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What Are Three Common Ways Title Can Be Held In Maryland?

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Understanding the common ways that title can be held is important to understanding the rights of the owners of any shares in a property. We will cover three common types today.

Tenants in Common

One way that title can be held is as Tenants in Common. With tenancy in common the tenants own individual interest or shares to the property. In this case, if one tenant passes away their shares will automatically be passed on to his/her heirs.

Joint Tenants

The second way to hold title in Maryland is by Joint Tenants. Unlike the Tenants in Common, there is a right of survivorship. This means that if one of the tenants were to pass away the deceased tenants share would be passed on to the surviving tenant. There are four requirements that must be met in order for a valid joint tenancy to be formed.

  • TIME:  Both tenants must have acquired the interest of the property at the same time.
  • TITLE: The tenants must have acquired title through the same instrument which is typically a deed.
  • INTEREST: The tenants must have equal interest to the property.
  • POSSESSION: Both tenants must have equal rights to possess the property.
Tenants by Entirety

The third way title can be held in Maryland is Tenants by Entirety. This type of title is only for married couples. Similar to joint tenancy there is a right of survivorship, however, the parties cannot convey or petition the property without the consent of the other. If a couple is ever to get divorced the tenancy by entirety will terminate and convert to a tenancy in common.

In conclusion, at Davis, Upton & Palumbo LLC, our attorneys and staff know Real Estate. We also represent many individual property owners when real estate issues arise. To learn more about our Real Estate services click here or contact us today.

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How do Policy Limits on Auto Insurance Work?

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Insurance Policy

When we handle personal injury cases we have the opportunity to review insurance policies for our clients. Sometimes our clients wonder if they have the right coverage. To better understand if you have the coverage you need, it is important to understand policy limits.

What is a Policy Limit?

A policy limit is what your insurance company will sell to you. For example, in the State of Maryland, the minimum amount is 30,000 dollars per person and 60,000 dollars per accident. That means if you have this policy limit, the insurance company will only pay 30,000 per person and will not pay more then 60,000 dollars no matter how many people were injured during the accident.

What should my policy cover?

We recommend speaking with your insurance agency to make sure you have a policy limit that will protect you. You should have your policy limits set so that your insurance will protect the assets you have in your home.  You do not want to become personally liable if you are ever the cause of an accident.

For example, Mark personally has a $250,000 policy with a million dollar umbrella. This will vary depending on your personal circumstances. We recommend discussing these details with your insurance agent to determine what policy limits are appropriate for you.

At Davis, Upton & Palumbo LLC, our attorneys and staff will handle all communication with the insurance company. We will negotiate your best settlement with the insurance companies and will vigorously litigate those claims, which cannot be reasonably settled. If you want to learn more about or Personal Injury services click here or contact us today!
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What is Real Property?

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What is Real Property?

Real Property refers to bare or unimproved land or land with immovable structures attached to it and/or man-made improvements located on the property, such as a house, garage, barn, pool, fence, dam, road, etc. When someone purchases real property, that purchaser usually receives a mortgage from a bank or lender. In that case, the purchaser also signs a Deed of Trust which is recorded in the land records. The Deed of Trust secures the mortgage by designating the real property as collateral for the bank or lender in case of default. The bank or lender has the right to foreclose on the real property if the purchaser does not make the mortgage payments in a timely manner.

Real Property vs. Personal Property

The concept of Real Property is distinct from Personal Property in that Personal Property can be categorized as a movable object, such as a car, a boat, a trailer, or a household item. Personal Property may be repossessed (as opposed to foreclosed) if a bank or lender has filed a financing statement certifying and describing its lien, and the purchaser has failed to make the required payments.

In conclusion, at Davis, Upton & Palumbo LLC, we represent many individual property owners when real estate issues arise. Our Real Estate Practice Group has developed the reputation of being the “People To Talk To” when a real estate issue arises. To learn more about our Real Estate services click here or contact us today.

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What is a Restrictive Covenant?

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What is a Restrictive Covenant?

A Restrictive Covenant is a restriction that is placed on land that limits the uses to which that land can be put. Typically they are created by and recorded by subdivision developers to ensure that the subdivision develops in accordance with a common scheme or purpose.

Types of Limitations

For example, limitations on the uses that parcels in a subdivision can be put like a single family residence. Other examples include architectural controls like colors that can be used or roof materials. There may also be restrictions on animals and livestock.

Homeowner Associations

A set of Restrictive Covenants can set forth the creation of a Homeowner Association. This will detail the duties and powers of that Homeowner Association. In addition, the Restrictive Covenants will set the annual fees and special assessments that the Homeowner Association may levy.

Special Conditions

Restrictive Covenants are enforcible against the owners of the lots in perpetuity unless they are rescinded or abolished. By statute, it is required that all potential buyers for a parcel of land in a subdivision with Restricted Covenants must be given a copy of those documents.

At Davis, Upton & Palumbo LLC, we represent many individual property owners when Real Estate issues arise. Our Real Estate Practice Group has developed the reputation of being the “People To Talk To” when it comes to a Real Estate matter. To learn more about our Real Estate services click here or contact us today.

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Who Should Consider a Prenup Agreement?

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What is a Prenuptial Agreement?

A Prenuptial Agreement is an agreement entered before marriage for both parties to determine how their assets and income would be disbursed in the event of separation, divorce or death. A Prenuptial Agreement can be a very useful financial planning tool for many couples. They use this agreement for clarification purposes. Having these details worked out before marriage can save time & planning, should the marriage fail.

Who Should Consider a Prenup?

You might want to consider a Prenuptial Agreement if you have children from a previous relationship. The reason for this is if you are to get married and then pass away the surviving spouse will get most of your assets and this may leave little for the children from your previous relationship. In order for a Prenuptial Agreement to be enforceable, both parties must make full disclosure prior to having the agreement executed.

In conclusion At Davis, Upton & Palumbo LLC, we are experienced with property division in high-asset family law matters. We understand the need for an investigation, appraisal, and full disclosure by the parties.To learn more about our Family Law services click here or contact us today. 

These videos are for general information only and are not intended to address your specific legal situation or offer legal advice. Viewing these videos does not create an attorney/client relationship.
 

How Are Lost Wages Calculated?

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When I represent people in personal injury cases, they sometimes wonder what factors go into evaluating these claims.  Two major factors are considered; medical bills and lost wages.

Medical Bills

Most people realize that their Medical bills will be a factor in their claim. In addition, we look at the impact on your life that your injuries have caused. It is important to have documentation of the medical costs so that this number can be calculated.

Lost Wages

Lost Wages are the wages you did not earn during the time you are injured. For example, if you were to miss three days from work we would calculate the value of those lost hours to your income. The calculations are fairly simple. In this case,  you would just take what you would have made in those three days of work and include that number in your claim. Even if you used your paid sick leave for the time off, that still factors into the claim because you have lost that time in benefits.

For a more severe incident that causes someone may not be able to go back to work at their regular job. In those cases, we have to calculate the future lost wages and include that in the claim.

In conclusion

At Davis, Upton & Palumbo LLC, we understand the issues our clients face when they have been injured due to the negligence of others.  We strive to help you obtain the compensation you need and deserve. If you or a loved one has been seriously injured, or a family member has been killed in an accident, seek legal advice right away. To learn more about our Personal Injury services click here or contact us today.

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