Bel Air, Dundalk & Towson Real Estate Lawyer
Harford & Baltimore County real estate lawyer serving Bel Air to Owings Mills for deed changes, real estate settlements , home sales contracts, contract review and counseling, Wills, etc. If you are making a deed change after a divorce or separation, consider changing or making a new Will and Powers of Attorney. This also important as part of basic estate planning after getting married, after a divorce, a death, and when one has significant financial and health concerns.
Our focus is on preparing the right deed for a specific situation. There are many different types of deeds, and to know which approach is appropriate for you, first have a comprehensive “Rights & Options” consultation with your lawyer. For more information, please review our article titled: 10 Reasons For A Deed Change. Since Deed changes are an important part of your estate planning, it would be wise to dovetail your real estate planning with your estate planning (even if you don’t have much) to make sure you do it right! Click here to go to our Wills & Estate Planning page.
Thinking of adding a significant other to your deed? Are you doing this for the right reason? Do you understand the legal consequences and risks? Relationship factors are important in figuring out the most sensible way to address a concern and the type of deed to use. It is much less costly to avoid a problem by doing it right the first time than to try to fix it later. If you are even thinking about transferring an interest in or adding or removing a name to a deed to protect the property, you are well advised to first consult with an experienced estate planning lawyer, who typically also is knowledgeable in this aspect of real estate law. You do not want to end up losing the property because a court determines your action to be fraudulent or improper. Don’t listen to friends and family who are just trying to help. Consult with your lawyer. Please visit our Learning Center for additional helpful information.
Is your home really protected? Your home typically is your largest investment. Having adequate, proper insurance coverage is essential, but there is much more one should consider. Many things can happen, especially as one gets older and frail, that could thwart your plan to have your home and other property go to the individuals you intend. However, even younger homeowners are at risk, because bad luck and adversity can strike at any age. Managing your investment includes taking reasonable steps to protect it for yourself and your family. For instance, one’s home could be at risk of potential claims of creditors, such as in a personal injury situation where one is at fault; divorce; bankruptcy; death; family feuds; undue influence and coercion of elderly parents and relatives; foreclosure by judgment creditors; foreclosure by the purchasers of a Tax-Sale Certificate for your home if you are behind in your real estate taxes; a State Medicaid Recovery Lien if you or your spouse or your parents should need long-term nursing home care and need Medical Assistance to help pay for such care, and so forth.
So, what should you do to protect your home? Taking care of business consists of several components, including planning for disability or incapacity. After all, who is going to make the decisions regarding your property when you’re not able to, whether temporarily or long-term? This person may have the ability to alter your estate planning intentions! Given all the potential factual and legal factors that could impact the ownership and inheritance rights to your property, how do you decide what to do?
The first step is to schedule a professional “Rights & Options Consultation with an experienced lawyer who can ask the right questions to better understand your specific needs and concerns and explain your options in a way that will enable you to make an informed decision and pursue a plan with Peace of Mind. You may find that you really need a Will and powers-of-attorney too. Even if you choose not to do everything you should at this time, at least you can know that you will be making the right kind of deed for your situation.
There are several types of deeds and using the wrong type of deed in certain circumstances can be disastrous. Some lawyers will prepare whichever type of deed you request without asking a whole lot of questions. If you don’t seek legal advice and get what you asked for, whose fault is that? Do you know the differences between and the following types of deeds, including when they should and when they should not be used, and how your choice of deed may affect your ownership rights, control rights, inheritance rights, tax implications, exposure to the claims of creditors, eligibility for Medicaid benefits, your testamentary plan, to mention just a few considerations?
- Regular purchase & sale deeds
- Spousal transfer deeds
- Deeds pursuant to separation & divorce
- Quitclaim deeds
- Deeds in Lieu
- Short-Sale Deeds
- Life-estate deeds with powers
- Life-estate deeds without powers
- Tenancy-in-common deeds
- Joint tenancy deeds
- Tenancy-by-the-entireties deeds
- Mixed tenancy deeds
- Tax-Sale and Ground-rent redemption deeds
- Leasehold deeds
- Fee simple deeds
- Personal representative deeds
- Guardian deeds
- Confirmatory Deeds
- Special warranty deeds
- General warranty deeds
As you can now appreciate, there is no such thing as “simply adding a person to the deed.” There are always reasons and personal circumstances that may be relevant, if not critical, to the choice of deed, and perhaps it is not appropriate for you to make a deed change at all. It is much less costly to invest in a professional consultation to make sure your legal counsel understands what you really need and do it right than to have to fix a problem later, – if it can be fixed at all.
Transactions involving real estate typically are based on contract. A real estate lawyer can help you to identify the issues you need to consider before finalizing a contract and work with the parties and their respective counsel to ensure that the appropriate issues are addressed and make the whole experience less stressful.
Rob Goldman’s real estate law experience includes representing banks in commercial lending transactions, representing purchasers and sellers at settlement, drafting and reviewing shopping center and large building leases, commercial and residential contracts and leases, tax-sale foreclosures, ground-rent redemptions, resolution of title problems, drafting creative solutions to address special estate planning needs, mediating family disputes over real property issues and preparing special trusts and agreement for use of a home by a special needs person, or a vacation home by family members who don’t get along, time-share property problems, and so forth.
Contact us now to inquire about real estate related law services. ROB GOLDMAN LEGAL SOLUTIONS is the law firm Marylanders turn to for calm, sensible advice and Peace of Mind.