Easy Law Finder

Tag: real-estate

  • What is an Enhanced Life Estate Deed?

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    An enhanced life estate deed, commonly known as a Lady Bird deed, is a type of legal document that is frequently utilized in long-term care Medicaid planning. Medicaid includes a provision known as the lookback rule, which means that if you transfer assets within a span of five years, it can be used against you.…

  • Why is it necessary to consult with a legal professional specializing in Real Estate when purchasing or selling property?

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    The expertise of a licensed Real Estate Attorney is crucial for receiving sound legal guidance in matters concerning the sale or purchase of real estate, regardless of whether it is commercial or residential. They possess the necessary training to address any potential complications that may arise. Moreover, a real estate attorney has the capability to…

  • How can I safeguard my interest in a real estate asset?

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    One effective method to safeguard your interest in a real estate asset is to transfer it to an entity, such as a limited liability company (LLC). By doing so, you are separating any potential liabilities associated with the property from your other assets. Furthermore, if you have a personal creditor, this transfer also helps protect…

  • How can I circumvent the probate process?

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    To circumvent probate, you need to ensure that all investments acquired throughout your lifetime (e.g. 401ks, IRAs, etc.), life insurance policies, bank accounts, real estate owned by you, and any other asset under your name are appropriately titled and have designated beneficiary(ies).

  • What is included in an “Estate”?

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    An estate refers to all the assets and possessions owned by an individual at the time of their death. This includes the following: – Real estate properties – Personal belongings such as jewelry, furniture, and vehicles – Financial assets like bank accounts, stocks, and bonds – Business interests and investments – Intellectual property rights, such…

  • What is the definition of Ancillary Probate?

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    Ancillary probate refers to the requirement of initiating the probate process not only in the state where the person passed away, but in every state where they had real estate holdings. This legal procedure is referred to as ancillary probate. Each state possesses probate jurisdiction over the real property situated within its boundaries. Consequently, the…

  • What does the term “highest and best use” refer to?

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    The term “highest and best use” is defined by real estate appraisers as the most profitable and suitable utilization of a property, which it is capable of accommodating and is currently or likely to be needed in the near future.

  • What is the definition of a lien?

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    A lien is a right given to a third party, usually a medical facility or health insurer, to be reimbursed for healthcare or other benefits obtained through a settlement from the liable party. This right is established by state law, local regulations, or your insurance agreement. In certain instances, your attorney may negotiate to reduce…

  • What can be used as collateral?

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    The designated legal entity can use a residential property as collateral, real estate holdings, financial instruments issued by banks, shares, bonds, credit cards, watercraft, automobiles, motorcycles, precious gemstones, and various other high-value assets.

  • What does real estate and harm legislation encompass?

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    Real estate and harm legislation encompass a broad array of legal matters, including first party real estate, personal harm claims, insurance matters, and more.

  • What does the process of estate planning entail?

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    What does a comprehensive estate plan entail? Estate planning involves the development of a comprehensive strategy and the creation of legal documents to safeguard, preserve, and distribute assets before and after death, benefiting loved ones and charitable organizations. This process considers the impact of state and federal tax laws, as well as administrative regulations. Additionally,…

  • How can I remove assets from my estate without being subject to estate or gift taxes?

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    What gifts can I make without having to pay gift taxes? What can be done to minimize estate and gift taxes? Various advanced estate planning strategies are employed to minimize estate and gift taxes. There are many factors that must be considered when tailoring a plan that will work best in each client’s situation. However,…

  • Who is responsible for handling the probate?

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    The Estate Manager (also known as the “executor” or “executrix” if there is a will, or the “administrator” or “administratix” if there is no will) is appointed as part of the probate proceeding and has the responsibility for managing the estate through the proceeding, making a list of all the assets and debts of the…

  • What if the deceased owned real estate in more than one state?

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    If there is no will, probate is usually required in each state where the real property is situated, in addition to the home state. Even if there is a will, after it is admitted to probate in the home state, a certified copy of the will must be submitted to probate in each other jurisdiction…

  • How is a personal representative/executor appointed?

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    Whether appointed by the testator’s will or qualified to serve by statute, an individual must be appointed by the court to administer the estate. This individual, referred to as the personal representative or executor, will be granted Letters of Administration providing them with the power to act on behalf of the decedent’s estate. Without these…

  • What are the responsibilities of the Completion Administrator?

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    The Completion Administrator is usually the lawyer for the Purchaser or Seller who oversees the completion, disperses all funds, and coordinates the signing of all documents related to the purchase and sale. The role of the Completion Administrator is to ensure that all documents and records are accurately completed and to guarantee the appropriate dispersal…

  • What documents do I need to bring to my real estate Closing?

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    What should I bring to the closing/settlement? All you need to bring is yourself, along with two valid government issued picture IDs like a Driver’s License, Passport, or Military ID. Moreover, if you plan to bring funds to the closing, these funds will need to be transferred electronically. In specific cases, there might be a…

  • What are the expenses involved in closing a real estate transaction?

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    Closing costs encompass all the expenses required to complete the real estate transaction. These expenses may consist of, but are not limited to, fees for conducting a survey, taxes related to the transfer of property ownership, insurance fees for protecting the title, charges for settlement services, fees for agents involved, fees for points, charges for…

  • What does property tax pro-ration entail?

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    Property tax pro-ration refers to the practice of assigning responsibility to either the purchaser or seller for their portion of the real estate taxes payable on the property during their respective periods of ownership. The taxes are prorated either retroactively or proactively up to the property tax deadline.

  • What is a Real Estate Transaction Summary (RES-1)?

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    This is a summary of the financial portion of the property transfer. The RES will list the purchase price, loan amount, closing costs for both the buyer and seller, and display all pro-rations and sums to be disbursed by the title company to all parties.

  • Why is transferring ownership of a property in real estate distinguishable from transferring ownership of other belongings, like a vehicle?

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    Why does transferring ownership of real property differ from transferring ownership of personal property, such as a vehicle? Why is transferring the title to real estate distinct from transferring the title to other items, like a vehicle? Since land is enduring and can have numerous owners throughout time, different rights associated with the land (such…

  • What factors prompt individuals to seek bankruptcy relief?

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    Why do individuals initiate the Bankruptcy process? The economic downturn, known as the Great Recession, has led to an increase in unemployment rates. Consequently, many individuals who have lost their jobs find it challenging to meet their financial obligations. As a result of accumulating unmanageable debt, these individuals resort to filing for bankruptcy. Additionally, the…

  • Why do I need a legal professional to purchase real estate?

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    A real estate transaction involves a legally binding agreement. Although anyone can sign a contract without the assistance of a legal professional, it is advisable to safeguard your interests by engaging someone who possesses extensive knowledge of the intricate details and legal jargon typically found in a real estate contract.

  • When is it advisable to engage the services of a real estate lawyer?

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    If you are considering the acquisition of any real estate, it would be wise to retain the services of a lawyer to protect your interests as early as possible. Although the majority of the lawyer’s work will be carried out after you have identified the most suitable properties for your requirements, having a skilled real…