William E. Ward, Esq.
description
Transcript of William E. Ward, Esq.
William E. Ward, Esq.William E. Ward, Esq.
Ward & Taylor LLC
The Leading-Edge Real Estate Settlement Law Firm
QUIRKS IN REAL QUIRKS IN REAL ESTATEESTATE
By a Quirky LawyerBy a Quirky Lawyer
TODAYS TODAYS GOALGOAL
TO REVIEW QUIRKY TO REVIEW QUIRKY SITUATIONS THAT CAN CAUSE SITUATIONS THAT CAN CAUSE PROBLEMS AND ISSUES FOR PROBLEMS AND ISSUES FOR
REALTORSREALTORS
QUOTABLE QUOTESQUOTABLE QUOTES WAR IS HELL.WAR IS HELL. WINNING ISN’T EVERYTHING, IT IS THE WINNING ISN’T EVERYTHING, IT IS THE
ONLY THING.ONLY THING. ONE SMALL STEP FOR MAN, ONE GIANT ONE SMALL STEP FOR MAN, ONE GIANT
LEAP FOR MANKIND.LEAP FOR MANKIND. I REGRET THAT I HAVE BUT ONE LIFE TO I REGRET THAT I HAVE BUT ONE LIFE TO
GIVE FOR MY COUNTRYGIVE FOR MY COUNTRY GO WEST YOUNG MANGO WEST YOUNG MAN WE’RE GOING TO ROCK, ROCK, ROCK TILL WE’RE GOING TO ROCK, ROCK, ROCK TILL
BROAD DAY LIGHTBROAD DAY LIGHT DUKE ROCKS, DUKE ROCKS, UNC STINKSUNC STINKS THE BEST REALTORS ARE THE BEST THE BEST REALTORS ARE THE BEST
EDUCATORSEDUCATORS
SELLERS WHO SELLERS WHO CAN’T SELLCAN’T SELL
DIVORCESDIVORCES NAMES ON DEEDSNAMES ON DEEDS
SPLIT PROCEEDSSPLIT PROCEEDS Divorce AgreementsDivorce Agreements Settlement Lawyer’s IssuesSettlement Lawyer’s Issues
POTENTIAL TITLE ISSUESPOTENTIAL TITLE ISSUES
SENSITIVITY DURING THE PROCESS AND AT THE SENSITIVITY DURING THE PROCESS AND AT THE SETTLEMENT TABLESETTLEMENT TABLE
ESTATESESTATES
WHO CAN SIGN DOCUMENTSWHO CAN SIGN DOCUMENTS
STATUS OF ESTATESTATUS OF ESTATE
RECOMMENDATIONS FOR LISTING RECOMMENDATIONS FOR LISTING AGENTSAGENTS
POTENTIAL TITLE ISSUESPOTENTIAL TITLE ISSUES
MORTGAGES AND MORTGAGES AND FORECLOSURESFORECLOSURES
MULTIPLE MORTGAGESMULTIPLE MORTGAGESARE THERE ENOUGH PROCEEDS TO ARE THERE ENOUGH PROCEEDS TO PAY THEM OFF?PAY THEM OFF?
SHORT SALESSHORT SALES
GETTING PAYOFFSGETTING PAYOFFS
RECOMMENDATIONS FOR LISTERSRECOMMENDATIONS FOR LISTERS
BANKRUPTCIES- SAY BANKRUPTCIES- SAY IT AIN’T SOIT AIN’T SO
IMPACT ON TRANSACTIONIMPACT ON TRANSACTION
WHAT DO YOU DO ???WHAT DO YOU DO ???
BUYERSBUYERS WHO WHO CAN’T BUYCAN’T BUY
SURVEYS – THE BANE SURVEYS – THE BANE OF OUR EXISTANCEOF OUR EXISTANCEWHY THE BIG DEAL?WHY THE BIG DEAL?DEED RESTRICTIONS VS. ZONINGDEED RESTRICTIONS VS. ZONINGHOW TO AVOID A PROBLEMHOW TO AVOID A PROBLEMWHAT TO DO WITH THAT LAST WHAT TO DO WITH THAT LAST MINUTE PHONE CALL FROM THE MINUTE PHONE CALL FROM THE ATTORNEYATTORNEY
ATTORNEY ATTORNEY APPROACHES TO APPROACHES TO SURVEY ISSUESSURVEY ISSUES
TITLE INSURANCETITLE INSURANCEVARIANCESVARIANCESEASEMENT AGREEMENTSEASEMENT AGREEMENTSTYPES OF ENCROACHMENTSTYPES OF ENCROACHMENTS
NEW THINGS TO NEW THINGS TO WORRY ABOUTWORRY ABOUT
OPEN PERMITS – NEW CASTLE OPEN PERMITS – NEW CASTLE COUNTY COUNTY
www.co.new-castle.de.us/parcelview VACANT PROPERTY REGISTRATION VACANT PROPERTY REGISTRATION
FEES – CITY OF WILMINGTONFEES – CITY OF WILMINGTON Duplex and Triplex – Duplex and Triplex – Loss of Non-Conforming Loss of Non-Conforming
UseUse
CONTRACT ISSUESCONTRACT ISSUES1.1. IMPROPERLY COMPLETED IMPROPERLY COMPLETED
CONTRACTSCONTRACTS DATESDATES ADDRESSESADDRESSES FIGURESFIGURES FHA or VA ADDENDUMFHA or VA ADDENDUM CONSEQUENCESCONSEQUENCES
MULTIPLE OFFERSMULTIPLE OFFERS HOW DO HOW DO YOUYOU HANDLE THEM? HANDLE THEM?
ETHICAL OBLIGATIONSETHICAL OBLIGATIONS
LEGAL OBLIGATIONSLEGAL OBLIGATIONS
ESCALATION CLAUSESESCALATION CLAUSES
INSPECTION CLAUSES ANS INSPECTION CLAUSES ANS SELLERS’ DISCLOSURESELLERS’ DISCLOSURE
HOME INSPECTION DATES- 1HOME INSPECTION DATES- 1STST and 2 and 2NDND HOME INSPECTION VERSUS OTHER HOME INSPECTION VERSUS OTHER
INSPECTIONSINSPECTIONS WORK INVOICES and RECEIPTSWORK INVOICES and RECEIPTS AFFECT of DISCLOSURE on BUYERAFFECT of DISCLOSURE on BUYER REALTORS’ LIABILITY for SELLERS’ REALTORS’ LIABILITY for SELLERS’
NONDISCLOSURENONDISCLOSURE
FLOOD and FLOOD and HOMEOWNER’S HOMEOWNER’S INSURANCEINSURANCE
HISTORY OF HOUSEHISTORY OF HOUSE
BUYER’S PAST CLAIMS and CREDITBUYER’S PAST CLAIMS and CREDIT
CONTRACT DISCUSSIONS CONTRACT DISCUSSIONS PA vs DEPA vs DE
POSSIBLE DISCLOSURE ISSUESPOSSIBLE DISCLOSURE ISSUES
WALKTHROUGH and WALKTHROUGH and SETTLEMENT ISSUESSETTLEMENT ISSUES
1.1. SELLER’S OBLIGATIONSSELLER’S OBLIGATIONS Vacant PropertyVacant Property UtilitiesUtilities
2.2. WALKTHROUGH and SETTLEMENT WALKTHROUGH and SETTLEMENT ISSUESISSUES
Early DetectionEarly Detection CommunicationCommunication ResolutionResolution
ESCROWS – ANOTHER BANE OF ESCROWS – ANOTHER BANE OF OUR EXISTANCEOUR EXISTANCE
PROSPROS ALLOWS SETTLEMENT TO OCCUR ON TIMEALLOWS SETTLEMENT TO OCCUR ON TIME
CONSCONS Buyer not happy with workBuyer not happy with work Buyer not happy with HouseBuyer not happy with House Escrow Amount Not EnoughEscrow Amount Not Enough Work Done – Parties Don’t Authorize DisbursementWork Done – Parties Don’t Authorize Disbursement Bad Estimates OR Incomplete Estimates and Job Bad Estimates OR Incomplete Estimates and Job
costs More Moneycosts More Money
DEFAULT SITUATIONSDEFAULT SITUATIONS
1.1. Initial Reactions – Do’s and Don’tsInitial Reactions – Do’s and Don’ts
2.2. Practice of LawPractice of Law
3.3. Practice v. Legal RemediesPractice v. Legal Remedies
4.4. Status of DepositStatus of Deposit
5.5. Sellers’ Options to Resell if Buyer is Sellers’ Options to Resell if Buyer is DefaultingDefaulting
6.6. MediationMediation
APPLICABLE DELAWARE APPLICABLE DELAWARE STATUTESSTATUTES
STIGMATIZED PROPERTIESSTIGMATIZED PROPERTIES Disclosure of Felonies other thanDisclosure of Felonies other than ArsonArson AIDS and Other Similar DiseasesAIDS and Other Similar Diseases
DISCLOSURE OF AGENCYDISCLOSURE OF AGENCY ESCROW OBLIGATIONSESCROW OBLIGATIONS SALE OF LANDSALE OF LAND PURCHASE MONEY MORTGAGESPURCHASE MONEY MORTGAGES
RISK MANAGEMENT TIPSRISK MANAGEMENT TIPS Consistency, Consistency, Consistency …….Consistency, Consistency, Consistency …….
Explanation of AgencyExplanation of Agency Explanation of DocumentsExplanation of Documents System for Keeping Track of DetailsSystem for Keeping Track of Details ProceduresProcedures
Education and TechnologyEducation and Technology Don’t Put Everything On Your ShouldersDon’t Put Everything On Your Shoulders Be Careful About Transactions Outside Your Be Careful About Transactions Outside Your
ExpertiseExpertise When Trouble Comes, Don’t RunWhen Trouble Comes, Don’t Run
““THE BEST THE BEST REALTORS ARE THE REALTORS ARE THE BEST EDUCATORS”BEST EDUCATORS”