Inheriting Property? Here’s How to Clear Title After Probate

If you’ve inherited real estate through probate, don’t assume you have a clean title just because the estate is closed. Title issues after probate are surprisingly common — and they can delay or prevent sales, refinances, or transfers. Here’s how heirs in Connecticut and New York can clear title and protect inherited property.

1. Why Probate Doesn’t Always Guarantee Clear Title

Even after a will is probated and an executor deed is recorded, title can still be “clouded” due to:

• Missing or disputed heirs
• Defective or unrecorded deeds
• Outstanding liens, taxes, or mortgages
• Claims from creditors or other third parties

Without resolving these issues, title companies may refuse to insure the property — making it difficult to sell or refinance.

2. Common Probate Title Disputes

Some examples include:

• The deceased owned property jointly with another party, and the estate’s share is unclear
• Heirs disagree over ownership or sale
• A long-lost heir or creditor surfaces with a claim
• The executor deed was improperly executed or recorded

3. How to Clear Title on Inherited Property

Depending on the issue, your attorney may recommend:

• Filing corrected or supplemental documents with the county clerk
• Negotiating lien releases or title insurance endorsements
• in extreme cases, a Quiet Title Action to resolve disputes or defects

Why You Need a Probate & Real Estate Attorney

These title issues fall in the gray area between estate law and real estate law. Our firm regularly works with families and title companies to resolve complicated inheritance-related title issues—fast and legally sound.

Don’t wait until closing day to find out there’s a title defect on inherited property. If you’ve gone through probate and still have questions about your title, Glouzgal Law is here to help.

Call us today to ensure your inherited home is fully yours—and fully transferable – 203-885-0500

The post Real Estate Title Issues From Probate: What Heirs Need to Know appeared first on Glouzgal Law PLLC.

Title insurance is not required by law but is usually required by lenders; and is always a good idea for homeowners. Even when a title search is conducted, title insurance is necessary in case there are defects in title that arise in the future that were not or could not have been identified at the time of closing.

You can shop around find your own title insurance company or you can ask your real estate attorney who they prefer to work with.

What is the price of title insurance?

Title Insurance rates are regulated by the Superintendent of Insurance; so rates should be extremely similar between companies. The price of title insurance will vary based on the type of property, the purchase price and loan amount.

One of the companies we work with, CATIC Title, has a calculator on their website which will give live quotes for title insurance policies. You will need the following information to get your title insurance quote:

• Purchase Price, if it’s a purchase
• Loan Amount
• The type of property it is
• Whether you are doing a purchase or a refinance
• the town the property is in

Please visit the link below to access the CATIC Title New York Policy Premium Rate Calculator

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That’s Right; If you hire Glouzgal Law PLLC to be your real estate attorneys, we will review and advise on the following at NO CHARGE:

1. Real Estate Agency/Brokerage Exclusive Right to Represent Agreements or Listing Agreements;
2. Real Estate Agency/Brokerage Dual Agency Agreements;
3. Offer to Purchase;
4. Purchase and Sale Agreement;
5. Inspection Reports.

If you are Buyer and you engaged Glouzgal Law PLLC to represent you in your real estate purchase, you will not be charged a fee if:

1. We have reviewed documents for you but your offer is not accepted:
2. Your Offer was accepted but the deal falls apart during Attorney Contract negotiation;
3. You sign an offer or contract but you perform inspections and the condition is unsatisfactory, Seller won’t make repairs or offer compensation, so you terminate under the inspection contingency.

Further, only limited fees, assessed on a case by case situation based on work performed, will be charged if the purchase fails because the Buyer/Client cannot get a mortgage and must terminate under the mortgage/financing contingency.

If you are a Seller and you have engaged Glouzgal Law PLLC to represent you in your real estate sale, you will not be charged a fee if:

1. We have reviewed documents for you but the property never sells and you decided to de-list it;
2. You accept and Offer but the deal falls apart during Attorney Contract negotiation;
3. You sign an offer or contract but the Buyer performs an inspection, we cannot come to an agreement on a remedy for inspection items, and the Buyer terminates the purchase under the inspection contingency.

Further, only limited fees, assessed on a case by case situation based on work performed, will be charged if the sale falls apart because the buyer cannot get a mortgage and must terminate under the mortgage/financing contingency.

What are the client’s obligations?

Of course, all clients will still need to sign a Representation Agreement or Engagement Letter officially hiring Glouzgal Law PLLC to be their real estate attorney; this document will outline our services and fees. Also, while there will be no charge for our fees, any third party fees that we incur on behalf of the client will need to be paid.

WHY WOULD GLOUZGAL LAW PLLC OFFER THESE LEGAL SERVICES AT NO CHARGE?

At Glouzgal Law PLLC we want to represent our clients to the best of our ability. We want to stop problems before they occur, rather than have to work twice as hard to fix problems later. We want our clients to not worrying about having to pay us if something happens in the early stages of the real estate transaction that is not their fault. Clients that come to us days or weeks after signing agreements, offers and contracts may get bad news regarding issues that could have been avoided if we were consulted before those documents were signed. Our goal is to properly advise through the entire real estate process.

Lets be honest, whether you are buying or selling, a real estate transaction can be stressful and aggravating. We aim to alleviate some of that burden by eliminating the concerns over getting access to legal counsel.

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Selling a Home in CT? You Need a Real Estate Closing Attorney

If you are looking to sell your home, you may or may not want to hire a real estate agent, but you will definitely want to hire a real estate closing attorney. While the marketing of your home to potential buyers is something you might be able to handle yourself, the services of a seller’s real estate closing attorney are essential to a legally compliant real estate sale.

What does a seller’s real estate closing attorney do?

A seller’s real estate closing attorney provides many services to the Seller that legally legitimize the sale and make it binding, while at the same time protecting the liability and financial interests of their client. A seller’s real estate closing attorney performs the following closing tasks:

• Reviews Exclusive Right to Sell Agreement and Dual Representation Waiver with real estate agent/broker (if hired early enough);
• Reviews and assists with Listing and Mandatory Disclosures (once again, if hired early enough);
• Negotiates with buyer’s attorney and drafts Purchase and Sale Contract;
• Works to resolve any inspection, appraisal or title issues to meet buyer’s needs;
• Prepares closing documents such as power of attorney, Deed and affidavits;
• Obtains payoff statements for outstanding liens or mortgages;
• Attends the closing with, or on behalf of, the client;
• Handles cash flow in escrow, receiving purchase funds and making any payments or disbursements; and
• Secures and records releases for mortgages after closing.

When issues arise in real estate deals it is the attorneys that defuse situations and save deals by coming up with solutions that are acceptable to both parties. A seller’s real estate closing attorney can save a seller of real estate property a lot of stress and worry.

If you are looking to sell a house or condo in Connecticut, let us handle your real estate closing matters. We charge flat rate fees on closings, and we offer FREE phone consultations, so you can make sure we are the right attorney for you.

SCHEDULE A CALL WITH OUR REAL ESTATE ATTORNEY

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Buying a House in CT or NY? You will need to hire a Real Estate Closing Attorney

If you are looking to buy a home in Connecticut or New York, you will need the services of a real estate closing attorney. A buyer’s closing attorney’s job is to protect their client legally and financially. This includes handling all of the contracts, clearing title and securing title insurance, and meeting all lender requirements.

What does a buyer’s real estate closing attorney do?

A buyer’s real estate  closing attorney helps coordinate the purchase of the property by making sure all laws are followed, his client is getting the property as promised, and by managing the finances. A buyer’s closing attorney performs the following functions:

• Review the Exclusive Right to Buy or Sell Agreement and Dual Representation Waiver between the buyer and their real estate agent (if hired early enough);
• Review preliminary title report Seller ownership issues;
• Review and negotiate Purchase and Sale Contract with seller’s closing attorney;
• Review mortgage commitment issued by the mortgage company and any conditions;
• Order and review the title search to find any liens, mortgages, judgments or other issues;
• Prepare buyer’s closing documents such as power of attorney;
• Review seller’s closing documents including the Deed;
• Review loan documents and meet all lender requirements;
• Attend closing with, or on behalf of, the client;
• Act as Settlement Agent for the Lender;
• Handle all funds through escrow and make all necessary payments and disbursements;
• Provide an accounting of funds to the client; and
• Record all documents such as the Deed, Mortgage and, if necessary, Power of Attorney.

A buyer’s real estate closing attorney can minimize the stress and anxiety of buying a home by giving you somebody you can turn to with literally any question throughout the process. This is perhaps the biggest benefit.

If you are looking to buy a house or condo in Connecticut or New York, let us handle your real estate closing matters. We charge flat rate fees on closings, and we offer FREE phone consultations, so you can make sure we are the right attorney for you.

The post Why Do I Need a Real Estate Closing Attorney to Buy a House? appeared first on Glouzgal Law PLLC.

Hazard Insurance may Delay Your Real Estate Closing

Under the new TILA/RESPA Integrated Disclosures (“TRID”) real estate settlement practices, consumers (those taking out a mortgage to buy a home) must receive and acknowledge the Closing Disclosure, a document showing where all the money is going, a minimum of 3 business days before the actual closing can occur. This means that if any dollar amount changes on the Closing Disclosure, and it has to be acknowledged again, the closing will be delayed for at least another 3 days.

How is Hazard Insurance delaying closing?

One of the biggest issue is old custom. Prior to TRID, it was common for hazard insurance quotes to be obtained a day before closing or even the night before closing. This is because previously there was some leeway regarding dollar amounts and time tables, but not anymore.

So, if the the realtor or real estate attorney do not remind the client to get hazard insurance lined up, the closing could be delayed until a quote is received, updated on the Closing Disclosure, received and acknowledged by the client and a new closing date can be arranged between all parties.

Conversely, I have also seen a closing delayed because the hazard insurance quote was obtained TOO EARLY. Due to changes in the purchase price, the appraised value, or issues discovered during inspection or the walk through, the cost of hazard insurance could change. If the insurance salesman or broker does not take the proper steps to keep everybody informed of any such changes delays may occur.

With the change in laws and the addition of stricter requirements and guidelines, it is more important than ever to hire an experienced real estate attorney to handle your closing. Do problems happen? Sure they do. But you want somebody with the experience and the know-how to limit problems, to spot them when they occur, and to resolve them in a quick and painless manner.

If you are looking to buy a house or condo in Connecticut, let us handle your real estate closing matters. We charge flat rate fees on closings, and we offer FREE phone consultations, so you can make sure we are the right attorney for you.

SCHEDULE A CALL WITH OUR REAL ESTATE ATTORNEY

The post Hazard Insurance Delays Real Estate Closings Under New TRID Laws appeared first on Glouzgal Law PLLC.

Occupancy Affidavits When Buying a Residential Property

What is an Occupancy Affidavit? Why is it required? What can happen if it’s not honored?

When you buy a residential property, your bank will require you to sign an Occupancy Affidavit or Occupancy Agreement. This document will be signed under oath and notarized at closing.

What is an Occupancy Affidavit? This agreement will represent to your bank (the Lender) that you (the Buyer) will move into the property within the next 30 days, and usually require the Buyer to live there for a certain period of time, for example 1 year. There is no standard occupancy affidavit, and each Lender generates their own agreement, so the exact terms and language will vary from one Lender to the other.

Why Do Lenders Require Occupancy Agreements? The necessity of the occupancy agreement is due to the difference between loan packages for personal residences and investment properties. Residential loan packages come with lower interest rates while investment loan packages have higher interest rates, due to higher risk factors with investment properties that will be rented out. If the Lender is going to be giving the Buyer a personal residence loan package, they want an assurance that they will in fact be living there.

So What? What If the Buyer Does Not Honor the Occupancy Affidavit? Since the Affidavit is signed under oath and notarized, and since its terms are clear or “unambiguous,” it will be fairly easy for the Lender to enforce their rights in court. Failure to honor an occupancy affidavit is considered mortgage fraud. The most likely result is that the Lender, upon discovering a misrepresentation, can immediately call the entire outstanding amount of the mortgage note. There may also be additional civil and criminal penalties. How would the bank find out? New “Risk Management” software can help Lenders use your credit card bureau information (public records) and and tax documents (which you agree to provide as part of any closing) to determine your primary residence and check it against the property you purchased, quickly and easily.

When buying real estate property you should always seek the expertise of an experienced real estate closing attorney. Part of your attorney’s job is to evaluate your goals for the property and make sure you are getting the proper loan package.

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