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Camden Delaware Real Estate Law Blog

Various professionals can help with residential real estate transactions

Many people rent their living accommodations until they reach a point where they feel financially secure. When they reach this point, they may feel excited at the prospect of buying their own homes. Of course, residential real estate transactions are complex financial and legal affairs. Therefore, it is often wise to have the right assistance.

Various professionals can help Delaware residents throughout the homebuying process. One person with whom individuals will work closely is their real estate agent. This person can find leads on houses before they hit the open market and can make contact with sellers before the potential buyers have to do anything. This professional can also make sure that the prices involved in the transaction are reasonable for the area and current real estate trends.

Creating a long-term care plan can help address costs

Many people enjoy the process of planning. The comfort that can come from having a plan for various scenarios can seem appealing. As a result, some Delaware residents may have plans for a number of occasions. However, they may want to ensure that they have a long-term-care plan in place specifically.

According to reports, 70 percent of older individuals, typically those of retirement age, will need some sort of long-term care. Therefore, it makes sense to plan ahead for this possible event. Some individuals may be even more likely to need this type of care, such as those who participate in risky behaviors or have a family history of illness or other health conditions. While long-term care insurance could be one option to consider, not everyone qualifies for coverage.

Recent celebrity deaths raise estate planning questions for all

Estate administration challenges and even litigation often mark the aftermath of a high net-worth person's death. This is especially the case for those who leave no estate planning documents, which was purportedly the situation regarding recently departed celebrities such as Aretha Franklin and Prince. While these stories involving the estates of the rich and famous certainly make headlines, they should also incite some reflection in Delaware individuals in families who may be at risk of putting off estate planning until it is too late.

According to reports, less than half of Americans have a will. While they may not have hundreds of millions in assets themselves, whatever they do have can cause serious conflict without a proper plan in place. In fact, if less wealth is available, it can make planning even more critical since a high percentage of it can be lost in the litigation process should things end up in court.

Pros and cons of rent-to-own real estate transactions

No matter the climate of the housing market in Delaware, there may always be those who desire to be homeowners but are not ready for one reason or another. Perhaps their credit has taken a hit or they do not have enough down payment. One option for such buyers is renting to own. While this real estate transaction may seem attractive to both sellers and buyers, there are pitfalls that both sides should be aware of.

The principle of renting to own is that the tenant pays the owner rent plus a little extra that the owner applies toward the purchase of the property. The renter has the option to buy at a later date when his or her finances may be more secure. The renter benefits by locking in a price on the property and buying time to build credit and equity. The seller benefits from having a steady income, a motivated buyer and a renter who is invested in taking care of the property.

How can you protect your interests in a boundary dispute?

As a property owner, you may be unsure of the steps you can take to protect your interests when an issue arises with your neighbor. One of the most common types of disputes between neighbors are those that stem from disagreements over property boundary lines. This can be more than just an inconvenience – it can be a serious legal issue. 

If you are facing this situation, you understand how important it is to take steps to protect yourself and settle the issue as soon as possible. Boundary disputes are complex, but you do not have to navigate them on your own. It can be beneficial to seek a positive solution to this disagreement in a timely manner.

Elder law considerations for parents of adult children

It's nothing new to say that kids are expensive, but what happens when paying expenses for adult children cuts into retirement savings? Recent research shows that many near-retirees in the United States do not have adequate savings -- an issue that can be compounded when tuition, wedding expenses and even caring for adult children gets added to the mix. Understanding how to protect their own retirement funds while managing expectations from kids is an Elder Law issue that faces many in Delaware, particularly those with adult children who are not financially independent.

One of the biggest costs where aging parents are pitching in more than ever before is housing. This can include helping a child with his or her first down payment or covering his or her rent during school. While this can be helpful when parents or grandparents can afford to help, those who have limited retirement savings may find themselves strained financially after making that decision. This can lead to feelings of regret and tension down the line.

Residential real estate sales could be held up by the HOA

Selling a home can be a challenge. Finding a buyer is only part of the battle when it comes to residential real estate sales whether here in Delaware or elsewhere. Sellers may expect lenders, title agents and appraisers, among others, to have some sort of say in whether the sale goes through, but they probably never expected the homeowners association to be an issue.

If a seller knows that the HOA is involved in some sort of lawsuit, he or she may want to inform the buyer. It does not matter whether the lawsuit is about unpaid dues, construction defects or some other issue. If the potential buyer, or someone connected to the buyer, finds out about the lawsuit on his or her own, it could jeopardize the sale.

Estate planning advice when a child is dealing with addiction

Most parents hope to split their assets equitably between children when they pass away. But if one child has an addiction to opiates, alcohol or another substance, parents can become concerned that leaving assets to that child is not a responsible decision. There are a few things Delaware parents can do when estate planning with an addiction in the family.

One common way to address this is to put the money intended for the person with substance abuse issues into a trust. This is also a good option for children who have disabilities that may impact their handling money, such as down syndrome or autism. A trust allows parents to appoint a trustee to safeguard the assets, only allowing the child access if he or she meets certain criteria. 

A special type of trust for a special needs loved one

Delaware families are aware of the importance of having appropriate estate planning documents in place. From wills to medical directives, there are certain estate planning tools that can provide peace of mind regarding the future and your loved ones. One of these tools is a special needs trust.

If you care for a family member with special needs, you may find this specific option beneficial for you. The future is unpredictable, and it is beneficial not to delay in getting the estate planning documents you need in place as part of your complete estate plan.

Communication with children can help prevent elder law issues

Although many people prefer to live private lives, communication can often be the key to avoiding missteps and hazards as one ages. It is a good idea for Delaware seniors to have certain conversations with their children, as awareness throughout the family can help people avoid or resolve elder law issues. Those who do not have children or do not trust their children should consider sharing important information with trusted friends as an alternative.

One thing worth communicating about is medications and health care. Delware seniors should provide close friends and family with such information so if anything happens, they will be able to alert doctors and paramedics to critical information. A list of emergency contacts, people and organizations involved in health care is also helpful to make available for friends and family.

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