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Camden Delaware Real Estate Law Blog

Accepting bitcoin for residential real estate a risky trend

In almost every industry, the trend of cryptocurrency is having an impact. Residential real estate is no different. Delaware real estate buyers, sellers and professionals should be aware of some of the activity in other states and how it may impact their markets in the future.

Among the activity are home listings, primarily in California and Florida, where Bitcoin is being accepted as tender. In New York City, a pair of condos were recently put in contract to sell using the cryptocurrency. There are many questions this activity raises. Is this the best option for large real estate purchases, given the high-risk nature of this fluctuating currency?

Delaware farmers have unique estate planning considerations

Business owners or those with a large amount of property have many considerations when developing estate plans. As both business owners and large-scale real estate owners, Delaware farmers have many things to think about when it comes to estate planning.

There are many issues to consider, including succession of the business and fairness in passing down assets to non-farming children.

What's the big deal with title searches? Are they really needed?

Once you choose a home and the seller accepts your offer, you may get anxious to get through the process as quickly as possible. Your primary focus may be on paint colors, curtains and starting a new life in a new home.

However, you must go through several steps before taking possession of the property and obtaining the keys to your new home. One of those steps involves a title search. You may wonder why it matters who owned the property 50 or 100 years ago and become impatient with the process. Well, that title search could reveal problems that may keep you from actually fully owning the property.

How to prevent elder law issues and financial abuse

As people age, they may become increasingly vulnerable to financial abuse. For example, relatives can misuse assets after being granted access to accounts through guardianship. Elderly people and their loved ones should have an understanding of these potential crimes and how they are addressed by Delaware elder law in order to protect themselves.

Elderly people should remain vigilant about their bank balances, especially after a guardian or power of attorney is given access. Often, those who have a guardian are particularly vulnerable and may even be incapacitated. In this case, family members, loved ones and even legal representatives or financial advisers can look out for certain red flags.

Location is a critical residential real estate issue for buyers

When purchasing a home, there are many things to consider. Among these is the location of the house. With such a wide variety of residential real estate options and neighborhoods in Delaware, it's a good idea for buyers to take some time to really get to know the location of a home before putting in an offer.

The first thing people should consider before purchasing residential real estate is the market in any given area. If the area has multiple homes for sale with no takers, it could be evidence that the home would be a bad investment. If this is the case, the next step is to consider why this unpopularity might be. Searching crime statistics on the neighborhood or even asking around can be good tactics.

Should financial advisors report possible elder law issues?

Families, aging individuals and lawyers often discuss issues related to the well-being and safe treatment of elders. But what responsibility does the investment industry have for supporting elder law issues? Investment companies and advisors in Delaware and across North America may have a role to play in supporting and protecting their clients from fraud or other abuses.

Elder financial abuse is a serious elder law issue in Delaware and throughout the United States, one which investment firms often see firsthand. Financial exploitation can come from as far away as another country or as close to home as a cohabiting relative. Elders are particularly vulnerable to these crimes as they plan the future of their estates and while also potentially facing issues such as dementia.

Technology and elder law can help aging people live comfortably

One of the most contentious issues in families is where aging family members should live. Conversations, external support and an understanding of elder law can all help in making these arrangements for elders and their families. Delaware seniors can also benefit from a variety of technological advancements to help them stay safe and cared for, especially if they wish to continue living alone at home.

Emergencies such as falling are always a concern for elders and their families. One technology that can help keep look out for someone's health and safety is a remote monitoring system. These systems use motion sensors to check various activities and behavioral patterns, such as activity level and eating habits. They can also monitor little things like whether a door has been locked.

More to estate planning than drafting a will

Many people think that preparing plans for their estate is merely a matter of drafting a will. However, this piece of paper alone may not complete the estate planning process for those preparing such plans in Delaware. It is important to regularly review the will, consult with experts and ensure all proper documents and clearances are prepared for an executor.

Key documents beyond a will can vary depending on the person, where the individual lives and what assets exist. One of the documents many Delaware residents who are estate planning should consider is an advance medical directive. Along with a clearly designated power of attorney, this directive will empower people to take actions should the individual become incapacitated. This is important in particular for those with particular wishes should they fall ill or become gravely injured.

Tips for buying residential real estate for the first time

Buying a new home is a big undertaking for anyone. For those who are new to the residential real estate market in Delaware, the many professionals, prices and considerations involved can feel overwhelming. Keeping a few tips in mind will help the process go more smoothly.

With the advent of the internet, many people are trying to buy residential real estate in Delaware without finding a real estate agent. This can be a big mistake for first time home buyers. A real estate agent and lawyer are both critical members of a new home buyer's team. It is also important to work with the bank as soon as possible to understand what one's credit will allow and pre-qualify a realistic loan for a new home.

What are the responsibilities of the executor of a will?

If you learned that you are the executor of a Delaware estate, you are likely wondering what that means and what your responsibilities will be. Knowing what is expected of you throughout this process can help you avoid complications and fulfill your duties in a reasonable manner and appropriate amount of time.

You may view it as an honor to learn you are the executor of a person's estate. This means that someone considered you to be capable and responsible of the task of settling the estate, handling complications and ensuring that the beneficiaries get what they deserve. In many cases, people named as the executor of an estate find it helpful to seek guidance as they walk through this complex and important process.

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