What’s one of the biggest legal challenges consumers face during the closing process that can be avoided?
According to Cam, it’s title issues. Even simple things such as how the property is titled can turn into an issue. For example, are both spouses on the title? Do they both need to sign the contract? You don’t have to be an investigator to know the basics. Make sure you get this stuff squared away before you start the home-buying or selling process. It’s not a huge deal, but knowing the basics can help you avoid additional paperwork.
How does joint tenancy work?
Joint tenancy with right of survivorship refers to the way deeds are prepared. You see this often with spouses—if one of them dies, the title of the estate automatically transfers to the other’s name without having to go through probate. Going through probate, of course, means having to wait eight months to a year for matters to be settled. For Sallé Galloway, this is standard procedure for every closing unless the couple directs them otherwise.
Trusts, in particular, are suited to avoid probate when it comes to real estate matters.
If a homeowner passes away and this type of information isn’t in place, the situation may have to be resolved in court. A good way to avoid this is to set up an estate plan, will, or trust. Trusts, in particular, are suited to avoid probate when it comes to real estate matters.
What does the process of setting up an estate plan, will, or trust look like?
If you work with Sallé Galloway, they’d first schedule a meeting with you to answer all your questions, get some basic information from you, and understand your objectives. Then they’ll schedule a second meeting where they execute the documents.
If you have more questions for Cam or would like to learn more about Sallé Galloway, visit their website or give their office a call at (864) 234-2901. Our mission at The Haro Group is to work hard so that the community God has placed us in thrives, and working with a law firm like Sallé Galloway is a great way to ensure your family’s assets are protected. If you have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.