Whether buying or selling property, most homeowners still hire real estate agents because they want experienced professionals to protect their interests. If you are looking to buy or sell on your own, it is absolutely essential to engage the counsel of experienced real estate attorneys who can help ensure that you follow the law, get the best deal possible, and navigate often complicated tax structures that may arise when selling real estate. Selling your home without a realtor By selling your home yourself, you can walk away with quite a bit more cash in your bank account. Educate yourself about your local real estate marketing techniques, including recent sales activity and some knowledge of what’s currently on the market. Determine a fair market value These days it is not very complicated to find out what your home is worth. Online real estate sites can help you find comparable listings available in your area. It is also common practice to ask a realtor to stop by for a free comparative market analysis. Be honest about your intent to sell-by-owner. Even if an agent is not representing you, it is in his or her best interest to give an analysis should you decide to list the property later. Make your home visible to buyers Even a reasonably priced home isn’t going to sell if buyers don’t know it exists. Ads in local newspapers can be remarkably effective, as many buyers upgrade to homes within their existing communities. There are also listing services which publish the specifics of available homes to realtors and potential buyers. Buying a “for sale by owner” home On the flip side, if you are buying a home without a realtor, hire a well-informed real estate lawyer who can give the counsel you will need to go from offer to closing. There are many qualified lawyers in Delaware County, PAwho are knowledgeable about local real estate-related ordinances as well as state disclosure and tax laws. Your real estate lawyer will coach you through the offer negotiation, advise you on any paperwork that needs to be completed between you and the seller, and assist you with the closing. Inspection and financing It is also important to hire a licensed home inspector who will examine the home from basement to roof. You’ll get an inspection report outlining any mechanical or structural problems that the home might have. A home inspector will cost a few hundred dollars, but is well worth it. An inspection is usually required to get financing from most financial institutions. Getting pre-approved for a mortgage will also give the seller a sense of security, knowing you are seriously interested in buying their property. Real Estate Purchase Agreement Whether you are a buyer or a seller, the Real Estate Purchase Agreement for your property would be one of the most important contracts you would sign in your life. Hiring a good Contracts attorney to help you with drafting the contract if you are the buyer or to review the contract if you are the seller is always a good idea to make sure your best interest is protected. The benefit of selling or buying property on your own makes it worth considering if you are willing to be persistent and put in the work. Carosella & Associates, P.C. can help you get that extra cash in your pocket, buy the home of your dreams and advise you should any difficulties arise.
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The short answer to this question is yes. Regardless of whether the deceased has a will or not, most estates must go through probate in Pennsylvania. Although the process is much less expensive and complicated in Pennsylvania than it is in many other states, it is vital to contact experienced probate attorneys who will guide you through the process during this difficult time. What is Probate? Probate is the process used to ensure someone’s assets are passed on according to the terms of their Will. When a Pennsylvania resident dies, their property and assets are subject to probate laws that dictate distribution of the estate. There are many factors involved in the probate system, including: estate value and size, debts owed, and number and type of heirs. A probate attorney will review the Will and other pertinent documents and determine which assets need to be probated. Usually he or she can provide a rough estimate of the size of the probate estate and the Pennsylvania and federal inheritance tax due. The attorney will also accompany the executor to the Register of Wills office in the county where the deceased passed away. Seeking the assistance of a law firm that understands the processcan help you make sure it is completed correctly and efficiently, and ensure that the estate is properly closed once all required steps have been completed. Pennsylvania also offers a simplified probate process for small estates. Small estates are defined as estates that contain no more than $50,000 in assets. The executor of the estate must file a request with the local probate court (sometimes known as orphans’ court) asking to use the simplified procedure. Living Trusts In order to avoid probate, sometimes a person will use a Living Trust in place of a Will. A Living Trust still requires a process called trust administration. It involves many of the same procedural requirements and tax liabilities as the probate process. Probate is likely unnecessary if all assets are in the Trust, with none passing through the Will. Jointly held assets, or any asset with a specific beneficiary such as an IRA, 401(k), or life insurance can be automatically distributed and skip the probate process. If the deceased has a Will with assets in their name only, their estate must go through probate to carry out the terms of their Will. Consulting with qualified lawyers for wills and estates can help you determine which options are right for the legacy you want to leave behind. Your attorneys can help you create items such as:
Our experienced lawyers in Delaware County, PA can provide skilled counsel and representation to assist your loved ones with disputes that may arise and help to streamline the probate process, allowing them to enjoy your legacy and joyful memories in the years to come. |
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