Protecting networth with solid wills during coronavirus era? Waiting for the ‘unicorn’. Unicorns do not exist in real estate, and finding the perfect property is like finding a needle in a haystack. Looking for perfection can narrow your choices too much, and you might pass over solid contenders in the hopes that something better will come along. But this type of thinking can sabotage your search, says James D’Astice, a real estate agent with Compass in Chicago. How this affects you: Looking for perfection might limit your real estate search or lead to you overpaying for a home. It can also take longer to find a home. What to do instead: Keep an open mind about what’s on the market and be willing to put in some sweat equity, DiBugnara says. Some loan programs let you roll the cost of repairs into your mortgage, too, he adds.
Everyone is on social media sites these days and Facebook is a great way to network and connect with buyers. In addition to the marketing effort your Realtor will provide, you can also use the power of networking to get the word out to as many people as possible that your home is for sale. People also love watching videos. If you grab your phone or video camera, make a video as you walk through your home and your neighborhood. Tell why you love it and then post that video on FB and YouTube. By doing so, you will help a prospective buyer visualize a great life living there also.
Most estate planning lawyers have had some increase in the numbers of clients wanting to create or update wills and they have worked out ways of meeting with clients in settings where social distancing can be observed, outside on patios or driveways, with masks, sanitizer, disinfecting wipes and separate pens. Most provinces have allowed remote signing of wills and powers of attorney in some form or other, but the consensus from a lot of professionals seems to be that remote signing procedures should be a last resort when it is completely impossible to meet in a live setting. When remote processes are used, they must be identified as to timing, since it is quite likely that once the emergency measures are lifted, at least some of the new techniques introduced during the emergency will be rolled back. Find additional information on wills during Coronavirus.
Video-witnessing should therefore be a last resort for those cases when there is no other option for getting a Will signed. The government have issued guidance on the steps to be followed. All parties need to be present at the same time by way of a two or three-way live video link. The witnesses must be able to see the will-maker signing the document, not just their head and shoulders. The Will/Codicil then needs to be taken or posted to the witnesses to add their signatures, again via further live video session(s) with clear sight of the witness signing.
Communicate With Your Significant Other: Notice how I wrote significant other; this financial tip doesn’t just apply to married couples. Money fights can affect any relationship. The best way to avoid fighting about money with your S/O is to talk to them about it. Remember that you’re a team! You should be talking to each other about your financial goals, and you should set a date once a month to go over your finances together. I recently started doing a monthly money meeting with my girlfriend and it’s actually been pretty fun. We get to see where each other are at with our financial goals and we keep ourselves motivated to accomplish those goals. The bottom line? Don’t let money ruin a great relationship.
On balance, lenders have remained cautious in their analysis of MAE (which is very complex and fact specific) and the use of the current COVID-19 outbreak to squeeze better terms from borrowers or for that matter to call an event of default. However, as the situation unfolds MAE will be something to keep an eye on, as will the question of whether lenders will come under increasing pressure to invoke MAE (notwithstanding the potential relationship and reputational implications of such action). Based on our experience, in real estate financing transactions, if an MAE has occurred it is very likely that other events of default would have also been triggered under the loan agreement, e.g. LTV or DSCR covenant breaches, and a lender will rely on those breaches to accelerate the facility or renegotiate more favorable terms, rather than relying on an MAE. Discover even more details on https://techbullion.com/wills-and-covid-19-safeguarding-your-assets-during-a-global-pandemic/.