Riddell Law Group FindLaw IM Template 2021-08-05T03:45:44Z https://www.rlglawfirm.com/feed/atom/ WordPress /wp-content/uploads/sites/1100792/2018/10/cropped-og-image-2-32x32.jpg On Behalf of Riddell Law Group <![CDATA[How contingencies work when buying a home]]> https://www.rlglawfirm.com/?p=49681 2021-08-05T03:45:44Z 2021-08-05T03:45:44Z different contingencies you may need to use when you put in an offer on a home, and some of the more common types are as follows.

A mortgage contingency

Making a mortgage-contingent offer gives you something to fall back on if you do not receive funding for the home. You need to make a mortgage-contingent offer even if a lender has already preapproved you for a loan.

An inspection contingency

While a mortgage contingency gives you an out if you do not get a loan, an inspection contingency gives you an out if a home inspection reveals substantial defects in the home you want to buy.

A home sale contingency

Many buyers do not have enough money to buy a new home until they sell the one they have. If you fall under this umbrella, you may need to make an offer contingent on you selling your existing home first. Contingencies help protect your interests during the home-buying process. While these are some of the more common contingencies you may need, this is not an exhaustive summary of all contingency types.]]>
On Behalf of Riddell Law Group <![CDATA[What is the purpose of title insurance?]]> https://www.rlglawfirm.com/?p=49672 2021-08-04T18:11:23Z 2021-07-20T22:35:32Z Examples of title defects Bankrate explains that different problems can come up with a real estate title even after a sale. You might discover that the property has a lien on it from a contractor who performed work on the house but did not receive payment. Some properties have liens because the previous owner failed to pay property taxes or child support. Sometimes fraud or family disputes can surface during a real estate purchase. You might learn that the deed used by the previous owner is a forgery. This could invite questions about who the real owner is. In some instances, an unknown heir to the property emerges. There can also be encroachments or restrictions on the property that come to light.

How title insurance works

Discovering a title defect after buying a piece of property can put you on the hook for resolving it. Some title defects will take a lot of money to resolve. They may even involve you in court litigation. But if you have a title insurance policy from a title company, you may have protection when you need it. A title company conducts a background check of a title and issues a title insurance policy to the property buyer. In the event you learn of a title defect, your policy will pay the legal damages that you incur. Keep in mind that the exact defects covered will depend on the policy you receive. This will be an important topic to consider if you seek out title insurance to help you move forward with your real estate purchase.]]>
On Behalf of Riddell Law Group <![CDATA[How can letters of instruction help your executor?]]> https://www.rlglawfirm.com/?p=49668 2021-07-15T19:20:04Z 2021-07-15T19:20:04Z is a guide that explains things like your funeral preferences and who you want to care for your pet. A letter of instruction can assist your executor in a number of ways.

List locations of assets

One thing that can really slow down your executor is not knowing where to find all of your assets. With a letter of instruction, you can list the locations of everything that you own. You can also detail how to access them. If you have a bank account, you can provide the account number and the PIN number. If you list digital and other online accounts, you can supply usernames and passwords.

Provide contact information

Your executor will also need to speak with people who have assisted you with legal and financial decisions. If your executor has to hunt for contact information for your attorney or financial advisor, it could slow probate down. In a letter of instruction, you can name whoever assisted you with your financial matters and estate plans and give their contact information.

Help locate important papers

In addition to locating assets and contacting important advisors, your executor will need access to your financial documents like your recent tax returns or your ownership documents like your real estate titles and deeds. Include the location of any important document that your executor will need in a letter of instruction so that your executor does not have to search for them.

Explain decisions to relatives

Sometimes conflict breaks out between heirs if one of them wants a piece of property like a painting or a kitchen set even if the will says otherwise. This could lead to litigation that will slow down the probate process. However, you might address the concerns of your children or other heirs by explaining your reasoning in a letter of instruction. By hearing from you, it may help your heirs accept your decision.]]>
On Behalf of Riddell Law Group <![CDATA[What should you know about real estate refinancing?]]> https://www.rlglawfirm.com/?p=49665 2021-07-05T17:53:12Z 2021-07-05T17:53:12Z Three main benefits of refinancing The Herald Tribune takes a look at refinancing real estate. It holds several benefits for homeowners, including:
  • Lowering your interest rate
  • Reducing your monthly payments
  • Providing you with more cash
Chances are high that you currently have a better credit score and a track record of timely mortgage payments at this point in your life. This means that when you refinance, you can get a lower interest rate. You may also have more assets now, which means the stability of a fixed-rate mortgage can offer you more peace of mind.

Lower your interest rate and raise capital

A lower interest rate also results in lower monthly payments. This lets you have more financial flexibility and stability. Depending on how much of a reduction you can get, you could see hundreds or even thousands of dollars in annual savings. Finally, removing equity from the property could provide you with more capital. This can help if you have other forms of debt to pay off, if you need money for a significant purchase or if you currently struggle with a financial emergency. To learn more about your options in terms of refinancing, consider contacting legal help. They can walk you through the process and explain everything in detail.]]>
On Behalf of Riddell Law Group <![CDATA[Virtual real estate buyers may offer cash or contingency waivers]]> https://www.rlglawfirm.com/?p=49662 2021-06-23T02:07:54Z 2021-06-23T02:07:54Z Technology can make buying or selling a home easier through internet listings and virtual open house tours. Data provided on FloridaRealtors.org notes that 44% of homebuyers in 2020 initiated their property search online. Photos, videos, maps and detailed information related to a listing can streamline the buying-and-selling process for both parties.  Without the internet, potential homeowners typically spend 10 weeks searching for a property and look at nine homes. Those who searched online, however, only looked at four properties. On average, homes listed over the internet sold after four weeks. 

Virtual tours and offers may lead to quick cash transactions

The South Florida Sun-Sentinel reports that housing prices increased from a surge of out-of-state buyers relocating to the Sunshine State. Newcomers can review properties online through 3D virtual tours and then make an offer without visiting homes in person.  Because of increased competition between buyers over fewer available homes, some may decide to forgo contingencies. A purchase offer, for example, may include relinquishing an appraisal, an inspection or a title search. If a potential homeowner can pay cash, the sale does not require the traditional steps that a bank performs to approve a mortgage. 

A lack of contingencies may fail to disclose serious issues

Because an all-cash real estate transaction may not involve contingencies, an offer may include waiving a title search. As noted by Millionacres.com, a title contingency allows a buyer to back out of a transaction if a search uncovers possible liens or ownership rights against the property. Failing to perform a title search may lead to a future dispute regarding the transaction's legitimacy.  When offering to forgo contingencies, buyers and sellers may require a separate agreement to prevent a potentially disruptive legal action. Some cash sales could become complicated depending on a property's condition and if an unknown ownership history exists. ]]>
On Behalf of Riddell Law Group <![CDATA[Property liens: What you need to know]]> https://www.rlglawfirm.com/?p=49659 2021-06-10T17:52:24Z 2021-06-10T17:52:24Z Types of liens There are a few types of liens that you may see. These are:
  • Mortgages - These are perfectly normal when you borrow money to purchase a home. Unless you do not pay them, this type doesn't count against you.
  • Tax liens - When you fail to pay property tax, income tax or any other type of tax, you might face a tax lien. Tax liens are very bad for your property, especially if you want to buy or sell the property.
  • General judgment liens- A judgment lien happens when you do not pay a debt, and your creditor sues you. The courts may put a lien on your property to force you to pay the debt.
In each case, your property is at risk. A particularly determined creditor can force you to pay, seize your property. It can be very difficult to sell your property if there is a lien on it.

Removing a lien

To remove a lien, you simply have to pay the debt. This is by far the most simple way to remove one. Remember that in some cases, you will not be able to sell the property until you satisfy the lien. Although having a lien is not always detrimental it is important to make sure there isn't one before you purchase a property. The seller should satisfy the lien either before the sale or with the proceeds from the sale.]]>
On Behalf of Riddell Law Group <![CDATA[Consider these factors before buying a commercial property]]> https://www.rlglawfirm.com/?p=49657 2021-06-08T21:51:26Z 2021-06-08T21:51:26Z When people expand their business, they may need to purchase an additional property. Buying a commercial property can be complex because there are more factors that may affect someone's decision.  There are many things that people need to consider as they look at potential properties. 

Building classification and zoning

According to the U.S. Chamber of Commerce, people need to consider the regulations around the commercial property that they want to buy. How do county officials classify the property? People may purchase either a Class C, Class B or Class A building. The age, location and infrastructure of a building are some of the factors that determine the classification. A Class A building may be newer and have all the latest building innovations, for example.  Additionally, people need to check the zoning laws. Zoning laws determine how people can use a certain property. People may not be able to operate a business in an area zoned for residential use, for example. Before people purchase the property, they need to make sure that their business is permissible in the area. 

Due diligence

If people purchase an older building, they need to understand the history of the property. According to the Motley Fool, people should do research before they purchase a commercial property. They may want to do a survey of the property so they know the exact locations of the boundary lines. Additionally, business owners should do a title search. A commercial property may have had many owners and sometimes there may be a lien on the property. People should know about this before they purchase the building.  By doing thorough research before they buy their property, business owners can make sure that their new property will be a good investment for the company. ]]>
On Behalf of Riddell Law Group <![CDATA[The personal representative plays a big role in probate]]> https://www.rlglawfirm.com/?p=49654 2021-05-25T21:42:33Z 2021-05-25T21:42:33Z Purpose of probate According to the Florida Bar, probate is the legal way to transfer asset ownership from the decedent to beneficiaries, following the instructions laid out in the will. Assets that go through probate are those owned solely by the decedent or those co-owned with no automatic succession of ownership upon death. Examples include:
  • Real estate
  • Artwork, jewelry and other personal items
  • Investment or bank accounts
  • Retirement account or life insurance policy that does not have a named beneficiary
During probate, there is also the payment of the estate's debts and any taxes due.

Personal representative's role

The will often names a personal representative. If not, the judge names someone, and this person is responsible for carrying out the will's instructions. FindLaw discusses that this role is an important one. The personal representative must gather all the assets as well as locate named beneficiaries. Along with valuating the assets, the representative must keep them safe until distribution. The personal representative must maintain upkeep of any property the decedent owned. He or she must locate any creditors and pay all valid claims, liquidating assets if necessary. The representative must also file tax returns and pay any taxes owed. After paying all necessary bills and debts, the representative can distribute the assets. During the process, the personal representative may hire financial or tax professionals to assist with complicated situations. The representative also receives compensation for the role of managing the estate.]]>
On Behalf of Riddell Law Group <![CDATA[What do Florida home sellers have to disclose about a property?]]> https://www.rlglawfirm.com/?p=49649 2021-05-18T16:30:04Z 2021-05-18T16:29:54Z When you buy a home in Florida, you want to feel confident that the home is inhabitable and safe for use. Because some home defects and hazards may not be visible to the naked eye, Florida has certain real estate disclosure rules in place mandating what a home seller has to tell you before you buy.

Per Florida Realtors, a home seller has a legal obligation to inform you about the following.

Whether there are radon risks

Radon is a naturally occurring but potentially harmful radioactive gas found in many Florida homes. A home seller has to supply you with a radon gas disclosure so that you understand the radon-related risks that come with purchasing a particular property.

Whether there are material facts impacting the home’s value

Florida home sellers also have to tell you about any facts or conditions that impact the value of the property when you are unable to observe them yourself. Examples of conditions that may fall under this umbrella include leaking roofs or HVAC issues, among other possibilities.

Whether there are any pending code enforcement actions

A Florida home seller also has a legal obligation to tell you if any code enforcement actions are pending against a home you are thinking about buying. There are specific rules associated with how and when he or she must supply you with this information.

If a Florida home seller fails to follow the state’s disclosure laws and you suffer a loss because of it, you may be able to attempt to hold him or her accountable.

On Behalf of Riddell Law Group <![CDATA[Should I put my adult child’s name on my deed?]]> https://www.rlglawfirm.com/?p=49643 2021-04-26T19:01:24Z 2021-04-26T19:01:16Z avoid probate, but this strategy almost never is worth the headaches it can cause.

How does this work?

If you put the name of an adult child on the deed to your home, you and your child then own that property in joint tenancy. With joint tenancy, if one owner of the property dies the surviving owner automatically inherits. There is no need for the property to go through probate with joint tenancy.

Why is this not a good idea?

The moment that you put your adult child's name on the deed to your house they become an equal owner. This means that if you want to do anything like sell the property or refinance, you will need the explicit legal permission of your adult child. Additionally, if you put your adult child's name on the deed to your home, it is possible that bad things could happen to the property. For example, if your child is behind on taxes to the IRS and your child's name is on the deed to your home, this means that the IRS could put a lien against your property.]]>