Savannah Real Estate Lawyer

Closing Tip: What the HECK is Going on with Flood Insurance Premiums?

Written By Posted In Closing Tips, Real Estate

One of the biggest topics surrounding real estate right now is: What the heck is going on with flood insurance premiums? Well, in 2012 the Biggert Waters Flood Reform Act (the “Act”) was passed by Congress. In part it was designed to extend the flood program five years. Why? To help eliminate closings that were being delayed because flood insurance was not available.

What also was included was a plan to bring the National Flood Insurance Program out of the doldrums and make it self-sufficient. While all that sounds great, what was never reviewed was the potential financial impact on some homeowners.Continue Reading

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Investment Properties – Do You Really Need an LLC?

Written By Posted In LLC's, Real Estate, Rental Properties

One of the most frequently asked questions I get as a real estate and estate planning attorney is: Should I transfer my investment rental property into a limited liability company (LLC)? The answer is very simple. YES! Why you ask? If you own a rental property in your individual name and someone is seriously injured on the property, many of your personal assets are exposed. In other words, a lot of what you have worked for your entire life could be taken away in an instant if you are sued in your individual name and found liable. By having the rental property in an LLC, your personal assets are protected.Continue Reading

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Closing Tip: Buyer’s Wires – REVISTED

Written By Posted In Closing Tips, Real Estate

Many of the buyers I work with (not only first time home buyers) have never sent a wire. While most law firms will accept a certified, bank check for an amount less than $5,000.00, amounts exceeding $5,000.00 generally must be sent to the closing attorney’s firm by wire. While it a customary practice of mine to discuss this issue during my first phone conversation with the buyer (usually made within 48 hours of receiving a purchase and sales agreement), this is not standard practice at most closing attorneys’ offices. So no matter what closing attorney is handling the transaction, it would be a great practice to address a potential wire scenario early on. Even if you address it early on (as I do), you should also remind them of this potential issue again a week or so before the closing because (as we all know) buyers have so much on his/her mind leading up to a closing and you do not want this potentially time-sensitive issue slipping his/her mind. Let me provide you a few examples of situations your client does not want to find himself/herself in.Continue Reading

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Preparing Short Sale HUD’s – Do We Charge For It? – NO WAY

Written By Posted In Real Estate

I recently received two inquiries regarding preparation of short sale HUDs. They wanted to know whether I charged a fee in connection with working up and preparing the HUD. The answer is NO. While we know that not all short sales are approved, we still have to try. The realtors involved with a short sale spend a great deal of time pulling together the contract.  The closing attorney is a critical part of a realtor’s team and must spend whatever time is necessary to quickly prepare the short sale HUD. At times, failing to timely prepare a short sale HUD can be the difference between getting the deal done or missing the boat.

The bottom line is you MUST have a closing attorney that understands the time-sensitive nature of preparing an accurate short sale HUD.  Other than closings actually happening in the office that day, preparing short sale HUDs are one of our top priorities each and every day. If you would like to discuss in more detail how my office handles the preparation of short sale HUDs, please call me on my cell (912-484-1996) anytime or by email – jgerber@brannenlaw.com

You can find Joel on | | Linkedin

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Lunch & Learn – “What You Should Expect From Your Closing Attorney”

Written By Posted In Real Estate

Topic: “What You Should Expect from Your Closing Attorney”

Speaker: Joel Gerber – Brannen, Searcy & Smith, LLP

Sponsored by: Bank of America – George Evans – Mortgage Loan Officer

Date: Wednesday, August 21, 2013

Networking & Lunch: 12:00pm

Speaker: 12:30pm

Location: Savannah Area Realtors – 7015 Hodgson Memorial Drive

In order to give our sponsor an accurate count, please RSVP for lunch no later than Monday, August 19, 2013. This is an SAR member benefit – No Charge to attend for SAR members.
Due to Educational Requirements, NO CE Credit is given for Lunch & Learn sessions.
To RSVP, please contact Lori at loriv@savannahboardofrealtors.com.
For more information visit the SABOR website.

You can find Joel on | | Linkedin

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