Top 3 Things to Consider When Purchasing Vacant Land?
Video Summary
What to consider when purchasing vacant property. I think the top 3 that I would suggest once you arrive at a price or whatever, you need to verify the zoning and land use and make sure that you’re able to use the property for its intended use. And so it had, and that might have to do with size of the property, the access things such as that next, it would be the availability of utilities. So if you’re getting one, a belt, a residential property, a belt, a house on a vacant lot, well, are there water and sewer available, or can you go with a well and septic tank, but anyway, check on the availability of utilities and those come with impact fees or the costs that you may be building. The third thing that you should consider whenever you’re buying vacant property as, did have a wetlands, determination, as far as that, or an environmental audit the property.
If the property is low, you wouldn’t be able to use whatever is below a jurisdictional line. So you may be buying three, four and a half acres, but maybe only a half of it, half an acre is buildable, or if it’s high and dry. Well, there may be some other problems as far as gopher turtles or other environmental endangered species and things such as that. So, you would need to consider the environmental aspects. So those were my top 3 items on my list that you need to consider when you’re buying a vacant property. If you have any questions or needing assistance, as far as selling or buying a property, we’ll give me a call at (727) 847-2288.
- Published in Real Estate, Videos
Are Retirement Accounts Considered Part of an Estate?
Video Summary
Are retirement accounts considered part of an estate? They’re not part of a probate administration, an estate. And that, IRAs are usually the retirement accounts we’re talking to and, or 401ks. And so, they’re not considered to be a part of the estate since they usually designate a beneficiary. And so, then all you need in order to, if you’re one of the beneficiaries is to present a death certificate to whoever is managing the IRA, and then they should give you the options. There’s usually options from taking the full lump sum and you can maybe defer or spread it out over the time period. So, they usually have designations one. The problem that we’ve encountered is, as we know, there’s an IRA, but we don’t know who the beneficiaries are because there’s no documentation, the estates records and the banks, or whoever has it, many times will not discuss the amount or let you know who the beneficiaries are. So, it’s important that if there is an IRA, that there is some documentation to show who the beneficiaries are. So that person, the beneficiary can present a death certificate to the custodian or the person who is handling the IRA or 401k. So, if you have any questions about it, we’ll give me a call at (727) 847-2288.
Can a Bank Refuse to Honor a Power of Attorney?
Video Summary
Can a bank refuse to honor a power of attorney? The answer is yes, they can. They need to advise the person who’s using the power of attorney, why they reject it in order to give the person who is attempting to use it in behalf of a principal to take care of business for someone, and then you can address the bank’s concern. And then if they still refuse to do that, they have some liability, as far as their refusal to allow the agent to act, if the power of attorney is properly execute, it is a real practical problem and that who wants to litigate with a bank on trying to take care of someone’s business for them. And so you need to continue to work with the bank. Some banks are easier to work with and others, my experience has been, they send it off to legal. They don’t even let me talk to you as a lawyer for someone talked to the legal department and it is somewhat frustrating, but yes, they can. The statute provides a must. Let you know why the power of attorney is deficient and they’re not, they’re not having you, not recognizing them. So, if you hand me questions or our guests, I can listen to your frustrations. Call me at (727) 847-2288.
- Published in Estate Planning, Videos
Can a Family Member Override Power of Attorney?
Video Summary
Can a family member override power of attorney? We first need to look what a power of attorney is. The power of attorney is a written document where the person designates an agent to act in their behalf. That doesn’t mean the person who executes the power of attorney cannot still act in their own capacity. It’s simply appointing an agent and the agent, if they exercise that right under the power of attorney, they are required to act in behalf of the individual who granted them the right to act in the person’s behalf. A family member doesn’t have any rights to act on behalf of the person who has granted the power of attorney to a third party. The power of attorney is what gives someone the authority to act on behalf of someone. So, the family member doesn’t have any control over the parties, assets, which you usually, the power of attorney is also a power of attorney terminates at death. So, it’s of no effect. So, if you have any questions about a power of attorney giving me a call at (727) 847-2288.
- Published in Estate Planning, Videos
What is a Promissory Note in Connection to Real Estate?
Video Summary
What is a promissory note in conjunction to real estate? A promissory note is the promise to repay the amount that is borrowed in order to purchase the real property, or if you’re taking a loan out against the real property. So, you have the note, which says you promised to repay the loan and sets forth the terms, the interest rate of the loan. The note is then secured by a mortgage, which puts a lien against the real estate. Now, this the mortgage doesn’t say that you owe me any money. The note says that what the mortgage does is gives the lender at lien against the property. So, if you don’t make the payments on the promissory note, they can enforce or foreclose on the mortgage and have your property sold at foreclosure sale. If you do not pay the amount owed to them on the promissory note, if you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate, Videos