Information That You Need To Obtain When Engaging In A Real Estate Transaction

Buying a home is an important factor in the lives of families now, not only by the financial outlay involved but because in most cases represents a long-term investment that will condition the family economy for a long time.

It is, therefore, essential to give effect to the acquisition with full guarantees for the buyer. To achieve this goal requires the buyer to report and properly advise before making a decision and signing any documents. It is very important that the below information shall be obtained before the day of real estate closing.

  • The name or company name of the seller, address and, where appropriate, data registration in the commercial register.
  • The general location of housing and housing plane itself, as well as description and drawing of electrical networks, water, gas and heating and guarantees thereof, and fire safety measures that count The building.
  • Description of the apartment with its useful surface expression, and general description of the building in which is located, the common areas and accessory services.
  • Reference to materials used in the construction of housing, including thermal and acoustic insulation, and building and common areas and additional services.
  • Instructions on the use and maintenance of facilities that require some kind of action or special knowledge and evacuation of the building in case of emergency.
  • Data registration of the property. real estate7
  • The total price  of housing and other services and payment, with a detailed expression of the following:
  1. The total cost of the sale, which means, including where applicable, agent fees and VAT if the sale is subject to this tax. Otherwise, the fees due for transfer tax and stamp duty will be indicated.
  2. Payment. In the case of anticipated delays the applicable interest rate and amounts have to be paid for principal and interest and expiration date of each other is indicated. For guarantees available to the buyer in the case of delivery of advances on the final price, you can read the article on the delivery of advance payments on home purchases and sales.
  3. Means of the deferred amounts eligible for payment.
  4. If the subrogation consumer is expected in any credit transaction not been arranged by him, with a mortgage on the house itself, it will indicate clearly the authorizing notary of the corresponding deed, the date thereof, data registration and mortgage liability corresponding to each household, with an expression of maturities and amounts.
  • Guarantees must be the buyer of the price for the adjournment.
  • A copy of the building license of the urban charter of the resulting compliance or countervailing operations, and the license of the first occupation of housing.
  • Statutes and rules of operation of the homeowners association, if any, as well as information services and supplies contracts the community.
  • Information on the payment of taxes of all kinds levied on the ownership or use of housing.
  • The form that is intended to document the contract with its general and special conditions shall be recorded in the event that housing or public areas or accessory elements are not fully built clearly the date of delivery and the phase in which the building is located.

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Regardless of the general obligation of information mentioned above, it is essential that both the purchase of new housing and the second hand, the buyer has to be advised properly before purchasing on all legal and tax aspects related to the sale of housing.

Real Estate Tips For First-Time Home Buyers

The idea of buying a house for the first time can be overwhelming and you might find yourself easily tempted into buying the first house that is within your buying capacity. Everything is just daunting with house choices, price, title company fees and so on.

To help you get a less stressful experience and get the most value out of your pocket, we’re going to discuss what you can expect and prepare for during the whole process.

What You Need To Consider

To purchase the perfect home, you need to determine some factors that would help you with your decisions. Here are some questions you need to clarify:

homeWhat type of home do I need?

There are various options in purchasing a residential property. You could choose a condo, a traditional home or a townhouse. Each of these has their own pros and cons which you need to dig deeper into. You need to remember your goals as a homeowner to choose carefully and surely.

What specific features do I need?

You need to make a list of what you need in your prospect home. This could include the basic features such as size, location and getting more detailed as to what the kitchen should look like.

Am I qualified for enough mortgage?

There are certain factors that you need to consider if you’re planning to apply for a mortgage. Factors such as your monthly income, your debt and your status at your current job can determine how much a lender can give you.

negotiateHow much can I really pay for?

This is something you need to take a closer look at. You need to take note of your monthly payment, the down payment, property taxes in the certain neighborhood, the insurance cost and so on.

Who will help me in finding the right home?

A real estate agent can help you find the perfect home that suits your needs and even help you with the whole buying process. A good real estate agent can help negotiate prices, process the loan and complete required paperwork.

The Purchasing Process

Here are some of the basic steps that you would encounter during the buying process:

Home hunting

You need to be resourceful in using all the available options in searching for your perfect home. You could ask your real estate agent, scour the online listings or take a drive around neighborhoods in a lookout for a sale.

Think about financing options

First-time home buyers can have a variety of options such as loans and even special programs in your own state.

Present an offer

If you’re interested in a certain house, you may make an offer and your real estate agent can help you decide how much you could offer. A negotiation will occur until you and the seller can reach to a final offer.

Opt for a home inspection

You can ask a professional to do a home inspection on your prospect home to check for any defects that the seller wasn’t able to reveal. Asking for a discount or repairs are some of the options that you present to the seller.

Essential Things An Estate Planning Lawyer Can Do For You

An estate plan is not just a list of your assets and who will manage them when you die. It’s more than that. It is on this list that you are able to systematically plan who will be going to take care your legacy. You should prepare your estate plan accurately so that all your wishes will be legally effective. Preparing it is more complicated than you might think but with the assistance of an estate planning lawyer, it will be easier and the output is accurate.

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Here are the things that an estate planning lawyer can do for you:

Draft and customize your will

Your estate plan is sure to be accurate when an estate planning lawyer will assist you to draft it. While it is true that you can find some templates online and all you have to do is write all your answers in the blanks. The only thing that you do not have a freedom to do in a will template is the ability to alter a provision that you wanted to modify. There is a huge the risk of invalidating not only the provision but the whole will. It is still best to have a professional draft to assure the validity of the document.

Avoid probate and estate taxes

There are some ways an estate planning lawyer can assist you if you prefer to avoid putting your estate through probate. This can be done with gifts, use of death beneficiaries, or joint property ownership. The most common way of avoiding probate and estate taxes is through the use of trusts. There are also templates available for trusts just like those will templates.

Informs on what instruments best suits to your legal needs

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A simple will is enough in some situations. An estate lawyer can give you information on how much, or how little, your estate plan requires. He can also assist you with other legal instruments that are useful for long-term planning. Like for instance, a living will or durable power of attorney.

Reminds you if it is time to update your estate plan and latest laws

If there is a change in your family information, your assets, or your location then it may require that your estate plan has to be updated. Moreover, estate planning laws are changing. With this, an estate planning lawyer knows about the latest rules and keeps you updated as well. Having a lawyer who can help in keeping your will up to date is necessary for its accuracy and validity.

Estate Planning: How To Prepare Your Own Will?

Preparing for your own will needs to be done seriously. Of course, you can do it by yourself by just following some formats online and other Estate Planning kits you can buy but make sure that you have the correct one. You need to check which format suits the best for your own will. For the goal of saving money by not hiring a lawyer to assist you, you can end up spending more if you don’t have the most precise format to follow.

How to prepare your own will?

will1It is never suggested that it is good to write your own will. It is still best to create a presence of a lawyer that specializes in estate planning. On the other hand, the following are some situations that you can prepare on your own with a minimal risk.

  • You just have a small number of an estate. You may only have a small savings account and few collectibles. If you plan to have all your possessions with your spouse and can be also your estate executor then this would categorize as a simple estate.
  • You have no spouse. So you plan to have all your possessions be equally divided between your children and your estate is also below the amount of estate tax that you are required to pay.
  • You have no assets that are subject to probate, or the amount is only minimal.

If you are already decided to create your will, make sure to know all the state’s requirements and complete all these requirements. There are some software programs that you can refer to individual estate planning state laws.

The need of an Estate Planning Attorney

If you don’t want to have mistakes and wanted a smooth flow of your own will, then it is necessary to ask for an assistance of an estate planning attorney. Having an expert beside you can make your document accurate and valid. A well prepared and properly draft will is assured with the presence of an estate planning attorney. It is a fact that one incorrect term or missing signature can change the whole message of the Will.will2State laws govern Estate Plans are very specific about the contents included in estate planning documents.

  • who is the personal representative, trustee, healthcare surrogate or attorney-in-fact
  • who are the witnesses to a Will, Trust, or Medical Power of Attorney
  • what procedures must be followed when signing a Will, Trust, or Medical Power of Attorney

You can buy estate planning forms, software, books online but there is no guarantee that the documents will be accurate, valid, or follows state’s estate planning laws. Most of the time, the inaccuracy of your will has just to be discovered after your death.

It is advisable that consulting with estate planning attorneys help solve difficult estate problems of a family and/or financial situations. Hiring an experienced estate planning lawyer is a must to assist you for your estate planning needs and goals.

Overview Of Filing Bankruptcy In Salem

Since 2005, the requirements for filing bankruptcy in Oregon have become much stricter, according to the Bankruptcy Court of the United States: District of Oregon and the Federal Trade Commission. Whether you wish for Chapter 7 discharge of eligible debts, such as credit cards or medical bills, or pay part of its obligations under Chapter 13. The decision can also have a negative impact on your ability to get credit for seven to 10 years, according to Experian.

You must get credit counseling from a bankruptcy attorney in Salem to present your case for debt relief, according to the Bankruptcy Court of the United States: Oregon District. This requirement, enacted in 2005, should be completed by a credit counseling organization approved at the federal level. Usually, these sessions last about 60 to 90 minutes, according to the Federal Trade Commission.

Bankruptcy is usually not free unless the debtor is seriously insolvent, according to the book “How to File for Chapter 7 bankruptcy.” In June 2010, it cost $ 299 to file Chapter 7 in Oregon; Chapter 13 costs $ 274. In some cases, court staff can approve an installment payment plan. You also cannot pay court costs with personal checks or credit cards. You do not have to hire an attorney to file bankruptcy, but you will be in better position if you have a bankruptcy attorney in Salem to represent you.

You can file for bankruptcy without a full list of your assets and liabilities, according to the Bankruptcy Court of the United States: Oregon District. However, you must formally disclose all assets, liabilities, and income in the “zone” within 14 days from the start of the bankruptcy process. Otherwise, it could result in the dismissal of your case. Concealment of assets may be prosecuted as a federal crime of bankruptcy fraud, according to the book “How to File for Chapter 7 bankruptcy.”

About 20 to 40 days after the file bankruptcy you must attend a 341 meeting of creditors, according to the Bankruptcy Court of the United States: Oregon District. This meeting gives creditors the opportunity to object to your case if you think you have committed any fraud. However, real objections for bankruptcy during a 341 meeting are relatively rare, according to the book “How to File for Chapter 7 bankruptcy.” Debtors who don’t have bad credit, have not used credit cards just before filing bankruptcy, and don’t hide income or assets often leave their 341 meeting without much fuss.

Related Video:

Estate Planning: Choosing And Removing An Executor

How to choose your executor

When choosing your executor, it is best if you will select a person that has no conflict of interest. A person who has the main goal of gaining from the will. This raises challenges from beneficiaries and accuses the executor of being unfair. But if you don’t like that this may happen then you can choose your executor from your list of beneficiaries. With this, the executor’s fee is usually wave and can save your estate money.

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It is very important that you need to discuss the executor’s responsibilities. You need to explain all his roles as an executor to your estate. You need to make sure that the executor is willing to accept the job. This has to be done before finally announcing that he is the executor of your will. Moreover, it also betters that you have also a successor of your executor. These needs to be done in selecting an executor.

Selecting co-executors is not uncommon in a small business setting. This has been a usual practice that spouse or another relative can take care of personal matters and a second executor who has a business knowledge to business matters. Co-executors are also very useful when the main beneficiary lives in a different state and cannot travel regularly to visit the estate.

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For bigger estates that are worth more than a million dollars and involves running a business, then it is better to hire a professional executor. Like for instance, the estate planning department of your bank, your accountant, or your attorney. To prevent some conflict or issues in the future, then never appoint a minor, a felon or a non-U.S. citizen as your executor.

How to remove your executor

Laws governing the removal of an executor differs from one state to another. Take note that removing him is not also easy. You need to prove in the court that a serious misbehavior has been undertaken as the c
ause of the removal. With this, the courts can only remove an executor if the beneficiaries can prove that he is not capable of doing his duties.

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If the beneficiary of the estate sees that the executor cannot perform his duties then he can file a petition to the court for the removal of the executor from the position. This request has to made from a party that has a stake in the estate and must present an evidence that the removal of the executor is necessary. If the courts have decided that the petitioner has a valid claim then the executor will also be given an opportunity to prove why he should not be removed in his position.