Post on 12-Jan-2016
description
PRACTICAL TIPS
WARD & TAYLOR, LLC PRESENTS:
FOR LISTING AGENTS!
BROUGHT TO YOU BY:
NancyWalshLaw,Esquire
INTRODUCTION AND OVERVIEW
OF PROBLEM AREAS ASSOCIATED WITH LISTINGS….
• What are we talking about?–Estates–Divorce, separated
sellers–Short sales–Guardianships–POAs
DEALING WITH ESTATE SALES
• Who is your seller?• Role of Executor, Administrator• Who signs the contract? • Who signs the deed?
– executor/executrix must have DIRECTION to sell to sign deed or if it is Necessary to pay the debts of the estate– 12 Del. C. §207(c)
DEALING WITH ESTATE SALES (CON’T)
• ESCROWS for open estates, claims periods– title company may require ALL funds to
be escrowed
• Seller’s disclosure?
• Ch. 25, Title 6 §2577 (1)
ISSUES WITH SALES BETWEEN
DIVORCED/SEPARATED SELLERS• Does your client really
own individually?– check the NCC website
• What if the ex-spouse is still on deed?
• Court orders
DIVORCED/SEPARATED SELLERS (CON’T)
• Are your clients divorced or separated?
– does it matter? YES!– what judgments apply
• Document EVERYTHING
• Divorce attorneys? Property settlement?– Real estate attorney needs this info
HOW TO STREAMLINE SHORT SALES
• Listing a short sale
• HOA dues?
• Get a title search???
• Is your client motivated?
• Who is negotiating the short sale?
• Will your client accept paying difference if asked?
TIPS FOR DEALING WITH GUARDIANSHIP SITUATIONS
• What is a guardianship?
• Need a specific order to sell from Court of Chancery
• Not a fast process!!
• Court ordered appraisal
UNDERSTANDING POWERS OF ATTORNEY
• Good idea to have an attorney review the POA
• Specific vs. General
• Is it valid in Delaware?
UNDERSTANDING POWERS OF ATTORNEY
• New guidelines for general POAs after October 1, 2010
• Has it been revoked?
• Must have an original for closing to record deed and won’t get back right away
ANY QUESTIONS? CONCERNS? THOUGHTS?
DO YOU HAVE….
THANK YOU FOR COMING!CONTACT WARD & TAYLOR, LLC!CONTACT WARD & TAYLOR, LLC!
www.wardtaylor.comwww.wardtaylor.com
Contact Information (Wilmington): Contact Information (Wilmington): (P) 302-225-3350(P) 302-225-3350(F) 302-225-3392(F) 302-225-3392
Contact Information (Middletown):Contact Information (Middletown): (P) 302-225-2060 (P) 302-225-2060 (F) 302-449-2806 (F) 302-449-2806
Contact Information (Dover): Contact Information (Dover): (P) 302-346-7000(P) 302-346-7000(F) 302-346-7001(F) 302-346-7001