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Are you currently buying or selling a home? Is this your first time buying or selling a home? If so, you should probably consider owner’s title insurance. There are a lot of questions people have regarding this insurance policy, but among the greatest is, “Do I really need this?” This is a completely reasonable question. In Tennessee, you are not legally required to have it, and no one wants to pay for something unnecessary.
What Does Owner’s Title Insurance Do?
At its most basic level, owner’s title insurance protects a property owner from the consequences of a claim on the title of the property. Most people assume this protects you from someone saying, “Hey, this is my house!” Although that is true, it’s not the primary reason. This would seem rather silly because this is such an uncommon and strange occurrence. A claim would likely appear in a different form. Most claims are almost completely out of the purchaser’s control.
The Need Behind Insurance
For example, human error is an ever-present risk. Of course, businesses strive to do their best, but we are human and we make mistakes. From the surveyor’s measurements of the property to the title search to the recording of liens, there is room for mistakes. And of course, there is always a possibility of fraud. Has someone intentionally not conveyed their marital interest? Is someone using fake IDs? Subject to certain limitations, owner’s title insurance protects homeowners from these types of risks.
It is also important because of the monetary protections. If there is a title issue, you will probably not be able to sell your property until you resolve the issue. If you do not have title insurance, you will have to resolve that problem out-of-pocket.
Keep in mind that even though your lender has a lender’s title insurance policy at closing, that does not automatically cover you. A lender’s policy only covers the lender.
Tressler & Associates Can Help You Get Title Insurance
Owner’s title insurance is a one-time payment at closing and one of the cheapest types of insurance you will find. Because of the broad protection that it supplies, we recommend all property owners obtain owner’s title insurance.
The great city of Nashville has recently shown an increase in population which is a sign of a growing economy. With new buildings continuously covering the city, Nashville has become a top destination of attraction and business. These are positive signs that the economy is thriving in the real estate world, which leads to a demand in both commercial and residential properties.
In order to take advantage of the real estate market, which has been on the rise for many years now, it is important to obtain the services of a real estate attorney so that you can legally protect yourself. Consulting with a real estate attorney provides many benefits to a successful transition. An attorney is able to create or evaluate an existing lease for the property that you currently own, or wish to own in the future. There can be many liabilities that are not known while being the owner of a property. In order to feel confident when you are going through a lease agreement, it is necessary to seek the guidance of a professional who can get the facts and provide the proper services.
There are a few policies that can protect you from any issues that may arise during the process of buying or selling a property. The first is for the owner to obtain owner’s title insurance. This is necessary so an owner will be protected from any issues concerning the title of the property that may arise, and you will not have to solve those issues alone or out-of-pocket. The next is for a lender to also have title insurance. If the owner or lender has a title insurance policy, that is not enough to be protected. Both the owner and the lender must acquire title insurance so that you can be properly covered and not have to worry about any of the issues because you will be protected.
Our attorneys make this a peaceful process and assure that your interests will be protected. Let us take the stress off of you and eliminate any possible risks of liability. Have a professional help take you through the proper steps to be safe in your purchase or sale of property.
With the Uniform Residential Landlord and Tenant Act (URLTA), there are some rules and regulations that current and potential landlords and tenants need to know about. You may not be giving services you owe your tenants under the law.
Many of our clients own one or more residential rental properties that they rent out. For the most part, these clients are people potential tenants in the community can trust. We know them to always try to do the right thing, and our legal advice helps them do that. That’s how we know there seems to be a lot of confusion and myths about what the law actually says about various rental problems.
Most of the time, if the rental property lies in a certain county in Tennessee where the population is over 75,000, it falls under URLTA. For example, residential locations here in Wilson fall under the URLTA of Tennessee. If the county’s population is under 75,000, then the laws are usually governed by Tennessee case law and are much more difficult to traverse.
These laws can be somewhat difficult to understand. When understood, they are a guide for the landlord. They can lead a landlord through the many minefields of landlord-tenant law. With the help and advice of an attorney, any landlord can understand what they need to do.
In almost all instances of landlord-tenant disputes, it takes an attorney who is a veteran in this area. Our law firm has handled hundreds of these disputes, many of which settle outside of litigation. Our residential real estate attorneys can help you proceed through your contracts as a landlord or tenant. If you have a legal question about the Uniform Residential Landlord and Tenant Act, please contact us today.
In the days leading up to a real estate closing, costs in addition to the purchase price are often a point of confusion. What are real estate closing costs? Who is paying title expenses? Which of the other expenses are you responsible for? These questions, and many more, are some of what real estate attorneys sort out daily. In short, the answer to all of these questions is that it depends.
What Goes Into a Real Estate Closing?
The primary document used in answering, “who is paying what,” is the real estate contract. This is why it is important to understand your real estate contract before signing. Most expenses can be negotiated within the contract. For example, it is negotiable as to who will pay for the following items:
Closing Costs
Title Expenses
Transfer Taxes
Recording Fees
This is not an exhaustive list and, of course, there are exceptions to what can be negotiated. For example, the Buyer will almost always be responsible for Lender fees. However, the Buyer can negotiate with the Seller to have the Seller pay a certain amount towards the Buyer’s costs. Ask your drafter for an estimate of all costs associated with closing and who will be responsible for each of those expenses.
The answer to these questions also depends on the purchase price and loan amounts themselves. Several of the expenses, such as title insurance, is directly dependent on those numbers. In Tennessee, we also have a transfer tax that is due upon any transfer of real estate. That tax is also based on the purchase price.
How Can an Attorney Help with Your Real Estate Closing?
To help with these estimates, Tressler & Associates, PLLC, has a calculator on our website, titled the “TRID Calculator.” This calculator will give you an estimate of the costs associated with your residential transaction. One point of caution, however, is that it will not show Lender fees or the other side’s closing fee.
The closing fee is a flat fee that is the same for both parties in the transaction, so the other side’s closing fee will be the same as the closing fee shown to you on your estimate. We would be glad to walk you through the details of our TRID Calculator.
The bottom line is that “who pays what” in your transaction will be dependent on your contract. We would be glad to draft your contract and assist in negotiating the terms. We want you to be sure of your purchase or sale before signing a contract.
Tressler & Associates Can Help
If you are unsure how to negotiate your closing, how to gauge your closing costs, or need any other legal help with your real estate transaction, Tressler & Associates is here to help. Contact us today.
We are pleased to announce that for all our clients closing on their real estate purchase or sale with Tressler Title, we are now offering an assessment of your Estate Documents at the same time, with an attorney from Tressler & Associates, PLLC, for a low flat fee.
Closing on a property is often an important time to amend your existing estate documents. For those without any existing documents it is a great time to handle it as you can sign both documents in one visit to our office!
WHAT WILL YOU GET?
An Attorney at Tressler & Associates, PLLC, will first review your Buyer or Seller’s estate documents during the course of their closing with Tressler Title. Then the attorney will schedule a phone call with your Buyer or Seller to discuss any updates that may be needed or desired, especially in light of the closing. If new or amended documents are needed, they can be signed at closing! That’s right, close on real estate and update (or create) estate documents all at once.
WHAT DOES IT COST?
The cost for a review and phone call with an attorney is $250.00, however, if additional documents or amendments are needed, the $250.00 fee will be applied towards the total cost of the documents. All fees for this service can usually be paid through the closing itself.
Keep in mind…this service can also be taken advantage of by real estate agents, lenders, and other vendors who are all valuable parts of the closing process.
We look forward to securing your peace of mind in new ways!
Landlord-Tenant Law is an area of law where so many decide to represent themselves without guidance from a lawyer. It seems like a good idea to some because they will save on attorney fees. However, most of the time, it ends up costing them much more in the long run. Landlord-Tenant law is a minefield of potential mistakes. Just figuring out which set of laws applies to the county you live in Tennessee can be challenging, even when only considering eviction notices.
Find out why having an experienced real estate lawyer assist with Landlord-Tenant matters is in your best interest.
What Issues Can Landlords Face?
One area where we constantly see Landlords making a mistake is with eviction notices. Landlords especially choose to misrepresent themselves by either not using an eviction notice or using them incorrectly. If a Landlord uses an eviction notice incorrectly or not at all, it can lead to a dismissal of the Landlord’s case from court. This can cost the Landlord a significant amount of money. It can also possibly open the Landlord up to a lawsuit for Wrongful Eviction.
Tennessee law requires a Landlord to give a non-paying tenant an eviction notice. In most cases, the Landlord must give the Tenant an opportunity to cure their non-payment. This ability must also be clearly set out in the notice. The law sets out specific days and other matters which must be in an eviction letter. We do not recommend that you try to traverse this area of the law alone. If you see a potential legal matter concerning your rental properties, please call a real estate attorney at our office immediately.
CONTACT US
If have a rental property and need help with an eviction or have any other legal situation, contact us and we would be glad to find the best option for your situation.
The legal arena surrounding residential landlord tenant law can be like a mine field at times. One particular trap that many landlords find themselves in, involves a situation where a tenant has failed to pay their rent. In response, the landlord sends an eviction letter and eventually files a detainer suit on the matter to evict the tenant from the property. Sometime between the eviction letter and the court date, the tenant makes a payment to the landlord for rent.
This payment many times is minor in relation to what they owe in arrearages and sometimes it is not even a full month’s rent. The landlord is happy to get some money out of the tenant, so, they accept it and continue on with their eviction. On their court date they learn that the judge is dismissing their case for accepting the payment. The landlord pleads with the judge that the money they accepted was only a small part of what they are owed but it does no good and the judge dismisses their case anyway.
The dismissal is the result of the legal doctrine called waiver. Waiver is a concept where the landlord surrenders a legal right to proceed with the eviction by accepting a portion of the rent. This doctrine is established by case law and in some counties by statute. In counties that are controlled by the Uniform Residential Landlord & Tenant Act the doctrine is codified in TCA 66-28-508 which states “If the landlord accepts rent without reservation and with knowledge of a tenant default, the landlord by such acceptance condones the default and thereby waives such landlord’s right and is estopped from terminating the rental agreement as to that breach”.
Once the judge has dismissed the landlord’s lawsuit, the landlord must start all over again in the eviction process. Having to start all over can of course be a very costly and time consuming process that should always be avoided. This is only one of the many predicaments that a landlord can find himself in, regardless of his best intentions. That is why it is so important to hire an attorney well versed in landlord tenant issues early in the eviction and collection process.
I don’t have children or money, therefore I don’t need to worry about estate planning right now. I am young, I have plenty of time to deal with estate planning. Estate planning is so expensive.
These are common misconceptions about the law of estate planning. The truth is, estate planning is for everyone and doesn’t have to be expensive.
The Basics’ of Estate Planning. In the most basic terms, estate planning is a set of legal documents spelling out how you want to be cared for, and to whom and how you want your assets to be divided should you not be able to speak for yourself. These legal documents include your last will and testament, a living will, appointment of a general power of attorney and a health care agent. While each document serves a different purpose, together they empower another person to make decisions in regards to your assets, care and the care of your family in the event you are unable to.
Estate Planning Is For Everyone. When most people hear the words “estate” or “estate planning” they conjure up an image of someone who is retiring with money or a family planning for their children. However, what most people don’t realize is that no matter how large or how modest – nearly everyone has an estate to be planned for including you.
So what is in your estate? In the most basic terms, your “estate” is comprised of everything you own your home, other real estate, car, furniture, checking and savings account, life insurance, your valuables, etc. Therefore, whether you are single, married, divorced, widowed, or have children, you have an estate and can benefit from estate planning.
Estate Planning Does Not Have To Be Expensive. If you can’t afford a lavish estate plan, it is important that don’t put it off all together. Instead, start with a plan you can afford. For a single adult or young family, this could mean just having your basic will, health care plan and power of attorney in place. Over time, as your needs change, family change and assets grow, you can expand on your plan.
How To Get Started. The first thing to do when planning what to do with your estate is to determine what your wishes are and who you want to carry out those wishes in the case you are unable to. From there it is important to have an open conversation with your loved ones about your wishes. Next it is important to find an estate planning attorney who can help advise you on your situation. Your attorney will draft all of your estate planning documents to make sure you are taken care of no matter what life throws your way.
The Peace of Mind Benefit. The best benefit of estate planning is the peace of mind you will have knowing there is a proper plan in place for you and your family should something happen to you. If you would like to speak with a Tennessee estate planning attorney regarding your estate plan, be sure to contact us at Tressler & Associates. After all, the best gift you can give your family is the peace of mind they deserve.
If you have any questions about this or any other legal matters Call Us: 615.444.2345 or Contact Us Here
There is a common myth that estate planning is only for the elderly or the wealthy; maybe even only for the elderly and wealthy. This myth shows that few really know what estate planning involves. Here is a hint: estate planning is about more than only wills.
So, if you’re young and don’t have many assets, you might be wondering why you need an estate plan at all. Find out why it’s best that everyone have estate plans in order.
1. Do you own anything? Then you need an estate plan.
Although the word “estate” sounds formal, an estate is simply what you own. Most, if not all, people own something that they want to go to a specific person when they pass away. Whether that is a sentimental token, a family heirloom, a photo, or a pet, you probably have at least one item you want to go to someone in particular. It does not matter the monetary value of that item. You have the right to choose where that item goes.
The problem is, that if you don’t plan, the laws of your state will determine where your property goes. If you are single and childless, that probably means your parents will suddenly own everything that you currently hold in your possession.
More importantly, if you have children, you want to be the one to choose who would become their guardian. If you don’t make your wish legally explicit in legal writing, the State of Tennessee will choose for you.
2. Estate planning is more than wills.
How will anyone know your healthcare wishes if you are not able to communicate them? Who do you want to make healthcare decisions for you if you are not able to do so? Who will keep up with your financial matters if you are not able to do so? All of these questions are answered in a comprehensive estate plan.
For example, consider a Healthcare Durable Power of Attorney. With this, you are able to choose a person to make healthcare decisions for you if you cannot. It also allows you to name a person or persons who will have access to your medical documents if you are hospitalized. Most importantly, they will be able to give the hospital permission to treat you.
Similarly, a Living Will allows you to put your wishes for medical treatment in writing. This is so that there are no questions if you become unable to communicate them. For financial and other matters, you can create a Durable General Power of Attorney to designate a person to sign on your behalf in financial matters.
Contact Tressler & Associates for More Information
For better or worse, life is uncertain at any age. Have a plan in place. If you have any questions about this or any other legal matters, call Tressler & Associates at 615.444.2345 or contact us here.
615.444.2345