The purchase of real estate is one of the largest financial transactions made by most families. 80% of purchased homes are financed – meaning banks and insurance companies are parties to at least four out of five transactions. Corporate entities will want to ensure that rights and obligations are as clear as possible.
Complexity and cost make expertise a premium. We have focused our practice upon navigating the intricacies of real estate law.
For most, buying or selling a home is infrequent. Even for experienced buyers, laws change or might be unique to a specific region. Not surprisingly, questions proliferate. We have gathered some of the questions most frequently asked to us along with brief responses:
With buyers, sellers, lenders, and insurers involved, real estate acquisition is an adversarial process. Experienced attorneys know what is reasonable, making routine transactions more standard. When complex, but frequent issues – such as easements, foreclosures, injuries, property taxes, deeds, warranties, mortgages, insurance, title, or condominium board, among others – a competent attorney will add more value in time saved and offering stable resolutions.
These three undertakings ensure legal ownership, establish the property line, and identify the general condition of any structure(s). There are additional matters that may arise related to foreclosures, co-op boards, homeowner associations, land use, easements, deed restrictions, or a short sale that need to be fleshed out and considered for contingencies.
An attorney should be consulted prior to signing any offer or documentation.
A deposit is recoverable if an articulated contingency is not satisfied.
There are similarities and differences between residential and commercial transactions. Some attorneys are comfortable with either while others specialize in one.
GL & W has been serving sellers, buyers, and lenders since 2007. With thousands of completed deals, we have the experience and the humility to thoroughly and professionally serve clients. We make the routine transactions as painless as possible while carefully resolving the challenging ones in a way that is best for our clients and saving deals that need to be saved.
Purchasing a house is a large transaction. Real estate historically appreciates in value. Real estate becomes a sizable portion of assets, with implications for income, taxes, and bequeathing heirs.
Various sources peg real estate between 28% to 70% of net worth in America. The percentage fluctuates over time with changing asset values; additionally, asset classifications do not remain constant. In 2024:
For most, buying or selling a home is infrequent. Even for experienced buyers, laws change or might be unique to a specific region. Not surprisingly, questions proliferate. We have gathered some of the questions most frequently asked to us along with brief responses:
Estate planning allows an individual to dictate how their assets will be bequeathed, in a manner that is tax beneficial and expeditious for your heir(s).
An estate contains both real estate (homes, commercial buildings, and investment properties) and personal (such as automobiles, jewelry, bank accounts, securities, and art, among other) property.
A will is a document that delineates how you want your property distributed when you pass. If there is no will, the state decides how property is distributed. This can be a costly process known as probate. If your estate involves significant assets, work with an attorney to optimize the net distribution to recipients of your designation.
Probate is a process invoked when the owner of an estate passes without declaring how assets should be distributed.
The process involves tabulation of assets, payments to creditors, distribution of assets, identification of heirs, and mediation to settle disputes. The court will designate an agent to perform these tasks. The cost associated with this effort will be charged to the estate. This will reduce the amount and lengthen the time for any transfer to potential beneficiaries. If no beneficiary is found, then the estate will revert to the state.
A Living Will allows you to specify in detail the terms of medical treatment that you do or do not wish to have in the event of your incapacitation, such as withholding life support and artificial nutrition when you are terminally ill.
A Health Care Proxy is a legal document in which you appoint an individual of your choice to make decisions on your behalf with regards to your health care options if you are unable to make such decisions yourself.
A Power of Attorney (POA) allows another designated person to have full legal authority to act on your behalf should you become unable to attend to your own personal and financial affairs.
Many only consider these designations for the elderly. Even young individuals might have preferences for, say, organ donation in case of a fatal accident.
A beneficiary is the recipient of an asset you bequeath – whether it is a part or all your estate.
For parents of young children, it is important that you choose and name Guardians in your Wills that would be legally responsible to care for your children should there be no surviving parent. Without a named guardian, the probate court would appoint a legal guardian who may not be your preferred choice.
For more information or to schedule a consultation, contact our office today!
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