The Sperry Law Firm

There are various ways that real estate assets can be split among multiple beneficiaries, such as transferring individual pieces of real estate to each beneficiary, letting them be co-tenants in the property, or using trusts to manage the property. Your lawyer can discuss the arrangements that are best suited for your particular situation.

A living revocable trust is a trust you create that you can freely modify or revoke at any point during your life as long as you have the necessary mental capacity. A trust can be an effective way to plan for how your property is managed in case you are unavailable, suffer a disability, or pass away.

Many people opt not to include real estate in their will because this will cause the real estate to go through the probate process, which can cause delays in transferring it to your intended beneficiary and increase probate costs. There are other ways of handling real estate assets that your estate planning attorney can discuss with you, such as using deeds that provide for survivorship rights or transferring the property to a trust.

Your estate planning lawyer will have a consultation with you and get to know more about you and your estate planning objectives. Depending on the type of estate plan you make, you may need to provide deeds or documents to establish your ownership in certain items so that your lawyer can make the necessary arrangements to transfer these assets. Your lawyer can let you know after your consultation what documents he or she will need to get started.

An estate planning attorney will listen to your objectives and values and create documents that are specific to your needs, such as a will, trust, power of attorney, or advance directive. He or she will discuss the possible legal consequences of different arrangements you consider and explain your rights.

If you die without a will, North Carolina’s laws of intestacy will apply. These are the state’s default rules when there is no will in place to direct otherwise. Most people may assume that their spouse will receive everything, but this is often not the case. For example, if you have a spouse and living parents but no children, your spouse will receive the first $50,000 of personal property, one-half of the rest of the personal property, and half of the real property, but your parents will receive the other half of your personal and real property. A will lets you decide how you want your property to be distributed.

Real property surveys investigate the legal boundaries between properties and determine where the property lines are. You may need a survey if you need to erect a fence and want to make sure it is on the proper boundary line. If a neighbor places a fence on your side of the property this could cause issues when trying to sell your home in the future.

Some people do not realize when they submit a purchase agreement that they are entering into a legal contract and they may not be represented by legal counsel who can inform them of their legal rights and duties under the contract. Another common purchase agreement problem is when problems are discovered with the property and the parties do not agree on how to resolve these issues. Defects may not be disclosed by the property owner, which can raise legal questions and disputes. Additionally, title issues may arise due to an old tax or mechanic’s lien.

Buying real estate is often the most expensive transaction that a person has during their lifetime. It may also grant several rights and responsibilities to you and the other party that may have consequences for years to come, so it is important that you have a knowledgeable real estate lawyer who can help protect your rights during these important transactions. Additionally, North Carolina laws prohibit anyone other than a licensed attorney to oversee the escrow closing process in the state. Do not let your agent or lender cut corners by asking you to use a title company. Not only will you not receive the legal advice you need, but your closing may not be legal.

A real estate attorney is knowledgeable about real estate laws, so you may want to hire a real estate attorney any time that you are dealing with a transaction related to real estate, including buying property, selling property, creating a lease for a tenant, or allowing an easement across your property. You may also want to hire a real estate lawyer if there is a dispute regarding real property, such as a problem with your home’s boundaries.