Real Estate

FIVE REASONS TO HAVE AN ATTORNEY WHEN SELLING YOUR HOME

An attorney can help you understand and comply with the legal requirements and regulations involved in selling a house, such as disclosing certain information to potential buyers and preparing and executing the necessary documents.
An attorney can protect your interests and ensure that the terms of the sale are fair and favorable to you.
An attorney can provide valuable guidance and advice throughout the process, helping you make informed decisions and avoid potential pitfalls.
An attorney can negotiate on your behalf with the buyer and their attorney, helping to resolve any disputes or issues that may arise.
An attorney can represent you in court if necessary, such as if the buyer breaches the contract or if there are any legal challenges to the sale. Overall, having an attorney on your side can give you peace of mind and help ensure that the sale of your house goes as smoothly as possible

FIVE REASONS TO HAVE AN ATTORNEY WHEN BUYING YOUR HOME

An attorney can help you understand and comply with the legal requirements and regulations involved in buying a house, such as conducting a title search and ensuring that the property is free of any liens or encumbrances.
An attorney can protect your interests and ensure that the terms of the purchase are fair and favorable to you.
An attorney can provide valuable guidance and advice throughout the process, helping you make informed decisions and avoid potential pitfalls.
An attorney can negotiate on your behalf with the seller and their attorney, helping to resolve any disputes or issues that may arise.
An attorney can represent you in court if necessary, such as if the seller breaches the contract or if there are any legal challenges to the purchase. Overall, having an attorney on your side can give you peace of mind and help ensure that the purchase of your house goes as smoothly as possible.

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WHAT IS TITLE INSURANCE?

Title insurance is a type of insurance that protects homeowners and lenders against financial losses that may occur due to title defects or disputes over ownership of a property. In Pennsylvania, title insurance is generally required by lenders as a condition of issuing a mortgage.

Title insurance in Pennsylvania covers a variety of potential issues that can arise with a property's title, such as:

Errors or omissions in public records: Title insurance can protect against losses resulting from errors or omissions in public records, such as a mistake in a property's legal description or incorrect indexing of deeds.
Liens or encumbrances on the property: Title insurance can protect against losses resulting from liens or encumbrances on the property, such as unpaid property taxes or outstanding mortgage payments.
Forged or fraudulent deeds: Title insurance can protect against losses resulting from forged or fraudulent deeds or other documents related to the property's ownership.
Unknown heirs or undisclosed easements: Title insurance can protect against losses resulting from unknown heirs or undisclosed easements on the property.

If a title defect is discovered after the purchase of a property, the title insurance policy will cover the cost of legal fees and expenses associated with resolving the issue, up to the policy limit. Title insurance is typically purchased at the time of closing on a property, and the premium is a one-time cost paid by the buyer.

It is important to note that title insurance does not protect against issues that arise after the purchase of the property, such as zoning changes or environmental hazards. For these types of issues, additional types of insurance or protections may be necessary.

CAN I SUBDIVIDE A PORTION OF MY LAND AND SELL IT?

Subdividing and selling a portion of your land in Pennsylvania can be a complex process, and it is important to consult with an attorney who specializes in real estate law to guide you through the process. Here are the basic steps you will need to follow:

Check local zoning and land use regulations: Before subdividing your land, you will need to check with your local zoning board and land use department to ensure that your proposed subdivision and sale comply with local regulations.
Survey the property: You will need to hire a surveyor to create a new survey of the property, showing the proposed subdivision lines.
Create a subdivision plan: With the help of an attorney, you will need to create a subdivision plan that outlines the proposed subdivision and sale of the property. This plan will need to be submitted to local authorities for review and approval.
Obtain necessary permits: Depending on the specifics of your subdivision plan, you may need to obtain various permits from local authorities before proceeding with the sale.
Market and sell the land: Once the subdivision is approved and any necessary permits are obtained, you can begin marketing and selling the portion of land you wish to sell.
Complete the sale: Once you have found a buyer for the land, you will need to complete the sale, which may involve hiring a real estate attorney to assist with the transaction.

It is important to note that the process of subdividing and selling land in Pennsylvania can be complex, and there may be additional steps and requirements depending on your specific situation. Working with an experienced real estate attorney at HART LAW can help ensure that you comply with all necessary regulations and requirements, and can help you avoid potential legal issues down the road.

SHOULD I PUT MY CHILDREN ON MY DEED?

Adding your children's names to your deed in Pennsylvania is a personal decision that should be carefully considered. Here are some factors to keep in mind:

Tax implications: Adding your children's names to your deed may have tax implications, such as gift taxes or capital gains taxes. It is important to consult with a tax professional before making any decisions.
Control over the property: Once your children's names are on the deed, they will have an ownership interest in the property, which could affect your control over the property. For example, your children could sell or mortgage their portion of the property without your consent.
Protection from creditors: If your children have creditors or legal issues, the property may be at risk.
Estate planning: Adding your children's names to the deed may have implications for your estate planning, and it is important to work with an estate planning attorney to ensure that your wishes are carried out.
Medicaid planning: Adding your children's names to the deed may affect your eligibility for Medicaid if you require long-term care in the future.

Ultimately, the decision to add your children's names to your deed should be based on your personal circumstances and goals. It is important to carefully consider all of the potential implications and to seek advice from HART LAW before making any decisions. An alternative option may be to establish a trust, which can provide some of the benefits of adding your children's names to the deed without some of the potential drawbacks. Give us a call to discuss what option is best for you.

WHY WOULD I WANT TO REFINANCE?

There are several reasons why you may want to refinance your mortgage in Pennsylvania:

Lower interest rates: Refinancing your mortgage can allow you to take advantage of lower interest rates, which can lower your monthly mortgage payments and save you money over the life of your loan.
Change in loan terms: Refinancing can also allow you to change the terms of your loan, such as the length of your loan or the type of interest rate (e.g., from a variable rate to a fixed rate).
Access to equity: If you have built up equity in your home, refinancing can allow you to access that equity and use it for things like home improvements, debt consolidation, or other expenses.
Switching lenders: Refinancing can allow you to switch lenders and potentially obtain better terms or customer service.
Remove a co-borrower: Refinancing can also allow you to remove a co-borrower from your mortgage, which can be useful in the event of a divorce or other change in circumstances.

It is important to consider the costs associated with refinancing, such as closing costs and other fees, to determine if refinancing is a cost-effective option for your situation. It is also recommended to consult with a mortgage professional to determine if refinancing is the right option for you and to help guide you through the process. Lastly, you should consult with an experienced real estate attorney at HART LAW to ensure refinancing is right for you.

HOW DO I HANDLE A PROPERTY DISPUTE?

If you are involved in a property boundary dispute in Pennsylvania, there are several legal steps that you can take to resolve the issue. Here are some options:

Review the property deed and survey: Start by reviewing your property deed and survey to determine the exact boundaries of your property. This information can help you understand the extent of the dispute.
Contact the neighbor: Consider contacting the neighbor to try to resolve the dispute amicably. It may be possible to negotiate a solution that satisfies both parties.
Mediation: If you are unable to resolve the dispute on your own, consider using mediation. A neutral third party can help facilitate a discussion and find a mutually agreeable solution.
File a lawsuit: If mediation does not work, you may need to file a lawsuit. A property boundary dispute lawsuit can be filed in the Court of Common Pleas in the county where the property is located.
Hire an attorney: Contact HART LAW and speak with an attorney who specializes in property law to represent you in court. An attorney can provide legal advice, help you understand your options, and represent you in court.
Obtain a survey: If necessary, you may need to obtain a new survey of the property. This can help provide more accurate information about the property boundaries and may be used as evidence in court.

It is important to note that property boundary disputes can be complex and may require a significant amount of time and resources to resolve. It is important to carefully consider your options and work with a qualified attorney from HART LAW as soon as possible.

WHAT IS A SELLER'S ASSIST?

A seller's assist, also known as a seller's concession or seller contribution, is a negotiation tool used in real estate transactions where the seller agrees to cover a portion of the buyer's closing costs. The primary purpose of a seller's assist is to facilitate a smoother transaction by making the property more attractive to potential buyers, especially those who may have limited funds for upfront costs.

Here's how it works:

During the negotiation process, the buyer requests the seller to cover a portion of their closing costs or prepaids (such as property taxes, insurance, or other fees). This is typically expressed as a percentage of the purchase price or a fixed dollar amount.
The seller evaluates the request and may agree to the assist as part of the overall negotiation. This could involve reducing the asking price, offering to cover specific closing costs, or a combination of both.
If both parties agree on the terms, the seller's assist is included in the purchase agreement. The agreement outlines the specific costs the seller will cover and the adjusted purchase price.
At closing, the agreed-upon amount or percentage is applied to the buyer's closing costs, reducing the amount the buyer needs to pay out of pocket. The funds are disbursed by the settlement agent or title company, ensuring the proper allocation of funds to the appropriate parties.

For the seller, a seller's assist can have both advantages and disadvantages:

Advantages:

It can help attract more potential buyers, especially those who may have limited funds for closing costs.
It can be an effective tool to negotiate a faster sale or to move a property that has been on the market for an extended period.
A seller's assist can sometimes result in a higher purchase price, as the buyer may be willing to pay more for the property in exchange for assistance with closing costs.

Disadvantages:

The seller effectively receives a lower net sale price, as they are covering part of the buyer's costs.
The seller's assist may not always result in a faster sale, and the seller may still need to make concessions or price reductions to attract a buyer.
There may be limits on the amount of seller's assist allowed by certain loan types, such as FHA, VA, or conventional loans. This may limit the amount of assistance the seller can provide, depending on the buyer's financing.

In summary, a seller's assist is a negotiation tool that can benefit both the buyer and the seller in a real estate transaction. For the seller, it can help attract potential buyers and speed up the sale process, but it may also result in a lower net sale price. It's essential for sellers to carefully consider the potential benefits and drawbacks before agreeing to a seller's assist. Call us HART LAW to help you with the sale or purchase of your next home!

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