Tuesday, 30 June 2015
Selling Mom's House
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When your parents pass away, life is difficult enough.  The last thing you want is to be stuck paying the mortgage on their house or risk foreclosure.  It is quite common to want to sell the home as soon as possible.  However, as many have found out the hard way, it's not exactly as simple as signing a contract.

From time to time I will see a real estate contract that the children of a deceased parent have signed to sell that parent's home.  Those children can often either point to a Will showing that they are inheriting the home or the Tennessee intestacy laws state that they are inheriting the home.  Either way, it seems clear that those children should have the power to sell the home.  Unfortunately, it's not that easy.

The best case scenario is that probate on the decedent's estate is complete and those who have inherited the house can sell it.  But I'm not talking about that situation.  I'm talking about the situation when probate has not been started or when probate is not complete.  Although the process for selling a home in those situations is not always identical, there are some common patterns.  For instance, it is quite likely that you will need to get court approval to sell the home if probate has begun.  Or, if you have not begun probate, you will probably have to open probate and then get approval from the court to sell.  You can almost guarantee that we will need consent from the Tennessee Department of Revenue to sell the home and a release of potential claims from the Bureau of TennCare.  If probate has not been completed, the best case scenario is that you can close on the home during the four month creditor's period in probate and closing agent will hold your proceeds in escrow until the completion of the creditor's period.

As you're probably realizing, this can quickly become a complicated process.   Also, I would not be doing my job if I did not mention that a Trust can avoid this.  If your property is held in a Trust, even a Revocable Living Trust, it will pass outside of probate because it does not belong to the decedent, it belongs to the Trust.  This simplifies the selling process immensely.  However, whether you have a Trust, a Will, or no Will at all, we are equipped to walk you through this process.

Planning Your Estate can help prevent future difficulties for your family. To Read More about our Estate Planning Services - Click Here

CONTACT AN ATTORNEY  or CALL US: 615.444.2345

 


 

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Posted on 06/30/2015 2:14 PM by Erika Piland
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Tuesday, 16 June 2015
Nashville's Booming Real Estate Market
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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.

To learn more about how we can assist you with your Real Estate Law Services your can:

CONTACT AN ATTORNEY  or CALL US: 615.444.2345


 

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Posted on 06/16/2015 4:05 PM by Aaron Simonis
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Tuesday, 9 June 2015
Strokes & Streams - A Local Benefit Close To Our Hearts
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On September 29th, 2000, a young man from the Nashville community that was loved by many, passed away in a tragic accident on Tim's Ford Lake. Christopher Douglas Dowdle was a graduate of Brentwood Academy, and was well on his way to a degree from the University of Tennessee at Knoxville.

Since his unexpected death, friends and family have come together to put a golf tournament together annually so that they can keep his memory alive and share the special moments that were spent with Chris. The funds raised from this tournament are allocated to both Brentwood Academy and The University of Tennessee in the form of a scholarship for prospective students at each institution.

As active board members of the annual Strokes and Streams Invitational held at the prominent Brentwood County Club, myself, Todd A. Tressler, II, and a great friend of mine, Austin Kemp, are leading our yearly effort to obtain tournament sponsorship.

Sincerely,

Todd A. Tressler, Junior Board Member
615-330-6634
todd@tresslerassociates.com

To Make A Donation or Take Part in the Benefit DOWNLOAD INVITATION & SPONSORSHIP FORM


 

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Posted on 06/09/2015 3:29 PM by Todd Tressler
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Wednesday, 3 June 2015
Why is Owner's Title Insurance Important?
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Are you currently buying or selling a home? Have you have ever purchased or sold a home? If so you have probably considered 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.  No one wants to pay for something unnecessary.

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 means that you are protecting yourself from someone approaching you and saying, "Hey, this is my house!"  And although that is true, if that were the primary case, this would seem rather silly because that is such an outlandish thought.  A claim would likely appear in a different form.  Most claims are almost completely out of the purchaser's control.

For example, human error is an ever present risk.  Of course, businesses strive to do their best, but we are human and we err.  From the surveyor's measurements of the property to the title search to the recording of liens, there is room for mistake.  And of course, there is always a possibility of fraud.  Has someone intentionally not conveyed their marital interest?  Have IDs been forged?  Subject to certain limitations, owner's title insurance protects homeowners from these types of risks.

It is also important to note that if there is a title issue, you will probably not be able to sell your property until that issue is resolved.  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 obtained a lender's title insurance policy at closing, that does not mean that you are covered.  A lender's policy only covers the lender.

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.

To learn more about how we can assist you with your Real Estate Law Services your can:

CONTACT AN ATTORNEY  or CALL US: 615.444.2345

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Posted on 06/03/2015 1:00 PM by Erika Piland
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