What is a Power of Attorney?
A power of attorney is an instrument wherein one person (referred to as “the donor”) authorizes another (referred to as “the attorney”) to act as the donor’s agent or attorney. The power may be general (authorizing the attorney to deal with all financial matters which the donor could lawfully deal with) or specific (authorizing the attorney to perform certain specific and limited acts).
Buying Property - What is Included?
Most people intuitively know what is and what is not included in the sale of land (real property). This article will attempt to expand upon that knowledge, setting out some basic legal principles to help us determine what is included and what is excluded in a sale of real property. Often what is included and what is excluded in a real estate transaction comes down to whether the property in question is a chattel or a fixture.
Realtor vs Private Contract
Law firms often handle two types of real estate contracts: (1) contracts prepared by real estate agents; and (2) private contracts that are prepared by lawyers. In our experience, most residential contracts are prepared by real estate agents. These contracts are often delivered to lawyers after conditions have been satisfied.
Why Purchase Title Insurance?
Title insurance protects against losses incurred as a result of unknown defects with respect to title as well as certain off-title matters. Policies are available for a one time premium payable when your real estate transaction closes. Often policies protect anyone who inherits the property and certain family members if the property is transferred to them for nominal consideration.
Buying Real Estate - Why Ownership Structures Matter
When multiple parties take title to real property they can take title as joint tenants or as tenants in common. We refer to these ownership structures as joint tenancy and tenancy in common. Joint tenancy is where two or more persons each own an undivided interest in the whole.
Things to Think About Before Making a Will
An executor is the person responsible for gathering the assets, paying debts and distributing the estate to the beneficiaries. When a person is managing a trust, we refer to this person as the trustee of the trust. A trust is a relationship which arises where the legal and beneficial ownership of property is divided.