Do I Really Need a Real Estate Lawyer at my NC Home Closing?

North Carolina law does not require an attorney to be physically present when you buy or sell a house. To save money, many may choose to use an escrow agent to handle the closing. Still others may simply assume that real estate closings are basically the same, and the professionals involved in the closing are experienced and competent.

Purchasing a Home is One of the Most Important Decisions You Will Make

Nevertheless, purchasing a house is one of the largest financial decisions you make during your lifetime.  Hiring a lawyer to review your closing documents and to ensure you understand the “legalese” in the loan and other contractual documentation is small in comparison to the worth of your investment. A real estate attorney will also check to make sure there are no outstanding legal issues revolving around the title records. In today’s economy, that expertise is priceless.

For example, one woman wanted to purchase her brother’s home, which was in foreclosure. She worked out the initial transaction verbally with the bank, which required a substantial amount of upfront money to settle the outstanding mortgage payments and late fees. Before she signed anything, she had the foresight to call a real estate lawyer. To her surprise, the lawyer found several liens (including an IRS lien) against the house. What a surprise! Making that call saved her tens of thousands of dollars immediately and prevented her from making a very bad investment.

Do I Need a Real Estate Lawyer?

If you aren’t sure your particular circumstances require the services of a real estate lawyer, why not call a few firms and ask? Most lawyers are happy to answer a few general questions to explore if your needs would be better met with legal representation.

Why Creating a Family Elder Plan Now is Important

Elder Planning: The Best Gift You Can Give Your Family

This may be one of the toughest conversations your family will ever have. Planning for the future when we are planning for happy events – marriages, children, grandchildren – is easy, even joyful. Planning the future that may hold sickness and uncertainty is not so easy, and often it becomes a chore that families put off.

Some individuals get as far as setting up a health care medical directive (especially if there is a chronic, long-term illness) but don’t take the time to complete the other legal documents necessary to avert a crisis that requires immediate attention. A family member may no longer be able to care for themselves, or may not longer be capable of managing their financial and legal affairs. Assets, from large to small, may be in dispute among family members. Tensions may run high. Sadly, you or your family may be in the position of frantically trying to find legal documents, or set up medical care and how to pay for it at a time when emotions are running high and time is of the essence.

Proactively planning for your future is one of the best gifts you can give your family. Remember – if you don’t do it, the State of North Carolina will.

First Steps to Creating an Elder Plan

You’ve taken the first step – you are ready to think about creating your elder plan. What does that mean exactly? A comprehensive elder plan can include trusts, powers of attorney, living wills or health-care powers of attorney. You may want to use more complex techniques to avoid probate, minimize estate taxes, or protect your assets from nursing home expenses. It should also clearly include your health-care preferences and medical directives. Your elder plan should contain a customized combination of the documents that are right for you. Your elder care attorney will work closely with you to determine what fits you and your needs.

This blog is connected with the Conrad Trosch & Kemmy, P.A. law firm of Charlotte, North Carolina. Our law firm practices in several areas of law.  The material presented here is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Viewing this blog or contacting Conrad Trosch & Kemmy, P.A. via email or phone does not create an attorney-client relationship. You may contact us by calling (704) 553-8221 or by visiting our website at www.ctklawyers.com.