Blackacre Law LLCBlackacre Law LLC | Real Estate, Planning, Probate Attorney2023-07-04T21:39:49Zhttps://www.blackacrelawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1301477/2020/02/cropped-BlackAcre_FAVICON_512x512_Optimized_FEB20-32x32.jpgOn Behalf of Blackacre Law LLC<![CDATA[What you should know about the real estate closing process]]>https://www.blackacrelawfirm.com/?p=472182023-07-04T21:39:49Z2023-07-04T21:39:49Zclosing process may seem complicated, understanding the steps you have to take can alleviate your stress. This is what you should know.
Address the money and insurance
In many cases, you should have acquired preapproval on a mortgage, but if not, you should do so after the buyer accepts your offer. Then, you need to open an escrow account with a third-party company that will hold all your documents and money until the sale is final.
Next, you should purchase title insurance and have a title search done to ensure that the property belongs to the seller and has no other liens against it. If you find any title issues, the seller needs to solve them.
Inspect the property
Your next step is to get a complete physical home inspection and pest inspection. You should also walk through the property and look for any red flags.
Negotiate
Once you have all the details about the property, you can negotiate. You may have already agreed to your closing costs, but you can also negotiate the purchase price if you have to make repairs or get the seller to fix items you found during the inspection process. You will also likely negotiate and lock in your financing interest rate.
Signing the paperwork
Before you sign any contracts, you can seek legal advice or a review of the paperwork. Read everything you sign and ask for clarification if you do not understand something. Check your interest rate, terms, closing costs and any fees carefully.
You should expect a 30-45-day closing period for a home.]]>On Behalf of Blackacre Law LLC<![CDATA[What should I do with my real estate after I die?]]>https://www.blackacrelawfirm.com/?p=472172023-04-03T19:30:11Z2023-04-03T19:22:38ZThe three most important issues
Before you finalize any legal documents pertaining to death and your real properties, you should carefully consider the following three issues:
Family and finances
When considering what to do with your real estate, the two most important factors are easily your family and your finances. You want to make a decision in your loved ones’ best interests that is also financially feasible and, if possible, profitable.
Keep, or sell?
Purchasing a home is a point of pride for many Americans. Keeping a beloved house or plot of land in the family has sentimental value in addition to providing a place to live or a potential source of income. However, do not let emotion cloud the financial reality that selling the property may be more valuable for your beneficiaries.
The method of transfer
If you decide to keep the property in the family, you will need to plan the method of passing it to your inheritors. Some options include:
Joint tenancy
A deed of distribution
Tenets in common
Putting it in the will
A living trust
Each of these options has its upsides and downsides. You will want to discuss which decision is best for you based on the property in question.
Careful planning is the key
Death and real estate have at least three things in common: They are complicated, intimidating and no one wants to think about their details. By making a plan today about what may happen to your real estate holdings tomorrow, you can put your family in a much better position for security. Whatever you do, it should involve properly prepared legal documents that a South Carolina court will uphold.]]>On Behalf of Blackacre Law LLC<![CDATA[What to look at when purchasing vacant land]]>https://www.blackacrelawfirm.com/?p=472162023-01-27T14:25:21Z2023-01-03T20:15:46ZZoning laws
Zoning laws determine what property owners can do with their piece of land or building. For example, some municipalities only allow a certain number of unrelated individuals to reside in a single-family dwelling, while other towns do not allow certain types of businesses to open within their limits. Potential buyers want to make sure that whatever they have in mind for their vacant piece of land abides by local rules and regulations.
The local area
Nothing exists in a vacuum, and this is especially true when it comes to purchasing an empty plot. For example, if someone wants to build a home on a piece of land in a remote location for privacy, they should avoid buying in a quickly-growing area where they might have lots of neighbors in a matter of two or three years. On a more positive note, people who wish to monetize their land will benefit from knowing the market of the surrounding area.
It is important to know what to look for when going through with a major purchase like vacant land in order to avoid making a costly mistake.]]>On Behalf of Blackacre Law LLC<![CDATA[The top 5 estate-planning documents you need to secure your future]]>https://www.blackacrelawfirm.com/?p=471792023-01-27T14:25:27Z2022-10-03T15:20:39Z1. Last will and testament
Create a will if you do nothing else. Identify your personal representative for the estate. List your beneficiaries and how the probate court should transfer your assets to your loved ones. Your personal representative will ensure that a clean, professional copy of your will gets recorded in court for probate. Greenville County states that if the will has erasures, white-out or other markings, there may have to be a formal hearing.
2. Durable power of attorney
Specify your primary agent and a backup agent who can make decisions for you when you are mentally or physically unable to do so.
3. Living will
Another word for this is the advanced healthcare directive. Decide how you want your doctors to proceed with your care. Consider whether you want them to save your life at all costs, or if there is a certain point at which you would allow them to end your life.
4. Healthcare power of attorney
While a durable power of attorney relates mainly to finances, your healthcare power of attorney advocates for you in a hospital or hospice setting. This person should be calm and resilient under pressure.
5. Living trust
A living trust is more common when an estate has many assets or if there are several beneficiaries. Decide whether you want to give your personal representative specific authority to make limited decisions or broad authority over all of your affairs.]]>On Behalf of Blackacre Law LLC<![CDATA[Things to consider before purchasing a second home]]>https://www.blackacrelawfirm.com/?p=471742023-01-27T14:25:33Z2022-07-06T15:05:22Zreal estate endeavor, there are some specific things to think about when it comes to investing in a second home.
Here are some things to consider if you are purchasing a vacation home in South Carolina, or are a South Carolina resident buying a second home in another state.
Finances
It is essential to consider your finances before purchasing a second home. Some things to ask yourself include whether property values are likely to increase in the area where you are looking, and whether or not you will need the property to generate money to break even. If you feel the amount of time you would spend at the property is not worth the cost, look at other options such as a short-term rental.
Insurance
Due to the fact that second homes are generally unoccupied more often than primary residences, insurance on these properties tends to be higher. If you are renting your home out, you might need an even larger insurance policy. Consider whether you not this is something you can afford.
Maintenance
Even when a home lies unoccupied, maintenance issues can still arise. Have a plan in place for someone to mow the lawn and tend to the property should you have a burst pipe, fire, or another unfortunate issue.
Consider all the factors involved before purchasing a second home so you can save yourself time and money in the future.]]>On Behalf of Blackacre Law LLC<![CDATA[How is a will and a living will different?]]>https://www.blackacrelawfirm.com/?p=470922023-01-27T14:25:40Z2022-04-08T21:48:17ZWhat is a will?
Wills specify how people want to distribute their property after they die. Wills may also include who a person wants to become the legal guardian of any minor children and specify a person to handle distributing the estate. The state distributes the property of anyone who dies without a will according to state law.
What is a living will?
A living will contains instructions that a person wants others to follow if that person becomes incapacitated. Living wills usually concern important medical decisions, such as whether to continue to use life support or other life-sustaining treatments.
Do I need both a will and a living will?
Everyone should consider both a will and a living will during the estate planning process. A will makes sure you have control over what happens to your estate and any minor children you have when you die. A living will ensure that you retain control over your medical decisions if you become incapable of communicating those decisions while you are alive. Both documents reduce uncertainty and take the burden of making difficult decisions off your loved ones.
Wills and living wills are not the only estate planning options you should consider. However, they can both be an important part of your plan.]]>On Behalf of Blackacre Law LLC<![CDATA[What is title insurance?]]>https://www.blackacrelawfirm.com/?p=470912023-01-27T14:25:45Z2022-01-05T20:34:49Ztitle insurance in South Carolina to prepare for this expense as you shop for local real estate.
Purpose of title insurance
In a real estate context, the word title means your legal right to the home and property that you own. If a third party has a claim to the property, such as with a tax lien, you do not have a clear title. Title insurance pays the cost of title issues that arise after closing.
Without this type of policy, you will have to cover the cost of resolving outstanding ownership claims. Examples of such title defects include:
Claims by unidentified heirs of previous owners
Encroachment on the property by a third party such as a neighbor
Fraudulent documents or deeds
Liens resulting from unpaid taxes, contracting services or association dues
The purchasing process
Most mortgage lenders require title insurance as a condition of your loan. This coverage ensures they will be able to claim the property if the buyer defaults on the loan, without losing the investment to an outside claim.
Unlike insurance policies that require a monthly premium payment, title insurance carries a one-time fee that the lender adds to your closing costs. The price of the policy varies based on existing title defects to resolve before closing and the likelihood of future issues or claims.
Most title policies only pay lender costs associated with a title issue or defect. You can also buy add-on coverage for your own protection, however.]]>On Behalf of Blackacre Law LLC<![CDATA[Do you need to update your will?]]>https://www.blackacrelawfirm.com/?p=470792023-01-27T14:25:49Z2021-10-01T20:07:23Zwill or a living trust. Even if you have already made your will, there are times where you should update this document to ensure it reflects your wishes.
Your family grew
Go over the terms of your will every time you have a new baby or adopt. This will give you the opportunity to name a guardian for your new child.
Your marital status changed
If you recently got married or went through a divorce, take time to revisit your will. Do this as soon as possible after your divorce or marriage to make sure your beneficiaries reflect who you want your possessions to go to when you die.
Your financial status changed
A significant increase in your personal wealth may require changes to your will. You should also alter your will if you experience a decrease in your wealth. For example, if you lose money in the stock market, you may want to change your beneficiaries or alter which assets they receive.
Going over your will is an activity you should do regularly in addition to when you experience a major life change. Generally, you should plan on reviewing the terms of your will approximately once every year.]]>On Behalf of Blackacre Law LLC<![CDATA[3 signs your father may be vulnerable to undue influence]]>https://www.blackacrelawfirm.com/?p=470712023-01-27T14:25:54Z2021-07-01T19:48:43Zalmost 70% of Americans have not written even a simple will to address ownership of assets after death.
You should be able to trust your dad's estate plan to reflect his true intentions. Regrettably, though, if someone unduly influences your father, that may not be the case. Here are three signs your father may be vulnerable to undue influence when planning his estate.
1. Isolation
Because children grow and leave home, isolation is common among elderly individuals. If your dad does not have an active social life, he may allow someone to unduly influence his estate plan. Consequently, you may want to closely monitor the influential activities of your father's new caretakers, acquaintances and friends.
2. Poor health
Your father may not like to complain about feeling unwell. If your dad is in pain, though, someone may be able to take advantage of him. Furthermore, if your father is experiencing memory challenges or has dementia or Alzheimer's disease, he may not be able to keep an undue influencer under control.
3. Wealth
Even though anyone may become a victim of undue influence, unscrupulous individuals are likely to target those who have wealth. If your dad has property, savings, investments or other valuable assets, an undue influencer may see dollar signs.
The best time to stop undue influence is during the estate planning process. Ultimately, if you think your dad may be at risk, you may have to intervene to protect his legal and financial interests.]]>On Behalf of Blackacre Law LLC<![CDATA[Two POAs ensure you and your family can manage unexpected events]]>https://www.blackacrelawfirm.com/?p=470272023-01-27T14:25:59Z2021-04-05T16:51:47ZThe POA for healthcare
By creating a power of attorney for healthcare, you give a trusted relative or friend the ability to make medical decisions on your behalf if you become incapacitated. Your agent’s authority would extend to making long-term care or end-of-life decisions for you.
The POA for finances
Similar to the healthcare POA, the POA for finances enables your trusted agent to manage your financial affairs if you cannot do so. This kind of power is also helpful for seniors who simply need help with day-to-day financial needs, such as balancing a checkbook or dealing with a Social Security payment issue.
Durable versus springing
There are two ways to put your POA documents in motion. A durable power of attorney becomes effective as soon as you sign it. However, with a springing POA, you name your agent but he or she does not have the legal authority to act on your behalf until a specific event occurs. The tricky part is specifying the kind of event that would activate the POA.
The decision to act
No matter what your age and circumstances, you need to prepare yourself and your family for the unexpected. Creating powers of attorney for both healthcare and finances is a good start. Remember that as long as you are mentally competent, you can revise or revoke your POAs at any time to keep pace with the changes in your life.]]>