December 2009 Monthly Archive
December 28, 2009
Probate proceeding refers to the process used to settle estates of people who have died. Probate is required within all 50 states and governed by the Uniform Probate Code. Each state handles probate differently and many have significantly altered UPC regulations. Estate administrators typically require services of an attorney or estate planner to assist with settling probated estates.
Probate proceeding letters testamentary are provided to the estate executor giving evidence they have authority to manage the estate. Some states engage in court supervised probate and require executors to obtain approval for all aspects of estate management. Other states engage in court confirmation and grant unsupervised authority; allowing the estate executor to manage the estate without making multiple court appearances.
December 26, 2009
Real estate property tax is assessed by local governments such as cities, townships, counties, parishes and boroughs and is the primary source of income for communities. The majority of state property tax is used for education, while remaining funds are used for county and municipality expenses such as paying government employee salaries, road repairs and improvements to infrastructure.
Mortgage lenders calculate property tax by multiplying the tax rate times the property value. When borrowers buy houses, a property appraiser assesses the value of the real estate based on several factors. The appraised value can be higher or lower than the purchase amount. When buying a house, the goal is to purchase the property for less than the appraised value.
December 22, 2009
A deed is a common document used in real estate transactions to transfer property titles. Real estate deeds must be filed through the local County Recorder's office. They are used to document legal property description, individuals involved in the transaction, and property owner.
When real estate is transferred, a new deed is recorded. The type of deed used depends on the state where property is located, as well as the type of real estate transaction. The most common include: warranty deeds, deed of trust, quitclaim, grant, and deed in lieu of foreclosure. Let's take a brief look at each deed definition.
December 19, 2009
Heir is the term used to reference an individual entitled to inheritance property. Legal heirs can include surviving spouse, biological or adopted children, and direct lineage relatives such as mother, father, sister or brother.
Each heir should be listed within last will and testament along with specific inheritance property they will receive. When decedents elect to disinherit heirs they should include a disinheritance statement within their last will. This provides evidence to the probate court the decedent knew the heir was alive, but intentionally chose to leave them out of their Will.
December 15, 2009
Considering investing in foreclosure real estate? You're not alone. From first time home buyers to seasoned investors, foreclosure properties can be a smart choice. They can also be your worst nightmare. Taking time to understand the market and what is occurring behind the scenes can help buyers determine if purchasing foreclosure property is the best option.
Nearly every day the rules for buying foreclosure real estate change. In February 2009, President Obama unveiled a $75 billion mortgage relief plan. Devised to provide assistance to nearly 9 million struggling homeowners, the Homeowner Stability Initiative offered incentives to mortgage lenders to engage in loan modifications with borrowers facing foreclosure.
December 12, 2009 | Comments: 1
Choosing a family law lawyer can be challenging. Family law encompasses a variety of legal matters ranging from marriage to divorce and adoption to child custody. Some attorneys specialize in one particular niche, while others offer services for a variety of family related matters.
Prior to hiring a family law lawyer it is best to consult with a minimum of three or four legal firms. Most matters pertaining to family law require spending time with your lawyer, so it is important to choose one who suits your personality and possesses the skills you require. Shopping around for a good lawyer can ensure you achieve the results you are seeking.
December 08, 2009
Mortgage notes are used to record the terms of a bank note issued to purchase real estate. These legal contracts document the amount of funds borrowed, interest rate, property location, and contact information for parties responsible for repaying the loan.
Mortgage notes can be sold to cash flow notes buyers or private real estate investors. Many reasons exist for selling real estate notes. The most common include obtaining a lump sum of cash to finance college tuition, pay off credit cards, medical expenses or unsecured debts.
December 04, 2009 | Comments: 1
Annuities are financial contracts made with an insurance company. Policy holders agree to contribute either a lump sum payment or series of payments in exchange for periodic payments to be returned immediately or at a later date. In essence, annuities are similar to a savings account. Funds are contributed, interest in accrued and annuity payouts are distributed according to terms outlined when the account is established.
One benefit of establishing annuities is they allow Annuitants to obtain tax-deferred growth of earnings. Most annuity agreements allow Annuitants to establish beneficiaries to receive future payments if the Annuitant dies before the policy expires. Annuities can also be established to pay only the Annuitant or divide funds amongst dependents.