Real Estate Law In Happauge, NY
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Gulotta & Gulotta, PLLC, real estate law in Happauge, NY, is a general practice, handling a variety of cases in many different legal areas. We have a large focus on Personal Injury and Real Estate matters. We also deal with legal issues involving Estates, Wills, Traffic Violations, Matrimonial and Family matters, and Corporations.
We consider our clients part of our family and we promise to treat you as such. When you choose our firm to help you with your case, we promise to give your case the attention it deserves and you should not expect otherwise from any professional.
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Estate planning can seem like a daunting task. With so many things to consider, knowing precisely what you should include in your plan can be challenging. Real estate law in Happauge, NY at Gulotta & Gulotta is here to help you understand the integral components of your estate plan and provide you with options that benefit your circumstances at our Ronkonkoma office. Continue reading to discover the five components of estate planning.
What Are The 5 Components Of Estate Planning?
When you picture estate planning, you likely think it is drafting a will. However, several components must be included to ensure that your assets are transferred appropriately upon incapacitation or death. Here are the five elements of estate planning:
- Will – A will is a binding document that dictates who will receive your assets and property in the event of your death. The will names an executor who will carry out your directions. If you have minor children or other dependents, it will name a guardian who will care for them should you become incapacitated or die.
- Trust – Trusts are legal arrangements through which a trustee holds the title to property on behalf of a beneficiary. The individual setting up a trust can dictate when and how the beneficiaries receive the assets. The two types of legal trusts are revocable and irrevocable. A revocable trust allows you to retain control over your assets in the trust with the freedom to change the terms or revoke them at any time. With an irrevocable trust, the assets in it are no longer yours, and you can’t make any changes without the beneficiary’s consent.
- Power of Attorney – A Power of Attorney is the individual you designate to manage your affairs and step in should you become ill. This person can make crucial financial decisions on your behalf. Without a POA, the court is left to decide what happens to your assets.
- Medical Directives – Similar to power of attorney, a medical directive designates someone to make healthcare decisions for you if you are unable to do so. The two documents in this directive are a living will and a healthcare proxy. A living will provides instructions for your medical care should you become terminally ill. A healthcare proxy is an individual who will make decisions on your behalf if you become incapacitated.
- Beneficiary Designations – These designations dictate who will receive your benefits when you pass. When you create your estate plan, you should make sure that you regularly review your designations to ensure they are up to date.
Contact Our Real Estate Law in Happauge, NY
Life can take several unexpected turns, so it’s best to be prepared with a well-executed estate plan to ensure all of your assets and affairs are in order. At Gulotta & Gulotta, our real estate law in Happauge, NY will help you draft your estate plan and help you secure you and your family’s future. Be sure to contact us today to learn more and request a consultation at our Ronkonkoma office!
The process of buying a new home can be exhilarating but can also become exhausting. After months of open houses and negotiations, you want to settle into your dream property as quickly as possible. Unfortunately, some of the last-minute formalities of property transfers are important. Before this occurs, the deed must be transferred from the seller to the buyer. At Gulotta & Gulotta of Ronkonkoma, our real estate law in Happauge, NY is here to help you streamline the deed transfer process and avoid any potential pitfalls. Continue reading to learn more information about deed transfers.
What is a Deed Transfer?
A deed is a legal document that indicates who owns a piece of property. A deed will identify the buyer, seller, and purchase price and provide a legal description of the property. The deed will also be signed by the individual transferring the property. There are two types of deeds used in real estate transactions:
- Quitclaim Deed – Quitclaim deeds transfer the ownership interest the seller has in the property but makes no guarantees that the title is good or what that interest is. These types of deeds are used to transfer property between spouses after divorce, clear up title problems, or for informal real estate transactions.
- Warranty Deed – A warranty deed, or grant deed, is the most common way to transfer property. This type of deed transfers ownership and promises the new owner that the grantor holds good title to the property.
The property transfer process happens by way of deed. The deed is the official proof of transfer for real estate, which can include the land on its own or land with a home or other building. Deeds are often short documents, as they do not require much information. However, the deed must be prepared, executed, and filed properly. If you attempt to transfer a deed on your own, you risk making the deed unrecordable or unenforceable, defeating the purpose of the transfer. Our real estate law in Happauge, NY will oversee the proper execution of all documents and ensure you save time and money.
Contact Us: Real Estate Law in Happauge, NY
At Gulotta & Gulotta, our real estate law in Happauge, NY has represented buyers and sellers throughout the deed transfer process. Our experienced real estate attorneys are here to help you save time and money. Be sure to contact our Ronkonkoma firm to learn more about deed transfers and request a consultation today!
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Purchasing a home for the first time is an exciting yet daunting achievement. While becoming a homeowner is a huge accomplishment, it can also lead to many complications that can make you feel overwhelmed. At Gulotta & Gulotta of Ronkonkoma, you will have an experienced team in real estate law in Happauge, NY to guide you through this complicated process. Continue reading to learn more about tips for first-time home buyers!
Tips for First Time Home Buyers
Becoming a homeowner is a rewarding experience and something to be proud of. You can build your credit, receive tax benefits, build home equity, and more! However, great benefits also come with great risks. To ensure that you are making the right choice when purchasing a home. You should also have a real estate law in Happauge, NY to assist you. To avoid some of these risks, follow some of these tips below:
- Applying for a Mortgage: Try to get pre-approved for a mortgage. Several lenders provide higher payments than needed, so shop around to see your best offer.
- Real Estate Broker: A real estate broker will be another helpful individual to help you find your dream home in a location that you desire.
- Down Payment: First-time home buyers are given different options with their down payment, which depends on the cost of the home. Your real-estate lawyer will provide you with all of the information and assistance programs you’re entitled to.
- Make an Offer: Once you have found your dream home and consulted with your real-estate attorney, make an offer!
- Independent Inspection: It is recommended that you state you will not continue with the contract if you are unhappy with the inspection results performed by a qualified engineer or architect.
Benefits of a Real-Estate Lawyer With Real Estate Law in Happauge, NY
These are a few of the many things you need to know when purchasing a home for the first time. When you have a real estate law in Happauge, NY, your lawyer will take a lot of tedious tasks. We will assist you when determining the best down payments, closing costs, and much more. Our lawyers at our Ronkonkoma office will develop a contract that protects your interests. We want to make this process as simple as possible for you!
Contact Us: Real Estate Law in Happauge, NY
If you’re a first home buyer, you must have the proper assistance when purchasing a home. At Gulotta & Gulotta, we have dedicated professionals to ensure you’re getting the best deal at a competitive price to save for your home. If you are interested in obtaining a real estate law in Happauge, NY, contact us and schedule your first appointment.
*Prior Results Do Not Guarantee Future Outcomes*