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Watch for these mistakes in real estate transactions

Buying and selling property happens every day here in Delaware. The fact that it happens so often might imply that real estate transactions go off without a hitch, but that is not always the case. If certain mistakes are made during the process, the buyer and/or the seller could end up with a complex and frustrating problem.

It might seem obvious, but in some transactions, the person selling the property does not actually have the legal right to do so. For instance, the seller might be acting in accordance with a power of attorney that expired. Without a current, valid power of attorney, that individual lacks the authority to sell the property in question. This is why verification of the property’s legal owner should be the first step in any transaction.

Another vital piece of information that requires careful verification is the legal description of the property, which is not the same as the address assigned to it by the postal service. Any error in this information could render the purchase and sale agreement invalid and unenforceable. Other deficiencies in the information contained in the contract could also make it unenforceable.

These are just two examples of the mistakes that can be made in Delaware real estate transactions. In order to avoid these and other errors, it would be beneficial to involve an attorney in the process. He or she could help ensure that all of the necessary legal steps are followed and that no errors are made during contract negotiations or due diligence. Once an agreement is reached, the contract can be drafted, reviewed and executed with the knowledge that every possible step was taken to ensure a legal transfer of the property.

Source: americanbar.org, “12 Ways to Foul Up a Real Estate Transaction“, Evan L. Loeffler, Accessed on Feb. 20, 2017

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