Many details of real estate closings have the potential of being overlooked by the buyers and sellers, or even by real estate agents or brokers. Sometimes a standard real estate contract may not contain the points that are needed for a married couple, a veteran or other American citizens with a special need of some sort.
Finding the Right Home
No matter whether it is the first home, second home, or dream home, there is much to depend on when completing real estate closings. The details of escrow and contracts, along with the mortgage that you have applied for are essential. Many of these things need to be laid out specifically before the closing papers are signed. Even more than finding the home to match your lifestyle and personal needs, it is also important to have everything set to match your financial needs for years to come. With a mortgage being a long-term commitment it is quite dangerous to overlook details. These include points like your living will, estate planning, life insurance, and other financial support when knowing how the mortgage will be handled in case of an emergency like the loss of one spouse.
The Search for Real Estate
There is much more to finding that perfect home than is included in the services of a quality real estate agent. Depending on the detail of the situation you are in, there are a number of potential lawyers that could be needed to make sure that the closing papers for your real estate purchase are drawn up properly. Whether it includes real estate lawyers, will lawyers who can write a will and help with power of attorney requirements, homemade wills lawyers, or others like probate lawyers and those able to handle special needs trust.
No matter the situation, there is always the potential of something happening to one homeowner or the other, and something needs to be stated in the real estate closings to hand everything over to the other. Luckily, the phrase “Owner 1 and Owner 2 JTROS” included in the deed is able to do just that. This can be a part of the will that is created as well as in the paperwork for the home itself.
Therefore, along with the completion of real estate closings, the completion of a will or living will is key when purchasing a home with your spouse or partner. Even if you purchase a home alone, it is important to have the paperwork for a will drawn up in order to have the terms complete in the event that an accident were to happen. Leaving your family with the activity of an accident attorney or other litigation may be a long and challenging process, and there is the possibility that your assets could end up in the hands of the government. So, even if you are under the age of 40, with the purchase or ownership of real estate in your hands it is good to go ahead and have a will drawn up now.