Real Estate Closing
There are a lot of things that go into investing in real estate. There are many documents that need to be looked over and signed, deeds to be signed, and the thought of beneficiaries in the event of passing. You would want a real estate attorney to look over the title and examine it. They will check for any restrictions, encroachments, or if there is anything restricting the seller from passing it on to the buyer.
The individual would also want to look into title insurance, an insurance plan that covers the buyer and lender in the future if there’s a problem with the title. It is not required but is highly recommended for those who are financing or got a bank loan. It can be a requirement for most lenders to have.
When closing on real estate you would want an attorney present to look over any contracts or paperwork being signed and filed. The attorney would need to explain the documents to the parties and make sure they fully understand what it is they are signing. They would need to explain the meaning of the deed, settlement statement, disbursement, loan documents, and any other required paperwork.
Real estate services we offer:
- General Power of attorney
- Quick claims deeds
- Draft real estate documents
What is a will?
A will is a legal document, written by someone at least 18, that explains the distribution of property in the event of a death. The document must be signed, dated, and done in front of witnesses. There are four types of wills. When filing you can either have a simple will, testamentary trust, joint will, or a living will.
Simple will – An executor will be appointed to make sure the assets are distributed properly. States which assets go to which beneficiaries. If the estator has children then the guardian will be stated in the will as well. The will must be signed by at least two witnesses.
Testamentary trust – A testamentary trust is similar to a simple will but the difference is that an executor is stated. The role of the executor is to make sure that the assets designated to specific beneficiaries are given to them but how the estator wanted. For example, they might request for their heir to receive a portion of the fund each year. They may also request that everything is put in a trust fund until they reach a specific age.
Joint will – A join will is a will that was created by two individuals. This will states that if one of them dies then their estate will go to the other. This will also states what would happen if both of them happen to pass away.
Living will – Unlike the other three wills, this will is active while the estator is still alive. Instead of listing how their assets will be distributed when they pass it will list their care plan while they’re alive. It will state the medication they are on, if a feeding tube is needed do they want it, and do they want to be resuscitated.