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• Has it been revoked?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