Forms of Joint Property Ownership

a real estate agent

While real estate is currently the most lucrative investment, the considerable monetary injection required locks many investors out of the available opportunities. As such, some choose to invest in conjunction with others. Though this eases your financial burden, it comes with various legal issues.

Choosing to handle the transaction without a reputable real estate attorney from a law firm in Denver, Colorado might leave you with buyer’s remorse and huge losses. One of the aspects an attorney will help you handle is the form of joint property ownership of your investment. Here are your available options:

Joint Ownership with the Right of Survivorship

In joint ownership with the right to survivorship, you own an equal right to the property and can possess, rent, occupy, or use it. Upon your death, the property passes on to the surviving owners without passing through probate. Hence, you cannot transfer the rights of ownership of this property in a will or trust to beneficiaries.

Tenancy in Common

TIC ownership, as it is commonly called, arises when two or more people own one property but have separate titles to it. Each property owner does as he or she wishes with his or her property’s interest. Upon your death in a tenancy in common, your property share passes to the beneficiaries you name in your trust or will.

Tenancy by the Entirety

A tenancy by the entirety exists between a wife and a husband. It provides additional protection to the property owned in marriage. One spouse has to consult the other on decisions affecting the property. The entire property automatically belongs to the surviving spouse after the death of the other. A tenancy by the entirety is recognized in a few states.

The primary benefit of the forms of joint ownership mentioned above is an effective solution for passing on a property after an owner’s death without probate. Your lawyer will recommend ways of coordinating your chosen property ownership form with your estate plan. This way, your survivors will not suffer lengthy court battles over the inheritance of property after your demise.

The Most Common Stages in Timeshare Fraud

a lawyer talking to a client

A timeshare is a kind of vacation ownership where a person buys a right to vacation at a certain timeshare resort for one week each year. The problem here is some timeshare owners tend to be too eager to unload their contract that they often become prey of fraud. That’s why every timeshare fraud attorney tells his or her clients to be cautious of companies or individuals who offer contracts that are just too good to be true. Here are a few of the common stages of timeshare fraud you should know.

A Company Reaches Out to Offer Assistance

It would sound too fishy if someone tries to get in touch with you and offers you help just in time when you want to get rid of your timeshare. You might want to be cautious about it, especially if the company makes a claim that the market within the area is in demand, or promises that they have plenty of buyers interested with the property. Check the company’s profile for any reviews, complaints, or feedback so that you’ll know their reputation.

They Ask You to Pay First

Once they’ve noticed that you’re interested with what they have to say, they’ll soon ask you to pay before assisting you. A fraudulent company will ask you to pay a certain amount of fee before giving any help. Most people would eventually pay up to get the help that they need.

There’s Never Really a Buyer

Soon after, you’ll then realize that you’ve been played all along. It’ll become clearer to you that there was never actually a buyer to begin with. And since you were too eager to get rid of the timeshare, you’ll soon realize that you’ll never get your money back because it wasn’t stated in the refund policy.

Learning everything that you can about the entire process is essential so that you’ll know what to do once it happens. Ensure that you’re working with an accredited company who knows a lot about timeshare issues so you’ll have the support that you need.

Divorce Among Older US Couples on the Rise Since the 1990s

Couple holding a broken heart

Your retirement plan should include a budget for a likely divorce, as more people in their 50s and above have decided to dissolve their marriage since the 1990s.

Otherwise known as a gray divorce, this term applies to couples who have been together for more than 20 years. It may affect your retirement fund due to the expensive legal fees associated with divorce proceedings, aside from dividing all your assets with your spouse.

Rising Trend

Data from the National Center for Health Statistics and the U.S. Census Bureau showed that 10 couples out of 1,000 people between 50 years and above divorced in 2015.

The divorce rate among senior citizens at least 65 years old and above rose almost thrice since 1990, with six couples out of 1,000 people.

There are several reasons behind a long-term couple’s decision to split, such as discovering that they no longer have something in common. Some empty-nesters also find out that their children were the only thing that kept them together.

Still, a divorce after 2018 will be more expensive and difficult due to certain changes in taxes for alimony payments.

Unhappy Union

Ken Neumann, New York City’s Center for Mediation and Training director, said that the Tax Cuts and Jobs Act would compel some couples to stay married against their will. By 2019, alimony payments from the spouse paying are no longer subject to tax.

Divorce lawyers here in Suffolk County, NY may explain how this will complicate a divorce settlement. Most lawyers believe that the tax incentive to paying spouses serves as one factor for easier negotiations.

While recipients are not subject to alimony payments taxes, paying spouses may choose to pay a smaller amount due to the new tax code.

Conclusion

Legal counsel should be your priority whether or not you are in the middle of a gray divorce. Would you be able to afford the new system on alimony payments?

Real Estate Transactions Warrant the Right Type of Lawyer

Salesman giving home keys to property owners

When it comes to real estate transactions, including buying and selling a property, the process called “conveyancing” always takes place. However, it’s actually more than just a process; it’s purely law involved with ensuring that the legal and proper transfer of property ownership from the seller to buyer occurs.

Although you don’t necessarily have to enlist the services of a Townsville property lawyer just to purchase real estate, it’s a smart decision to do so. And for many good reasons, including the following:

Ensuring all legal documents are in order

Real estate transactions are complex and confusing, especially for first-time buyers. All the technicalities and jargons can make any average investor feel overwhelmed. This can then lead to errors, such as overlooking a crucial detail in the paperwork or missing a critical detail in the documents. In a worst-case scenario, these mistakes can result in major problems affecting your ownership of the property you paid with your hard-earned money.

A property lawyer who specialises in conveyancing will make sure that all legal documents are in order and that no conflicts will arise regarding your ownership.

Establishing the validity of the deed

In any real estate transaction, the most important document is the deed or the title. This piece of paper proves that the name of the person it bears owns the property and has every right to sell it. However, like almost any other document, unscrupulous individuals can tamper with or forge it.

Unless you’re a lawyer yourself, you may have an extremely difficult time determining the validity of the deed. As such, it’s best that you have a property lawyer who can carry out the verification of the “cleanliness,” validity, and authenticity of the title. This way, you can rest easy knowing that no one else other than the seller has claim or right on the property.