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When you buy real estate in Tennessee, there are different options when it comes to having your property titled. It is important to know the differences because it changes your rights to the property. Here is an explanation of the basic title options available in Tennessee.
All Types of Title Options
Tenants In Common: This is the default title option for everyone except married couples. When a property is held as tenants in common, everyone with ownership rights to the property has a right to use the property. Unless otherwise specified, the ownership of the property is equal. This means when you’re selling your property, you split the proceeds equally with the other owners. Because this is the default rule, unless the owners specifically use another option, the owners will be considered tenants in common. It is also important to note that property held as tenants in common by individuals will likely have to go through probate in order to be transferred.
Joint Tenants with Rights of Survivorship: Joint tenants with rights of survivorship own the property equally. The biggest distinction here is that there are survivorship rights. This means that the surviving joint tenant(s) will acquire the deceased joint tenant’s portion upon their passing. This means that you do not have to go through the probate process to transfer the property. It is automatic until the last tenant living passes away. There are strict specifications on how to form the title. So if you need to title your property in this manner, you need an attorney to properly accomplish your goal.
Tenants by the Entirety: This is the default rule for married couples and is only available to married couples. Tenants by the entirety is very similar to joint tenants with rights of survivorship in that the survivorship rights exist, meaning probate will not be needed to transfer real estate when the first spouse dies. However, tenants by the entirety has one major difference–extra creditor protection. Creditors of only one spouse cannot attach to and sell the interest of the debtor spouse if the property is held as tenants by the entirety. The creditor must be a creditor of both spouses or have the permission of the non-debtor spouse to have that ability. The creditor can only attach to and sell the debtor spouse’s survivorship rights. Because of the survivorship rights and creditor protection, tenants by the entirety is an attractive option.
Young couple with keys surrounded by form of house
Contact Tressler & Associates for Real Estate Help
Title options are not simple. A real estate attorney can help you understand them and find the right one for you. If you are unsure how your property is titled or want to see if there are better options for you, contact our real estate attorney for help. We would be glad to find the best option for your situation.
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.
We do many title searches every day in our office. In their most basic form, a real estate title search is where we search all pertinent public records to determine what has been publicly filed regarding a piece of real estate. It’s common for us to find some unexpected liens against the property we’re researching.
Usually, an unexpected lien is the seller’s mortgage. These will not interrupt your property purchase because the sale of the house will pay off the lien. However, this is not always the case, so you should never skimp on the title search.
What Should You Do if You Have Unexpected Liens?
It is never fun to surprise a seller with news that there is a lien filed against them, but it is necessary. These liens will need to be released prior to closing on the sale. If not dealt with, you can be left having to deal with the liens yourself as the buyer, or lose out on the sale as the seller. What’s so bad about them is that they can act like unwanted debts.
What do you do if the property you’re hoping to purchase or sell has one or more unexpected liens? First of all, don’t panic. It’s quite possible that the lien is something the seller would not be aware of and will handle it to sell their property. Sometimes the lien may not even be the seller’s, but a clerical mistake that can be fixed.
What if the Lien Isn’t Your Seller’s?
An example could be when a court judgment is issued against someone with a name similar to the seller. These judgments are then recorded and will show up on our title search. For example, if there has been a judgment for $5,000.00 declared against a woman named “Stacy S. Smith” in your county and your name is “Stacy M. Smith,” this will probably show up on our title search because it is possible that this is the same person.
We will simply compare your or the seller’s social security number to the true defendant to clear you or them of that lien with the clerical office. Thankfully, this is often the end of that unexpected lien for a seller.
What if Liens Are Your Seller’s?
If the lien does belong to the seller, there are several routes to solve it. First of all, there is a small possibility that the lien has expired. Depending on the type of lien, it must be renewed or re-recorded every so often to remain valid. If it is not re-recorded in a timely manner, the lien does not apply to your real estate. If it has not expired, you will probably have one of two options:
Wait for the seller to pay the lien or pay it yourself. We can obtain the payoff for you from the creditor.
Tressler & Associates attorneys can negotiate the lien on your behalf. Negotiating a lien, especially an old lien, can sometimes decrease the amount you would have to pay for the creditor to release the lien. If the lien is valid, it will need to be released by the creditor before you can close the sale.
No matter what pops up on your title search, we are here to help guide you and make your closing as smooth as possible.
Contact the Title Search Attorneys at Tressler & Associates to Protect Against Unexpected Liens
If you have any questions or concerns about unexpected liens on your property, you need the help of a law firm that can complete a title search. We have the experience and ability to help you close your deal if you are the buyer or seller.
If you have been contacted about a lien on the property you’re looking to buy or sell, you need to act quickly. Contact us today for help.
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
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