Frequently Asked Questions
Do I Own the Oil & Gas Interests Under My Land?
Maybe. Our firm’s abstractors, attorneys, paralegals and legal assistants search courthouse records back to the early 1800’s for evidence in the chain of title as to exceptions, reservations and/or conveyances of oil and gas interests, which are presented to clients in legal opinions.
Why Do I Need an Estate Plan?
Last Will and Testaments, Trusts, Powers of Attorneys and Living Wills prepared by our attorneys can direct assets, save or minimize estate taxes and provide for personal instruction at critical times of need. Accidents and emergencies can happen at any time, property prepared Estate Plans in advance can provide of peace of mind.
I am Buying a House And Paying Cash (no bank financing.) Do I Need the Services of a Lawyer?
Absolutely. Our attorneys, paralegals and abstractors conduct a search of courthouse records, order municipal/tax lien letters, mortgage payoffs all to produce a “marked up” title commitment ensuring good and marketable title to the property. Lawrence D. Brudy & Associates, Inc. issues title insurance for purchases and refinances as an exclusive Title Insurance Agent for First American Title Insurance Company.
Should I Have a Survey Done Prior to Buying My New Home?
Our Atttorneys always recommend having a “staked survey” done prior to the closing of the purchase. It is not uncommon that neighboring driveways, tree lines or gardens encroach on the subject property, or outbuildings, wood piles, doghouses have been located on the new buyers property. In many situations relocating the misplaced structure or a recorded easement can solve the issue prior to closing.
I Own the Oil and Gas Interests That Have Been Severed From the Surface Estate of Land, Can I Leave Those Assests to My Children and Grandchildren in My Will?
Yes, those interests can be left in percentage assignments as “in kind” distributions as a specific devise or in the residuary clause of the Will. These oil and gas assets are taxable for Inheritance tax purposes. Additionally, if the interests are producing royalties, you will need to contact the Lessee for an assignment, ratification and division agreement to receive the royalties.
My Husband, Who Recently Passed Away, and I Owned Our Home as “Tenants by the Entireties”, Do I Need to Have a New Deed Prepared and Recorded?
No, property held as “tenants by the entireties” is a form of ownership by husband and wife, whereby each owns the entire property. In the event of death of one of the tenants, the survivor owns the property by operation of law without the necessity of probate.