Owner Financed Transactions

October 30, 2018 12:39 PM Tyler Edmondson

Owner Financed Transactions

A home is a big investment one can make, but it involves some type of financing due to its high cost. Some home buyers may find it difficult obtaining a mortgage loan because their financial situation is not ideal. There is a lot that goes into buying a home including a predictable salary, employment history with no interruptions, and a pristine credit score. As the seller, you may not only have a hard time finding a buyer, but the borrower can have trouble getting approved for a loan, which can be a lengthy process. There is another way to complete the transaction that cuts out the conventional mortgage lender or bank.

Owner financing is a financing arrangement, between the buyer and seller, in which the homebuyer finances the purchase straight from the seller, resulting in installment payments, rather than having the buyer obtain a loan from a bank. In other words, the seller extends enough credit to cover the purchase price of the home to the buyer, and the buyer makes payments until the amount is paid. Owner financing goes by many names, such as Owner Will Carry, Owner Carried Financing, or Owner Carryback; it all means the same, it just depends on where you live. There is a lot that goes in owner financing for both the seller and buyer. You might think as the buyer you could make payments directly to the seller rather than going through the process of getting a mortgage, and that’s that. These types of owner financed deals are rare. What many do not realize is that the seller has to pay off their existing mortgage before they can sell and they may not have the finances to do so. As the seller, owner financing may not be a bad idea. You can sell “as is,” retain the title, and sell your home faster since the buyer avoids the lengthy mortgage process.

Real Estate Attorneys in Wylie

While all of this can be confusing, even after doing research online, it is in your best interest, as a buyer or seller, to be sure you understand the process and your rights. And there are advantages and disadvantages both parties should be aware of when considering or engaging in an owner-financing arrangement. A qualified Real Estate attorney at Edmondson Law, PLLC will answer any questions or concerns you may have. Our staff can also assist you in drafting contracts and promissory notes when needed. Contact us by calling 972-442-8326 or visiting us at www.wylietxlaw.com for more information about our services.

Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.

We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.

When You Should Revise or Review Your Will

October 23, 2018 3:38 PM Tyler Edmondson

When You Should Revise or Review Your Will

There are thousands of people who live their lives and die without having the proper documents in place to protect their loved ones. And there are those who do have a will in place but don’t put much thought into it after drafting it. This brings up the question, “How often and when should we revise our will?” Some people put their will or estate planning documents in a safe place for years without making any changes as there are significant changes in their lives. There are several reasons for you to look back and make necessary changes to these documents and Investopedia has a list for you to consider because of expected of unexpected life-changing events.

New People Should Be Named in Your Will

If there is a new addition to your family since you first drafted your will, it pays to take a look at the document just to make sure it is worded in the correct manner and to consider reviewing it with an attorney to see if any alterations need to be made.

You Get Married or Divorced

There may be a time that you decide to get married again and want to include your new spouse in your will or living trust. After a divorce, the last thing you may want to do is leave any money or rights to your ex in a time you may become sick or die. If you’ve gotten divorced since you last signed a will, consider discussing with an attorney what changes your will might require.

People You’ve Named Are Now Deceased

Whether your spouse, family member, or child, unfortunately, passes away, there should be changes made in your will. Wills are written or should be written in such a way that there are backups for everything. Let’s say, if your spouse were to predecease you, your assets might go to another relative.

It’s Just Time to Make Changes

You should review and make necessary changes to your will every few years. Many peoples draft a will when they are young or get married at a young age. It’s great to start planning at an early age, but keep in mind that what seemed appealing when you were young may not work when you are older according to Investopedia. If you have a change of heart, review your will and speak with your attorney.

Do You Need Help Updating Your Will?

If you need to make changes in your will, contact a knowledgeable estate planning attorney at Edmondson Law, PLLC. We can assist you in creating or revising any documents to be sure your affairs are in order. Contact us by calling 972-442-8326 to schedule an appointment with one of our attorneys.

What Are Property Easements?

October 16, 2018 2:23 PM Tyler Edmondson

What Are Property Easements?

There are several situations where you may experience an easement. If you are looking to buy property with a home, you may not know that your potential new neighbor may have a legal right to access your property. Your neighbor may need to drive through your new property to get to work or access their property and is within their right to do so. It could also be a legal right to use someone else’s land for a particular reason, such as a water company needing to run pipes under your property. There are several types of easements: utility, private, easements by necessity, and prescriptive easements. It is important to find out if any property you are interested in has an easement before finalizing the purchase. Easements don’t change when the property changes hands.

A Few Things to Keep in Mind About Easements

Trulia has a few points and rights to keep in mind when purchasing a new home or property with an easement. It is not a simple case of keeping a person or entity from entering your property once you buy it by building a fence or causing damage or delays. Before purchasing, it’s important to know whether there are any easements on the property before you close, where they are, and what type of easements they are. Some can remain after you buy the house, but others can be canceled depending on the type of easement.

Two to think about is an appurtenant easement and an easement in gross. An appurtenant easement is one in which the neighbor sought and now owns the easement, like the example in the top paragraph. With an easement in gross, you have more say, and it does not remain once the property changes hands. An example used is if a neighbor had an agreement with the original property owner to use a path that runs through the property to access a fishing pond. But the easement in gross does not remain once the property exchanges hands and you as the new owner can keep the neighbor from accessing the path on your property. Another type of easement is an easement by necessity. An example of this is if you buy property with an easement and has the only access for your neighbor to get to their property, you can not block their way otherwise you would be trespassing upon such easement.

Experienced Real Estate Attorneys in Wylie

All of this can be confusing, or you may be questioning a situation of someone illegally trespassing. If that is the case, you will need a real estate attorney that is experienced in these type of cases. Being a new homeowner, you need to know and understand your property rights. The attorneys at Edmondson Law, PLLC have the experience and tools to help you in your situation. Contact them today by calling 972-442-8326 to schedule a free consultation.

Avvo Ratings

October 9, 2018 10:58 AM Tyler Edmondson

Avvo Ratings

Avvo.com is a legal aid site that provides a greater depth of information than standard lawyer marketing websites; it is essentially an online resume. On the site, you can expect more than a lawyers name, address, and phone number, but a list of academic and employment history, publication credits, awards, and significant cases. According to Avvo, the directory provides comprehensive profiles, client reviews, peer endorsements, and its own proprietary rating for more than 97% of all licensed attorneys in the United States. Lawyers can post links to their website and answer legal questions posted by potential clients. Avvo’s rating is generated using a model that considers information a lawyer included in their profile in addition to the information Avvo collects from state bar associations and other organizations that license legal professionals.

Tyler Edmondson has an Avvo profile and has a 5 out of 5 stars rating. Every rating has a positive message about his work and the work of his staff at Edmondson Law, PLLC. One former client wrote:

“I cannot express how highly I would recommend Tyler. I was in a horrible divorce that was dragging on. Tyler was not only understanding and compassionate, he kicked butt!!!! If you want an honest lawyer, that will do the best possible job for you, Tyler is your man!!!! My whole family and I are in his debt. I thank God for the day I called him, he gave me my life back.”

Avvo.com is an easy way to find a highly-rated lawyer in your area or to ask a lawyer for free advice, anonymously. You will usually get a response within 12 hours and are able to ask follow-up questions.

Trusted Lawyer in Wylie

If you are in need of a divorce lawyer or need advice about your case, contact Edmondson Law, PLLC today. Edmondson houses a knowledgeable staff willing to work hard to help you guard your assets and keep you focused on your goals. Give us a call today and set up a free consultation by calling 972-442-8326.

The Importance of Making Sure That Your Affairs Are in Order

October 1, 2018 2:18 PM Tyler Edmondson

The Importance of Making Sure That Your Affairs Are in Order

If you’ve worked hard your whole life, you have more than likely created or established a decent estate. Essentially your estate which could be your house, your vehicle, perhaps your RV, or any other worldly possession that has value is how you measure success in life. Ultimately your estate is your legacy and one that you intend to leave to your heirs once you have passed. But have you established a will to dictate how your estate will be handled? This is a very common question as many people procrastinate on this and do not get their estate in order before they passed; which then makes what was supposed to be a seamless transition into a major headache.

Why You Need a Will

Ultimately this is why it is important that you have a will in place. If you don’t have a will in place, then it is impossible for your loved ones to know what your final wishes are. And what is worse is the state will then have to get involved in distributing and liquidating your estate. This is the last thing you want. At this is going to cause a lot of heartache for your heirs. That is why the best way to handle this is to simply take the necessary steps to ensure that your final wishes are known by getting your will done by a professional. This can be done at any law firm that specializes in estate planning. This is something important you should do for your family. You will need to understand that the difficult loss of your passing is going to be very hard on your family. Why make this harder than it has to be by making them go through a long legal process.

Estate Planning Attorney in Wylie

If you are in need of establishing a will, then contact a law firm that understands estate planning law specifically in the state of Texas. Edmonson Law, PLLC is one such law firm. Edmonson has years of experience dealing in estate planning law and knows Texas code in and out. So if you are ready to make the next step to ensure that your final wishes are known, then please do not delay and call Edmonson Law today at 972-442-8326 and schedule a consultation.