Common Glitches When Buying A Home

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Buying a home is one of the most exciting and stressful events in a new homeowner’s life.  The prospect of becoming the official owner of the house that you have chosen is highly anticipated, but one major oversight can turn a homeowner’s dream into a nightmare. Closing is usually the buyer’s final opportunity to request changes and verify that previously-agreed-upon conditions are met.  While most closings are concluded with limited trouble, there are a few property closing mistakes that can turn homeownership into a misfortune.  Zwick Law’s Real Estate Settlement Division ensures that our clients experience a stress-free closing process, while we guide them along the way, avoiding these common mistakes.

The Existence of “Hidden Liens”

The past owners of the property you are buying may have left you with multiple problems, if they did not pay their bills in a timely manner. In some instances, a homeowner who failed to pay their association dues, utility bills, or bills for other services, could find themselves on the receiving end of a lien. This property lien requires that the lien-creditor receives the money they are owed from the proceeds of the home sale. While liens typically show up prior to closing, some people have purchased a home; lived in the property for years; and only discovered the existence of a hidden lien when they later attempted to resell the property.

Skipping the Final Walkthrough

After visiting the property you plan to purchase multiple times throughout the last month, going to the house one last time before closing may seem unnecessary or inconvenient.  While completing a final walkthrough is not required, not checking your property one last time could cause trouble. No matter how comfortable you are with the seller, and how nice the home had appeared during your past inspections, major problems such as new property damage or missing appliances are sometimes discovered during the final walkthrough.  A final walkthrough should always be completed.

No Homeowner’s Insurance

Purchasing homeowner’s insurance for a property, in many instances, is taken for granted, since it is usually considered to be one of the easiest parts of the home buying process. It is true that most homeowners have no problem finding a company to insure their new property; however, occasionally a prospective home buyer finds himself in position where no one wants to insure the home. If the seller files a large claim immediately before you close on the home, another insurance company may refuse to cover the property. A person who is buying a property with cash may be able to complete the transaction, but owning a home with no insurance is a huge financial risk.

Get Advice – Contact Zwick Law’s Real Estate Settlement Division When Buying A Home

The process of buying a home is not something that you should go through alone. The help of a qualified real estate attorney can simplify the transaction and increase your chances of having a problem-free experience. The team at Zwick Law’s Real Estate Settlement Division understands how important homeownership is, and we take pride in providing our clients with the legal advice they need to make educated decisions. Contact us today to schedule a consultation at one of our conveniently located offices in DuBois or Brookville, so that we can begin giving you the representation you deserve.

Zwick Law’s Real Estate Settlement Division is directed by Carl A. Lias, a Pennsylvania Licensed Title Insurance Agent since 1999, who has over 19 years of experience in residential and commercial real estate transactions, including refinance transactions, as well as extensive knowledge of conventional, FHA, VA, USDA and PHFA mortgage loan products.  Zwick Law’s Real Estate Settlement Division is uniquely positioned – as a dedicated settlement service provider situated within the four corners of a law firm – to ensure our clients enjoy the security, professionalism and friendliness that they expect and deserve, all while paying less than they otherwise would at other regional firms and title companies.

Common Estate Planning Mistakes & How To Avoid The Pitfalls

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Creating an estate plan is the best way to pass property and other assets to your loved ones in a manner that you believe is best suited for you and your family.  Unfortunately, the majority of adults in the United States do not have a will, and those who do often make serious mistakes that render the will invalid or impractical.  If you want to be sure that your final wishes are executed properly, you must spend time creating and updating an estate plan with an experienced attorney who can provide accurate and reliable legal advice.  If you attempt to create and implement such an important legal document, without the proper assistance, you increase your chances of making one of these four common estate planning mistakes.

Review Your Estate Plan to Ensure That it is Up to Date

The majority of people who invest time and money to create a last will and testament and other estate planning instruments do not properly review their estate plan to ensure that it is up to date and applicable to changed situations and circumstances.  It is possible that your last will and testament may not require changes over the years; however, it is very likely that major life events and changes in circumstances may be overlooked, which likely will create problems for your loved ones after you are gone. Those who neglect to update their estate plans throughout their lifetimes, often times accidentally omit after-born children and/or grandchildren; name people who predecease them; and/or choose a personal representative who they no longer trust.  The mere passage of time is reason enough to review your estate planning documents to ensure that these important documents remain applicable and coincide with your current intentions.

 Your Will Does Not Impact Non-Probate Assets, such as Life Insurance Policies

An asset that several folks maintain is a life insurance policy.  Life insurance policies ordinarily designate a primary beneficiary or beneficiaries – the person or persons who will receive all or some of a specified sum of money after the policyholder passes away – and a secondary beneficiary – in the event that the primary designee(s) predeceases the policyholder.  Typically, beneficiaries to these policies are spouses, children, siblings, and/or parents.  A person who has recently gotten divorced or who is estranged from a relative may no longer wish for that person to receive any part of a life insurance policy.  However, instead of updating the beneficiary designations with the life insurance company, and without consulting an experienced estate planning attorney, a policyholder sometimes names a recipient of the policy proceeds in their will.  Unbeknownst to some policyholders, life insurance companies are required to pay proceeds to the named beneficiary in the policy, even if the designation is contrary to the directives in one’s will.  So, while you need to update and review your last will and testament, you also need to review all non-probate assets, such as life insurance policies, annuities, and retirement accounts, to ensure that your beneficiary designations also remain applicable and coincide with your current intentions.

Keep a Detailed List of Your Assets with Your Important Estate Planning Documents

While leaving assets to family members and loved ones is thoughtful, if your loved ones do not know where these assets are located or how to find them, receiving an inheritance may turn into a nightmare.  Without a detailed list of information on your accounts, real and personal property, and other assets, your personal representative and beneficiaries likely will have to conduct their own search.  Not only is searching for assets very time consuming and often times frustrating, it also is possible that some assets will go undiscovered for years.  Keep a detailed list of your assets with your important estate planning documents, to ensure that all of your assets are passed on to your loved ones.

Name a Trustworthy and Reliable Personal Representative of Your Estate

The personal representative of your estate is the person who is responsible for paying your debts, filing your inheritance tax return, and distributing your assets to your named beneficiaries.  Being named an executor or executrix is considered an honor, but it also is a serious position that can be unbelievably time consuming.  Naming a child or relative simply because they are oldest, or perhaps the favorite, is not always the best idea.  If the person you name as the personal representative of your estate is disliked, not capable of doing the job, or not trusted by your beneficiaries and other loved ones, then your family could seek to have him or her removed from the position.  This is not only time consuming and expensive, it also can take its toll on your family for many years to come.

Get Answers to All of Your Questions – Contact Zwick Law

Estate planning is an important, proactive measure that you can take to preserve your legacy and ensure that your assets stay with and benefit your family after you are gone.  When you are ready to create or update your estate plan, consulting with an estate planning and estate administration attorney is highly beneficial.  The trusted attorneys at Zwick Law are available to help you determine the best ways to distribute your estate and protect your assets long into the future. Contact us today to schedule a free and confidential consultation at either our DuBois or Brookville office.

For questions relating to your estate planning needs, contact either C.J. Zwick or Matthew R. Zwick at (814) 371-6400.  At Zwick Law, we’re always here for you.[1]

 

 

[1] Disclaimer: The use of the Internet, Facebook and/or any other form of social media communication with the firm or any individual member of the firm does not establish an attorney-client relationship.  Time-sensitive information should be directed immediately to the office of Zwick Law at (814) 371-6400.

 

LEVEL THE PLAYING FIELD – TACTICS USED TO REDUCE OR DENY PERSONAL INJURY CLAIMS

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After the occurrence of an accident, which results in personal injuries to you or a loved one, it is not unusual for a claims adjuster from a liability insurance carrier to contact you to express sympathy and offer assistance in a time of need.  While the adjuster’s friendliness and solicitude may seem legitimate, the insurance adjuster’s primary function is to save his employer (i.e., the liability insurance company) money by reducing or greatly diminishing the settlement of your claim.  The tricks and tactics that insurance adjusters use to reduce or deny claims have affected hundreds of people throughout the years—which is why it is very important that all accident victims learn to recognize some of the most commonly utilized methods employed by insurance carriers and claims adjusters.

Becoming fully aware of commonly known tricks and tactics may help you or your loved ones avoid making an error that could prove extremely damaging to a personal injury claim.

Take it Slow – Don’t Rush into a Personal Injury Settlement

In many instances, accident victims require numerous doctor visits, medical and psychological treatment and extended time off of work before the scope and extent of their injuries are fully recognized and appreciated.  As the scope and extent of medical care and treatment increase, so does the potential settlement value of your case.  The first trick that many claims adjusters may utilize to reduce the payout on your case, is to rush the settlement process in order to close your claim before you receive all of the medical care that you need and deserve.

Ensure that You Receive Full Compensation – Don’t Accept Deliberate Underpayments

A claims adjuster also may intentionally send you less insurance money than your injuries and necessary treatment warrant.  In the overwhelming majority of cases, receiving and accepting payment from a liability insurance company means that you intend to enter a full and final settlement of your claims.  In other words, payment from an insurance company for injuries caused by its insured, often times represents full and complete payment on your injury claim.  After you have deposited or cashed the check, you will not be able to request additional compensation in the future—even if you later discover the amount you received is not enough to cover your medical bills and other accident-related expenses.

Take it Slow, But Not too Slow – When is the Right Time to Settle?

Many claims adjusters know that being out of work, while simultaneously accumulating medical debt, can be very stressful and intimidating.  Adjusters often develop various methods to stall the claims process, knowing—or at least hoping—that the longer the process takes, the more likely you are to accept a lesser amount of money to settle your claim.  In other cases, an adjuster also may hope that stalling or delaying a claim will cause an injured party to overlook a statute of limitation deadline, which could have the legal effect of barring a monetary recovery on your injury claim forever.

Level the Playing Field – Contact Zwick Law

Almost all insurance companies and adjusters want injured parties to avoid consulting with an experienced personal injury attorney—an attorney who will recognize their deceiving tricks and tactics.  The primary objective of a claims adjuster is to settle claims as inexpensively as possible, or even deny the claim in its entirety.  Throughout the settlement process, many adjusters will discourage you from consulting with an attorney, all while providing you with hope that they will work with you to settle the situation fairly (and, untimely, at a value much lower than you deserve).

If you or someone close to you is involved in an accident, the best thing to do is to contact a personal injury attorney immediately.  An experienced attorney, who is dedicated to being your advocate, will ensure that your claim is handled professionally, fully and fairly throughout the entire process – from injury to absolute compensation.  At Zwick Law, our experienced team takes pride in representing our clients diligently and aggressively through every stage of a claim.

With offices conveniently located in DuBois and Brookville, Pennsylvania, we are standing by to provide you with the peace of mind you deserve.  For questions concerning a personal injury claim, contact Matthew R. Zwick at (814) 371-6400 or mrz@zwick-law.com, to schedule a free legal consultation and case analysis.  At Zwick Law, we’re always here for you.[1]

 

[1] Disclaimer: The use of the Internet, Facebook and/or any other form of social media communication with the firm or any individual member of the firm does not establish an attorney-client relationship.  Time-sensitive information should be directed immediately to the office of Zwick Law at (814) 371-6400.

 

Top Three Reasons Real Estate Deals Fall Through

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Once real estate is under contract, many buyers and sellers make the mistake of assuming that the hard part is over.  In reality, however, that’s when the work begins — and, unfortunately, real estate deals can fall through during the contract phase.  When this happens, it leaves all parties stunned, as they are forced to start over the entire buying or selling process. While having a real estate deal unravel is stressful, it is not all that uncommon. Thus, by being aware of the main reasons that real estate deals fall through, you can prepare accordingly to avoid your real estate deal from failing before settlement.

Real Estate Title Problems

An issue with the title to a property can quickly derail a purchase, which leaves all parties dissatisfied and upset. Often times, title defects are not found until a title abstract is completed — which usually occurs shortly before closing. When this happens, buyers and sellers alike have little time to react. Finding out that a property has a judgment or lien against it, in most cases, will lead the lender to deny the buyer a loan until the title issue is resolved. And, depending upon the situation, it could take months or longer for the title issue to get resolved.  In some instances, a lawsuit, known as a quiet title action, is required to “clear” a cloud on the title to property.  A quiet title action, while unavoidable in some cases, can take time and cost money that no one anticipated.

Loan Denial

After being “prequalified” for a loan, many buyers assume that they will experience nothing but clear sailing going forward. Unfortunately, a preapproval does not mean that the lender cannot change its mind. If the buyer’s credit score drops between the preapproval and closing, then the bank may refuse to finance the purchase entirely — or, in other cases, will not approve the entire amount needed to complete the sale. Occasionally the buyer may pay the difference with cash, but if he or she is unable or unwilling to do this, then the entire transaction may fail.

Real Estate Inspection Problems

A property that looks wonderful on the outside may have a multitude of problems on the inside.  Issues such as leaks, damaged roofs, moldy basements, and more, are usually revealed during a detailed home inspection completed by a professional.  While some problems are easy to resolve, expensive repairs may make the buyer have second thoughts about the entire purchase. If a buyer is getting cold feet about the transaction in general, then even a minor cosmetic or appliance issue could turn into a major point of contention. If a seller is unwilling to make repairs or offer a credit, then the entire sale may come to a halt.

Getting the Legal Advice You Deserve – Contact Zwick Law

If you or someone close to you has recently experienced problems with buying or selling a property, consulting a real estate attorney can help you determine how to proceed. The attorneys and Real Estate Settlement Division at Zwick Law understand how stressful real estate transactions can be, and we are able to guide you through each stage of the process while providing you with the legal advice you deserve. With offices conveniently located in DuBois and Brookville, Pennsylvania, we are available to provide you with a private consultation to discuss your situation and individual needs.[1]

[1] Disclaimer: The use of the Internet, Facebook and/or any other form of social media communication with the firm or any individual member of the firm does not establish an attorney-client relationship.  Time-sensitive information should be directed immediately to the office of Zwick Law at (814) 371-6400.

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