Category: Real Estate Law
Notice of Continued Insurable Interest: Minnesota Transfer on Death Deeds
June 25, 2024 | Cathryn Reher
A spiteful ex-spouse burned down the decedent’s homestead immediately after death upon learning the property title passed to the decedent’s daughter as the surviving transfer on death beneficiary. The insurance company refused to cover the loss, asserting the daughter did not have an insurable interest! Thankfully, this prompted our legislators to pass a new law effective August 1, 2024, which provides some limited post-death insurance coverage to transfer on death beneficiaries. BUT, it will require you to act. The new law provides that, upon notice, your property insurance company must provide extended coverage commencing on the date of the Grantor Owner’s death or death of the last survivor of multiple Grantor Owners for a period of 30 days, or the date that the insurance policy expires, whichever is shorter, for the named Grantee Beneficiary(ies) under the transfer on death deed. Note that if you change your insurance carrier, you will need to submit a new notice to your new insurance company. This is a benefit to property owners in Minnesota. If you need assistance to provide the required notice, please reach out to your BGS team. Our estate planning and real estate practice groups here at Barna, Guzy, & Steffen are dedicated to staying informed and serving our client’s best interests. Our estate planning…
Read MoreDiscovery of Hidden Defects in Your Newly Purchased Home
November 9, 2021 | Joan M. Quade
The last few years have seen unbelievable residential home sales. There have been a large number of buyer/bidders for every home that hit the market. Homes were selling for tens of thousands over asking and bidders waived contingencies and inspections just to “win” the right to buy. Many buyers bid on multiple houses before they actually were the high bidder and each frustrating loss made them more eager to add to the bid price and to waive inspections. Some were so desperate they bought houses sight unseen willing to take some risk to get a house! For many it all worked out and whatever minor issues they discovered after closing, they were willing to correct on their own or just live with it. For some the hidden home defects, issues and costs have been overwhelming. Their initial excitement to be in their new home has turned into a financial disaster. Some have discovered foundation cracks, water intrusion, poor homeowner work on the property without the proper permits or inspections, insurance money pocketed by the prior owners for hail or flood damage claims that were never fixed, major issues with the mechanical parts of the home like the furnace, water heater, electrical issues or the air conditioning and the list goes on and on. …
Read MoreBarna, Guzy & Steffen LTD. announces the addition of a new associate to the firm
April 26, 2021 | Barna, Guzy & Steffen, Ltd.
Georgia S. Kellogg has joined Barna, Guzy & Steffen’s Corporate Business & Real Estate department and will be working closely with attorneys practicing in those areas serving existing clients and enhancing the firm’s ability to serve our community. She is an experienced corporate attorney who has worked with clients in commercial and real estate transactions, transfers, entity formation and corporate governance, shareholder buyouts and redemptions, loan defaults, property disputes and more. Georgia has recently returned to Minnesota after working for a law firm in Washington where she also advocated on behalf of a corporate client before the Washington Department of Revenue. Georgia is a 2019 graduate of Mitchell Hamline School of Law. During her time at Mitchell Hamline, she earned the Law and Business Certification; Law School Public Service Award and was on the Dean’s List. Prior to law school, Georgia attended the University of St. Thomas, graduating with a dual degree in Accounting and Legal Studies for Business in 2016. Barna, Guzy and Steffen, LTD. has a long-standing tradition of helping clients with their legal needs, serving generations of clients in the north metro. Georgia is excited to be joining our legal team saying, “It is a blessing to be back home in Minnesota and to have this opportunity to practice alongside…
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