1 / 23

William E. Ward, Esq.

William E. Ward, Esq. Ward & Taylor LLC The Leading-Edge Real Estate Settlement Law Firm. QUIRKS IN REAL ESTATE. By a Quirky Lawyer. TODAYS GOAL. TO REVIEW QUIRKY SITUATIONS THAT CAN CAUSE PROBLEMS AND ISSUES FOR REALTORS. QUOTABLE QUOTES. WAR IS HELL.

joshua
Download Presentation

William E. Ward, Esq.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. William E. Ward, Esq. Ward & Taylor LLC The Leading-Edge Real Estate Settlement Law Firm

  2. QUIRKS IN REAL ESTATE By a Quirky Lawyer

  3. TODAYS GOAL TO REVIEW QUIRKY SITUATIONS THAT CAN CAUSE PROBLEMS AND ISSUES FOR REALTORS

  4. QUOTABLE QUOTES • WAR IS HELL. • WINNING ISN’T EVERYTHING, IT IS THE ONLY THING. • ONE SMALL STEP FOR MAN, ONE GIANT LEAP FOR MANKIND. • I REGRET THAT I HAVE BUT ONE LIFE TO GIVE FOR MY COUNTRY • GO WEST YOUNG MAN • WE’RE GOING TO ROCK, ROCK, ROCK TILL BROAD DAY LIGHT • DUKE ROCKS, UNC STINKS • THE BEST REALTORS ARE THE BEST EDUCATORS

  5. SELLERS WHO CAN’T SELL

  6. DIVORCES • NAMES ON DEEDS • SPLIT PROCEEDS • Divorce Agreements • Settlement Lawyer’s Issues • POTENTIAL TITLE ISSUES • SENSITIVITY DURING THE PROCESS AND AT THE SETTLEMENT TABLE

  7. ESTATES WHO CAN SIGN DOCUMENTS STATUS OF ESTATE RECOMMENDATIONS FOR LISTING AGENTS POTENTIAL TITLE ISSUES

  8. MORTGAGES AND FORECLOSURES MULTIPLE MORTGAGES ARE THERE ENOUGH PROCEEDS TO PAY THEM OFF? SHORT SALES GETTING PAYOFFS RECOMMENDATIONS FOR LISTERS

  9. BANKRUPTCIES- SAY IT AIN’T SO IMPACT ON TRANSACTION WHAT DO YOU DO ???

  10. BUYERS WHO CAN’T BUY

  11. SURVEYS – THE BANE OF OUR EXISTANCE WHY THE BIG DEAL? DEED RESTRICTIONS VS. ZONING HOW TO AVOID A PROBLEM WHAT TO DO WITH THAT LAST MINUTE PHONE CALL FROM THE ATTORNEY

  12. ATTORNEY APPROACHES TO SURVEY ISSUES TITLE INSURANCE VARIANCES EASEMENT AGREEMENTS TYPES OF ENCROACHMENTS

  13. NEW THINGS TO WORRY ABOUT • OPEN PERMITS – NEW CASTLE COUNTY • www.co.new-castle.de.us/parcelview • VACANT PROPERTY REGISTRATION FEES – CITY OF WILMINGTON • Duplex and Triplex – Loss of Non-Conforming Use

  14. CONTRACT ISSUES • IMPROPERLY COMPLETED CONTRACTS • DATES • ADDRESSES • FIGURES • FHA or VA ADDENDUM • CONSEQUENCES

  15. MULTIPLE OFFERS • HOW DO YOU HANDLE THEM? • ETHICAL OBLIGATIONS • LEGAL OBLIGATIONS • ESCALATION CLAUSES

  16. INSPECTION CLAUSES ANS SELLERS’ DISCLOSURE • HOME INSPECTION DATES- 1ST and 2ND • HOME INSPECTION VERSUS OTHER INSPECTIONS • WORK INVOICES and RECEIPTS • AFFECT of DISCLOSURE on BUYER • REALTORS’ LIABILITY for SELLERS’ NONDISCLOSURE

  17. FLOOD and HOMEOWNER’S INSURANCE • HISTORY OF HOUSE • BUYER’S PAST CLAIMS and CREDIT • CONTRACT DISCUSSIONS PA vs DE • POSSIBLE DISCLOSURE ISSUES

  18. WALKTHROUGH and SETTLEMENT ISSUES • SELLER’S OBLIGATIONS • Vacant Property • Utilities • WALKTHROUGH and SETTLEMENT ISSUES • Early Detection • Communication • Resolution

  19. ESCROWS – ANOTHER BANE OF OUR EXISTANCE • PROS • ALLOWS SETTLEMENT TO OCCUR ON TIME • CONS • Buyer not happy with work • Buyer not happy with House • Escrow Amount Not Enough • Work Done – Parties Don’t Authorize Disbursement • Bad Estimates OR Incomplete Estimates and Job costs More Money

  20. DEFAULT SITUATIONS • Initial Reactions – Do’s and Don’ts • Practice of Law • Practice v. Legal Remedies • Status of Deposit • Sellers’ Options to Resell if Buyer is Defaulting • Mediation

  21. APPLICABLE DELAWARE STATUTES • STIGMATIZED PROPERTIES • Disclosure of Felonies other thanArson • AIDS and Other Similar Diseases • DISCLOSURE OF AGENCY • ESCROW OBLIGATIONS • SALE OF LAND • PURCHASE MONEY MORTGAGES

  22. RISK MANAGEMENT TIPS • Consistency, Consistency, Consistency ……. • Explanation of Agency • Explanation of Documents • System for Keeping Track of Details • Procedures • Education and Technology • Don’t Put Everything On Your Shoulders • Be Careful About Transactions Outside Your Expertise • When Trouble Comes, Don’t Run

  23. “THE BEST REALTORS ARE THE BEST EDUCATORS”

More Related