Selling a house is one of the most significant legal transactions you'll ever participate in. It's important to know your legal rights and understand the process.
In Delaware, real estate agents have what's called a "fiduciary duty" to the home seller, if they are representing the seller in a transaction, and not the buyer. Real estate agents, also known as real estate licensees, must disclose who they represent to those with whom they may have substantive contact, including prospective sellers and buyers.
In Delaware, this means that the agents are held by law to owe specific duties to the person who they are representing, in this case the seller. In addition to duties or obligations that are stated in a listing agreement or other contract, a fiduciary's duties include:
You should complete a Delaware property condition report (pdf) with the following potential house defects:
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When you've got a serious buyer, you'll receive a written offer to purchase your home, sometimes called a " purchase agreement," which states the finalized terms and conditions for the sale.
You won't have very long to decide whether or not to take the offer or propose a counter-offer so it's important to be informed ahead of time.
Common counter-proposal items include:
Your Delaware real estate lawyer or title company will investigate the legal title of the property you want to sell, and may find issues you'll need to understand.
In Delaware, for example, an implied easement may be present where a person grants lands to which there is no accessible right-of-way except over her or his land or retains land that is inaccessible except over the land which the person conveys. In such instances a right-of-way is presumed to have been granted or reserved. Such an implied grant or easement in lands or estates exists where there is no other reasonable and practicable way of accessing the property, and it is reasonably necessary for the beneficial use or enjoyment of the part granted or reserved.
Your property may also be subject to a "lien," which is a charge on the property to satisfy a debt or other obligation owed by the current owner of the property. A lien encumbers property as long as it exists and has been recorded in the public records.
In Delaware, liens on a piece of property may include:
In Delaware, you can expect to pay for some or all of the following charges-called " closing costs"-at the time you sell your home:
In Delaware, a seller who agrees to sell a particular property must do so unless the buyer fails to meet all the terms of the purchase agreement. This is called "specific performance," which is a legal action to compel performance of a contract. For this contract remedy, a court can order the parties to complete the contract. The buyer must then deliver the purchase price and the seller must then deliver the deed. If you have second thoughts on a particular sale, you'll want to immediately contact an attorney.
a communication between parties to a confidential relation (as husband and wife, attorney and client, or doctor and patient) such that the recipient of the communication has a privilege exempting him or her from disclosing it as a witness
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