Preparing a Deed for Sale by Owner

Deed for Sale by OwnerThere are many steps involved in selling your home for sale by owner, but preparing a deed is one of the most important elements of transferring ownership. Working with experienced real estate attorneys who can prepare the deed and other documents will ensure that all of your legal bases are covered and the new deed is properly registered and recorded.

 

Why should I have a lawyer prepare the deed?

A deed has specific language that must be included to correctly convey ownership of the property from one party to another. If the proper wording is left out or used incorrectly, the transfer of ownership to the next partly could be deemed invalid, which may likely result in multiple legal claims.

 

Preparing a new deed also requires multiple steps, additional documents, and document standards that are required by all recorders of deeds in Pennsylvania. Having a competent lawyer draft the deed for transfer of your property will ensure that all of these standards and requirements are met. Your lawyer can assist you with these steps, including:

 

Preparing a new deed and recording it with the “Recorder of Deeds” of the county in which the property is located.

 

Determining appropriate fees and transfer taxes. Transferring property requires a transfer tax to the state, county and local municipality unless the transaction is between family members. If it is being transferred to family, a statement describing the relationship must accompany the new deed. A competent real estate attorney will know state-required home sale fees and transfer taxes.

 

Preparing payments. Some counties require several separate checks while others will accept one and disperse payments.

 

Preparing additional documents that must be submitted with the deed, such as a fully completed Statement of Value form. The Pennsylvania Department of Revenue requires that transfer taxes or statements of value must be included with all transfers unless the deed clearly states an exemption.

 

Notarizing the new deed. All parties must sign the new deed in the presence of a Notary Public.

 

Registering the deed before and/or after recording. Some Pennsylvania counties, boroughs and townships still require registration of deeds after recording.

 

Most counties have very specific requirements that must be met when drafting a new deed and all of the documents that accompany it. You may be unaware that deeds and mortgages must include much more than the property’s value, municipality, county and state. There are many small details, such as book and page numbers, that must be cited when referring to mortgage documents.

 

A lawyer who is well-versed in handling for sale by owner transactions will know exactly what is required when crafting a new deed.  Knowledgeable business lawyers can also assist you with the creation of other documents and contracts related to the sale of your property and accompany you to the closing.

 

When selling a property for sale by owner, having qualified attorneys on your team can help you avoid costly headaches and save money in the long run. Our knowledgeable attorneys in Montgomery County and West Chester will create a deed that ensures a smooth transfer of ownership, allowing you to move on to your next adventure in real estate.

Do You have an Exit Plan for Your Business?

Exit Plan Business

Whether you are creating a business plan or currently running your business, it is crucial to have an exit plan in place. Often one of the most overlooked elements of what makes a business successful, creating an exit strategy can set you up for an effective exit, regardless of the reason(s) you are leaving. Getting assistance from experienced business lawyers for an exit strategy can help the strategic direction of your company and ensure an easy transition when the time comes to hang up your hat.

 

Why is having an exit plan so important?

An exit plan is extremely useful when unexpected events such as financial hardship, injury, disability or death occur. It is also essential whether you are exiting due to retirement, selling the business, transferring it to your children, or going public. Regardless of the reason you are exiting the business, failing to have a business exit plan in place may limit options for you and your successors.

 

Benefits of having an exit strategy in place include:

  • Peace of mind, knowing that you can exit your business profitably.
  • Preserving the value of the business you have built.
  • Creating a smooth transition for buyers, your management team or family members.
  • Ensuring income for retirement or in the event of an injury or disability.
  • Increasing the current and future value of your business.
  • Decreasing the potential tax impact on your estate.
  • Creating a strategic direction for your business’ growth.

 

How do I create an exit plan for my business?

Develop a Business Succession Plan

Creating a sound business succession plan can make exiting your business a smoother process. Different kinds of businesses have different needs, so seeking the counsel of seasoned business attorneys who can provide direction on which options are best for you and your successors is essential. Many business owners are not only financially but emotionally invested in their businesses, and family dynamics can play a complicated role in many small businesses. Having an impartial party such as an attorney to help you determine your goals, needs and options can mean the difference between a successful, streamlined exit and a messy one.

 

Retirement & Estate Planning

Retirement and estate planning often goes hand in hand with business succession and exit planning, as there are many different strategies that can be employed when exiting your business. Whether you are seeking a more limited role in the business, passing it on to family members, or selling it to your management team, experienced wills and trusts lawyers can provide solutions such as trusts and family limited partnerships that can help to minimize tax liability for both you and your successors.

Ideally, an exit strategy should be planned at the outset of a business and reviewed and updated every few years. In established businesses, focusing on day-to-day operations and competing in today’s volatile economy often take precedence over exit planning, but the sooner a plan is put in place, the better
prepared you will be when the inevitable exit occurs.

 

Carosella & Associates’ experienced lawyers in Delaware County can create an effective exit strategy that will help you, your business and family attain personal and financial success.