are in the midst of a realty legal battle, we can help. Here at H. Charles Woerner, Jr. PA, we are committed to understanding the needs of our clients and offering the right legal services for their situation. From real estate law to estate planning, our team can help you to ensure a brighter tomorrow.
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If you are planning for the future, you have a lot to be concerned about. Many people make mistakes when they put together their own estate plans, especially when they are not familiar with the law. You don't have to make a mistake when you know what to look for. Read on to learn more about the laws regarding estate planning. Not Planning for Domestic Partners If you live with a significant other but are not legally married, you need to set up a special plan to designate this person as a beneficiary. A domestic partner does not automatically receive your assets if you are to pass away. Additionally, you need to be aware that this partner may be unable to make medical or healthcare decisions for you should the need arise. You need to create a healthcare directive and estate plan putting this person in charge. Not Planning for Disputes When somebody dies in a family, tensions run high. Provide your loved ones with absolute clarity about your wishes so that there is little room for debate as to what you wanted. Not Planning for Minor Children One of the biggest mistakes people make is not planning adequately for their children. Trying to gift minor children assets can be expensive and time-consuming. Putting assets and funds into a trust may be the best way to plan for the future of children in your life. Additionally, your estate plan should name the individual you wish to have care for your child should something happen to you. Keep in mind that this applies not only to minors but also to anybody you have guardianship over. For example, you may have an adult child who has some disabilities and requires more care than most adults. Not Understanding the Role of Probate Even if you have a will in place, your estate may still go in to probate. If you have questions about probate and your will, you should speak with an attorney. If you wish to avoid the process, you can do so with thorough estate planning. Not Changing Your Estate Plan After a Divorce If your marital status changes in any way, you should address your estate plan. If you get a divorce, your estate plan should be updated to reflect new beneficiaries or executors, for example. If you get married, you may want to ensure that your new spouse is added to the plan as well. Failure to add or remove a spouse can lead to some confusing moments. Not Understanding Taxes Taxes can take a significant toll on your assets, no matter who you leave your assets to. To get a better idea of how to approach the tax situation, discuss your options with an attorney to see what your state's guidelines will entail. Trying to Do It Yourself Trying to do everything yourself is a big mistake. Many people think because they do not have many assets, they do not need to hire an attorney to put together an estate plan. In fact, many think they have found a loophole by putting a joint title on their assets, perhaps sharing them with a spouse or child. The main disadvantages to this type of plan revolve around taxes even if it does help you get around probate if that is your wish. H. Charles Woerner, Jr. PA handles matters related to probate and estate planning. If you need an extra set of eyes on your documents to protect you and your loved ones, you need to work with an attorney you trust. Call our office today to learn more.
