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Camden Delaware Real Estate Law Blog

Purchase offers are a vital part of residential real estate sales

Whether doing it for the first time or fifth time, purchasing a home is a big deal. There are many facets to residential real estate transactions, and an important factor is the purchase offer. If Delaware residents do not put the right effort into writing their purchase offers, they could miss out on the houses of their dreams.

First, individuals need to make sure they are using the correct, state-specific purchase offer form. Some forms are meant for a new construction purchase, others for manufactured homes and more generic ones. Without the right form, the offer may not be considered a legal offer. It is also important that the exact price the potential buyers have in mind is included in the offer, and it remains up to the buyers to determine their desired price.

Elderly loved ones may need guardianship for abuse protection

Many Delaware residents have an instinctual desire to protect their loved ones. Parents often feel this way about their children, and as those children grow into adults, they may come to feel the need to protect their elderly parents. Many older individuals do need this protection because mental decline and other issues can put elderly people in vulnerable positions that could lead to a need for guardianship.

Declines in ability can happen very quickly. One day, a person may seem fully capable of caring for him or herself, and the next day, it may seem as if the individual has lost most abilities. This scenario could affect anyone, and it also places loved ones at risk for elder abuse and exploitation. In fact, reports indicated that up to one million elderly individuals face abuse, neglect and financial exploitation every year.

Estate planning documents can overlap

Estate plans cover many areas of a person's life. These plans also incorporate many documents and planning tools that can make sure a person's wishes are fully explained. However, during the estate planning process, it is important for Delaware residents to remember that certain parts of their plans may overlap.

Because certain documents can overlap, it is vital that the tools work together. For instance, individuals can create a living trust and a power of attorney document. The trust and the appointment of a power of attorney agent both work to address the person's care and finances in relation to that care. The trustee works to make sure that the trust fulfills its purpose, and the power of attorney agent handles various affairs, including finances. If the person needs to be admitted to a care facility, the agent will handle necessary paperwork and the trustee will make sure the trust pays for expenses.

Staying on top of market trends vital to real estate transactions

Many Delaware residents have moments in their lives when they are buying or selling something. When it comes to real estate transactions, the buying or selling process can be stressful no matter which side individuals are on. There are a number of factors to consider, whether buying or selling, if parties want to get the best outcome.

For individuals looking to buy, it is important that they take interest rates into consideration. It is possible that interests rates will see two increases in 2019 from the Federal Reserve. Interest rates can considerably impact financial situations for potential homebuyers. As a result, it may be wise to consider this factor when negotiating prices or trying to get a good deal with closing costs.

What mistakes could cause problems with your estate plan?

Estate planning is not always an easy process, and decisions that you think are smart now may not work well into the future. For this reason, it is beneficial for you and all Delaware readers to take the time to carefully review existing estate plans for potential problems and mistakes. Uncorrected problems can cost you and your loved ones time, money and significant stress in the future. 

Unfortunately, many people do not take the time to review their estate plans and make adjustments as needed. Whether your estate is quite complex or you have a simple will, it is beneficial to go over your plans every few years to make adjustments. It is smart to consider how you can adjust and improve your plan to make it better for both you and your beneficiaries and family.

Seeking guardianship of a parent should not be taken lightly

Delaware parents do their best to protect their children because young people are often vulnerable to various situations. As parents age and children become older, those children may feel the need to switch roles and become the protector. This feeling often comes about because a parent's mental abilities decline, and he or she cannot make important decisions. In such cases, a child may want to seek guardianship.

Commonly, seeking guardianship is necessary if the aging person has not appointed power of attorney agents. Because no appointment was made, a person would have to petition the court for guardianship in order to have control over important decisions. The court would have to rule the aging person incompetent and deem the proposed guardian well-suited for the position as part of the process.

Moving, changes in relationships warrant estate planning updates

Though creating an estate plan is undoubtedly a beneficial step to take, updating that plan is just as important. Delaware residents could face a number of life changes that would prompt a change to their plans. However, failing to update plans is one of the biggest estate planning mistakes and can cause future problems for surviving loved ones.

If individuals are wondering when they should update their plans, it is wise to do so every few years, even if no major change has occurred. A simple change of mind could warrant an alteration to an estate plan. Of course, certain events could also present cause for individuals to update their plans before a few years pass. For instance, if a person moves to another state, updating the plans to coincide with state laws is important.

Offer prices for residential real estate is up to the buyers

Many people find themselves ready to buy a home at some point in their lives. Of course, making a residential real estate purchase can be immensely challenging. There are many steps to address, and in particular, it can be difficult to even find the right price for purchasing a new Delaware home.

Though real estate agents can play a role in determining offered prices, they typically will not tell potential buyers the exact price to offer. They will provide advice, guidance and useful information, but they tend to avoid giving exact figures. This avoidance is commonly a way to protect themselves from the backlash of unhappy buyers who may feel that the agent led them astray with the proposed offer. 

Insurance, legal options can help with long-term care planning

As Delaware residents and those elsewhere age, they often realize that many of their abilities have begun to diminish. While they may not have yet reached a point where they cannot care for themselves, this type of scenario may be in their futures. Because of this possibility, it is wise to consider long-term care planning.

In particular, many people worry about paying for the costs of care. Unfortunately, long-term care, which can often include in-home or out-of-home services, can prove immensely expensive. In order to look ahead and account for those potential expenses, individuals may benefit from obtaining long-term care insurance coverage. Often, this coverage can help supplement benefits that individuals obtain through Medicare or Medicaid, which do not typically cover all necessary care costs.

Will you be able to put in that swimming pool?

You may be under the impression that once you buy a home, you can do whatever you want with it and the land that comes with it. That may be true to some extent, but there could be restrictions on how you use your land, and you may not even know it. 

If you want to put a swimming pool in at some point in the future, you may want to make sure that you can. Easements on the property could prevent you from putting a pool in a certain place. Don't dismiss the importance of easements since they allow someone else the right to use a portion of your land, and it may prevent you from using it at all.

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