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PRACTICAL TIPS

PRACTICAL TIPS. WARD & TAYLOR, LLC PRESENTS:. FOR LISTING AGENTS!. BROUGHT TO YOU BY:. Nancy Walsh Law, Esquire. INTRODUCTION AND OVERVIEW OF PROBLEM AREAS ASSOCIATED WITH LISTINGS…. . What are we talking about? Estates Divorce, separated sellers Short sales Guardianships POAs.

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PRACTICAL TIPS

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  1. PRACTICAL TIPS WARD & TAYLOR, LLC PRESENTS: FOR LISTING AGENTS!

  2. BROUGHT TO YOU BY: Nancy Walsh Law, Esquire

  3. INTRODUCTION AND OVERVIEW OF PROBLEM AREAS ASSOCIATED WITH LISTINGS…. • What are we talking about? • Estates • Divorce, separated sellers • Short sales • Guardianships • POAs

  4. 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)

  5. 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)

  6. 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

  7. 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

  8. 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?

  9. 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

  10. UNDERSTANDING POWERS OF ATTORNEY • Good idea to have an attorney review the POA • Specific vs. General • Is it valid in Delaware?

  11. UNDERSTANDING POWERS OF ATTORNEY • New guidelines for general POAs after October 1, 2010 • Has it been revoked?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

  12. DO YOU HAVE…. ANY QUESTIONS? CONCERNS? THOUGHTS?

  13. THANK YOU FOR COMING!CONTACT WARD & TAYLOR, LLC!www.wardtaylor.comContact Information (Wilmington): (P) 302-225-3350(F) 302-225-3392Contact Information (Middletown): (P) 302-225-2060 (F) 302-449-2806Contact Information (Dover): (P) 302-346-7000(F) 302-346-7001

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